A Mumbai-based supply chain solutions Leap India, appointed bankers UBS, Avendus Capital, IIFL, and JM Financial as the lead managers for its upcoming IPO, as per market sources. The company is expected to file the draft red herring prospectus (DRHP) with SEBI in the next few days and list on the bourses in the next 6 months.
This is the second time the asset pooling company is moving towards a listing. Earlier in 2022, it had planned an IPO of INR 1,000 crore, but it was put on hold after global private equity major KKR acquired a majority stake in 2023. Now with fresh momentum and strong financials, Leap India is back to test the public markets again.
KKR to Exit Partially, Eyeing INR 19,600 Crore Valuation
Sources suggest KKR will exit partially through the IPO and not fully. While the final valuation will be decided post roadshows and investor meetings, market whispers suggest Leap India is looking at a valuation of USD 2.0-2.5 billion (approximately INR 19,600 crore). Along with KKR, other private equity investors will also exit partially through the IPO.
Leap India has recently converted into a public company and has appointed industry veterans Sanjiv Gupta and Harinarayan Nair as independent directors to strengthen corporate governance as per listing norms.
From Asset Pooling Pioneer to Supply Chain Leader
Founded in 2013 by Sunu Mathew, Leap India specialises in asset pooling — a model where companies rent and share reusable logistics assets such as pallets, crates, containers, and cargo bars instead of owning them. This reduces capital expenditure, promotes reusability, and drives efficiency across supply chains.
The company’s offerings extend beyond asset pooling to include transportation, returnable packaging, repair and maintenance of tools and assets, as well as cloud-based inventory management for real-time tracking and auditing. Through its subsidiary Tron, Leap also offers both electric and fossil fuel-powered forklift trucks.
Today, Leap India boasts a 75% share of the pallet asset pooling market in India, with over 6 million assets, 22 warehouses, 9 manufacturing units, and more than 900 customers, including Mahindra, Amazon, Flipkart, Coca-Cola, and Nestlé. The company also operates 30 warehouses and fulfilment centres, supported by a network of seven outsourced pallet manufacturing units.
Recent Expansion and Financial Performance
Earlier this year, Leap India acquired CHEP India to strengthen its market presence and expand operations.
Financials are looking good. For FY24, operating revenue grew 27% to INR 319 crore from INR 249 crore in FY23 and net profit grew 336% to INR 41 crore from INR 9 crore in FY23. As per industry data, revenue grew 44% year on year to INR 371.9 crore and EBITDA grew 66% to INR 209.9 crore.
Leap India has raised over USD 214 million (more than INR 1,700 crore) in equity funding from investors like KKR, Morgan Stanley, Mayfield, TVS Capital Funds, Sixth Sense Ventures, etc, since inception.
IPO Landscape for PE-Backed Firms in India
Leap India’s move comes at a time when Indian markets are seeing a lot of activity from PE-backed companies looking to list domestically. Strong retail and institutional participation and deep liquidity in the markets have made Indian exchanges more attractive for exits.
Recent examples include Carlyle’s partial stake sale in Hexaware Technologies’ IPO and the much-publicised Swiggy listing, which was oversubscribed 3.59 times and debuted at an 8% premium.
With its strong market position, expanding footprint and healthy numbers, Leap India’s IPO will be watched closely as a bellwether for the logistics and supply chain space in public markets. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.