LEAP India, one of the country’s largest supply chain asset providers, has taken its first big step towards entering the public markets. The Mumbai-based company has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India for an Initial Public Offering worth Rs 2400 crore. The offer will include a fresh equity issue of up to Rs 400 crore and a sale of shares worth Rs 2000 crore by existing shareholders through an offer for sale. The face value of each share has been set at Re 1 and the company has also announced that employees will receive a reserved quota along with a discount for participation.
Founded in 2013 by Sunu Mathew, LEAP India operates on a share and reuse model, renting out pallets, containers, and other supply chain assets to businesses across the country. This asset pooling model has made the company a key player in India’s logistics sector. As of May 2025, the company owned more than 13.57 million assets and managed a wide national network with over 7,700 customer touchpoints and 30 fulfilment centres. Its presence across industries has positioned it as a reliable partner for companies looking to streamline supply chain operations.
The proceeds from the fresh equity issue are planned to be used strategically. Around Rs 300 crore will go towards repaying or prepaying borrowings, helping the company reduce its debt burden. The remaining funds will be deployed for working capital requirements to fuel growth and expansion. The IPO will follow the book-building process, with allocation limits set for qualified institutional buyers, non-institutional bidders, and retail investors. This approach ensures broad participation across different categories of investors.
The issue is being managed by some of the leading financial institutions in India, including JM Financial Limited, IIFL Capital Services Limited, UBS Securities India Private Limited, and Avendus Capital Private Limited. MUFG Intime India Private Limited will act as the registrar for the offer. The company has also indicated that it may consider a pre-IPO placement of up to 20 percent of the fresh issue size, which could reduce the final fresh issue amount. The equity shares will be listed on both the BSE and NSE once the process is complete.
LEAP India’s financial performance in recent years has added strength to its IPO plans. The company’s revenue nearly doubled over the past two years, climbing to Rs 485 crore in FY25 compared to Rs 258 crore in FY23. Net profit has also shown significant improvement, increasing from Rs 9 crore in FY23 to Rs 37.5 crore in FY25. Much of this growth has been driven by rising demand for asset pooling services, particularly in pallets and containers.
The company’s customer base is another strong indicator of its stability. As of March 2025, LEAP India served over 900 clients, which include well-known names such as Panasonic Life Solutions, Marico, Haier Appliances, Hindustan Coca Cola Beverages, Daikin, Daimler India Commercial Vehicles, and JM Baxi. Its business model allows customers to integrate pooled assets directly into their supply chains, making the services difficult to replace and ensuring steady long-term relationships.
Industry experts view this IPO as a significant development in the logistics and supply chain sector. LEAP India’s entry into the capital market is expected to not only strengthen its balance sheet but also expand its reach across industries. With the growing importance of efficient supply chains in manufacturing, retail, and e-commerce, the company’s model is well-positioned to capture new opportunities in the coming years.
The IPO will provide retail investors with a chance to participate in a sector that has become crucial to India’s growing economy. For LEAP India, it is a milestone that marks its transformation from a young startup founded just over a decade ago into a leader in asset pooling and supply chain solutions with nationwide impact.
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