KKR-promoted supply chain solution provider LEAP India files draft papers for Rs 2,400-crore IPO

Leap India IPO

NYSE listed global investment firm KKR-promoted LEAP India, the supply chain solution and pallet rental company, has filed draft document with the SEBI to mobilise Rs 2,400 crore via initial share sale.

The IPO comprises of fresh issuance of shares worth Rs 400 crore, and an offer-for-sale of Rs 2,000 crore worth shares by promoters.

Promoter Vertical Holdings II, owned and controlled by KKR Asia Pacific Infrastructure Holdings II (KAPH II), will be selling shares worth Rs 1,998.6 crore, and KIA EBT Scheme 3 (acting through its trustee, Catalyst Trusteeship) Rs 1.38 crore via offer-for-sale.

Mumbai-based LEAP India may consider raising funds up to Rs 80 crore in pre-IPO round. Accordingly, the fresh issue size will be reduced to the extent of said fund raise via pre-IPO placement.

Promoters Vertical Holdings II, and Sunu Mathew own 95.28 percent stake in LEAP India, and the remainder shares 4.79 are held by public shareholders including Sixth Sense India, First Bridge India, and Madhurima International.
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LEAP India, the largest on-demand asset pooling provider in India’s supply chain management sector based on the number of pooled assets, plans to utilise Rs 300.1 crore of fresh issue proceeds for repayment of certain borrowings and the balance funds for general corporate purposes.

Its outstanding borrowings on a consolidated basis stood at Rs 873.6 crore as of May 2025.

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On the financial front, the company has recorded profit at Rs 37.6 crore for the year ended March 2025, growing just 1 percent compared to Rs 37.2 crore in the previous year despite healthy topline, partly impacted by lower operating margin.

Revenue during the same period increased by 27.8 percent to Rs 466.5 crore, up from Rs 365 crore EBITDA (earnings before interest, tax, depreciation and amortisation) in FY25 soared 25.8 percent YoY to Rs 255 crore, but margin declined 94 bps to 54.66 percent in the same period.

LEAP India has 1.36 crore assets and maintained a pan-India network of 7,747 customer touchpoints and 30 fulfilment centres as of May 2025, having partnerships with more than 900 customers, including with blue-chip companies across various industries.

JM Financial, Avendus Capital, IIFL Capital Services, and UBS Securities India are appointed as the merchant bankers for the LEAP India IPO.