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Leap India IPO
9.73xsubscribed

Leap India IPO

Logistics
listed
₹14,194Min. investment

Leap India Limited IPO Details

SectorLogistics
Price range₹151 – ₹159
IPO type
Regular
Lot size94 shares
Issue size₹2,480Cr
Red Herring Prospectus
Read
Market cap
₹7,004CrHigher than sector avg
RevenueApr 2025 - Mar 2026
₹729.5CrHigher than sector avg
Growth rate3Y CAGR
41.38%Higher than sector avg

Leap India IPO Subscription Status

Date
QIB
NII
Retail
Total
07-Aug-26
0.0 times (X)
0.27 times (X)
0.09 times (X)
0.07 times (X)
10-Aug-26
0.0X
1.27X
0.28X
0.27X
11-Aug-26
12.85X
37.76X
1.65X
9.73X

As on 07-Aug-26, 5:30 PM

Leap India IPO Timeline

  1. Pre-apply
    5 Aug 2026
  2. Bid start
    7 Aug 2026
  3. Bid end
    11 Aug 2026
  4. Allotment
    12 Aug 2026
  5. Release of funds
    13 Aug 2026
  6. Demat transfer
    13 Aug 2026
  7. Listing
    14 Aug 2026

About Leap India Limited

Leap India operates in the supply chain management industry, offering asset pooling solutions. Its India asset portfolio includes three categories: pallets, containers, and material handling equipment (MHEs). Pallets are flat structures used to move and store goods; containers include products such as foldable large containers, window FLCs, crates and utility boxes; while MHEs include lithium-ion forklifts, reach trucks and stackers.
As of FY26, the company owned 89.8 lakhs pallets, 57.1 lakhs containers, and 4,743 MHE units. The company earns revenue mainly through two rental models. Under Static Hire, customers pay a daily rental charge while the asset remains at a fixed location. Under Movement Hire, customers pay a daily rental along with a movement fee as the assets move across different points in the supply chain. LEAP India also earns income through allotment fees and service charges.
LEAP India is the only company operating pallet pooling at a considerable national scale in India. Its subsidiary, TARON, is recognised as the leading forklift pooling player and a leader in the lithium-ion material handling equipment segment. It was also the first company to introduce lithium-ion forklift pooling solutions in India. In FY26, TARON was the second largest forklift pooling player in India by volume.
As of March 31, 2026, the company served more than 1,000 customers, compared with more than 900 customers in FY25 and more than 500 customers in FY24. Its customer list includes leading companies such as Hindustan Coca-Cola Beverages, Marico, Toll (India) Logistics, Daikin Airconditioning India, Panasonic Life Solutions, Haier Appliances India, Daimler India Commercial Vehicles, Autoliv India and Sanathan Textiles.
Customer churn among the top 100 customers was 0.00% in FY26, compared with 0.19% in FY25 and 0.75% in FY24. The top 10 customers contributed 26.6% of revenue from operations, customers ranked 11–50 contributed 27.9%, and customers ranked 51–100 contributed 14.2% in FY26.
By industry, Food & Beverages contributed 24.4% of revenue, followed by Automotive at 23.6%, Industrial and others at 18.2%, 3PL at 17.9%, E-commerce and quick commerce at 9.5%, and FMCG at 6.1% in FY26. The pallet utilisation rate was 89.3%, container utilisation stood at 71.6%, and MHE utilisation was 79.7% in FY26. The company operated 29 fulfilment centres as of March 31, 2026, compared with 33 fulfilment centres in FY25. The reduction was due to the consolidation of its network to remove operational overlaps and improve efficiency.
In January 2025, LEAP India acquired CHEP India, which was recognised by the F&S Report as the market leader in the container asset pooling segment in FY24. This acquisition strengthened LEAP India's leadership, especially in the container pooling business. Following the acquisition of SKAN Marine and its merger with TARON MHE, TARON MHE's revenue increased from ₹67.6 crore in FY24 to ₹116.6 crore in FY26.
Palletisation is a common practice in the developed markets of North America and the European Union. Palletisation rates in CY25 were 89% in North America, 91% in the European Union, 94% in Australia and New Zealand and 60% in China. The pallet pooling industry in most developed countries is highly consolidated, with few large players dominating the market. The pallet industry in India is relatively young and has witnessed rapid growth over the last 15 years. India is also one of the world's most under-penetrated markets for pallet pooling. Today, only 10 million pallets are pooled against a total of 106 million. That is a penetration level of just 9.4%.
Rapid growth in industries such as FMCG, Food & Beverages, 3PL, e-commerce and quick commerce, automotive and industrials is also expected to support higher adoption of pallet pooling as businesses look for more efficient and cost-effective supply chains. Pallet usage in the Food & Beverages industry is expected to grow at a CAGR of 7.8%, increasing from 2.64 crore units in FY26 to 3.86 crore units in FY31. Similarly, pallet pooling demand in the Industrials and others segment is projected to grow at a CAGR of 7.9%, rising from 96.1 lakhs units in FY26 to 1.41 crore units in FY31. Wooden pallets account for the largest share of the Indian pallet market, followed by plastic pallets.
India’s pallet pooling market is still in a nascent stage with only 9.4% penetration, providing significant long-term growth potential. LEAP India is the only player doing pallet pooling on a large scale nationally and has a huge first-mover advantage with high entry barriers and a wide network. The company is also well positioned to benefit from increased demand in key sectors including Food & Beverages and Industrials, the industry shift to movement hire and the growing adoption of sustainable, reusable logistics solutions. The company is also going global. LEAP GULF Company was incorporated in Saudi Arabia on December 3, 2025, and LEAP MENA Holdings Limited was incorporated in the UAE on July 1, 2026 to expand its footprint across the GCC region.
Now, LEAP India Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹480 crore and an offer for sale of ₹2,000 crore. The total issue size of the IPO is ₹2,480 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for LEAP India IPO?

You can pre-apply for LEAP India IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘LEAP India IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for LEAP India IPO?

If you are interested in this investment opportunity but unsure how to apply for LEAP India IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for LEAP India IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘LEAP India IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check the LEAP India IPO allotment status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the LEAP India IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your LEAP India IPO allotment status will be mentioned

Leap India Limited IPO Analysis

IPO REVIEW

Leap India IPO | Analysis Video

Should you apply?

Watch our analysts break down the Leap India Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Market leadership

The company is a leader in the on-demand asset pooling market in India with 1.47 crore assets and 10,100+ touchpoints in a category with just 9.4% penetration.

Barriers to entry

It is scale, customer stickiness, quality certification, network effect and knowledge that keep new entrants away.

Customer franchise

Over 1,000 blue-chip clients and top 100 customers have a churn rate of 0.00% in FY26, with multi-year escalation-based contracts.

Technological lead

Market leader in RFID and IoT-based asset tracking through MyLEAP and associated digital platforms.

Objectives of Leap India Limited IPO

Repayment of debt
75.00%
₹360 crore will be used to repay/prepay the company's borrowings.
General corporate purposes
25.00%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹729.5Cr41.38%₹62.3Cr₹7,004Cr104.611.01
This sector (avg.)₹711.28Cr0.02%-₹13.78Cr₹1,677.75Cr34.350.59
₹8,887.02Cr---₹1,291.84Cr₹38,252.26Cr31.230.07
₹6,763.79Cr---₹787.42Cr₹25,640.55Cr35.750.99
₹426.73Cr----₹38.28Cr₹10,164.42Cr29.860.03

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

Leap India IPO Contact Details

Company NameLeap India Limited

How to apply for Leap India IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Leap India Limited IPO FAQs

Investors can apply for the Leap India IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Leap India IPO is 2480 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Leap India IPO will be open between 2026-08-07 and 2026-08-11.
Leap India IPO allotment date is 2026-08-13. For Leap India IPO allotment status check, you can visit the website of the registrar of the IPO.
For Leap India IPO, the IPO registrar is MUFG Intime India Private Limited. You can check Leap India IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Leap India IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Leap India IPO lot size is 94 and minimum order quantity is 94.
Leap India IPO has set the price band for its IPO at 159 per equity share with a face value of 1.