Leap India IPO

About Leap India

LEAP India Limited is an India-based supply chain solutions company operating in the asset pooling segment of logistics and warehousing. The company was incorporated on July 3, 2013, as LEAP India Private Limited under the Companies Act, 1956, and was subsequently converted into a public limited company in July 2025, following which it was renamed LEAP India Limited. The promoters of the company are Sunu Mathew and Vertical Holdings II Pte. Ltd., with Sunu Mathew serving as the Chairman, Managing Director, and Chief Executive Officer.

The company operates a “share and reuse” business model, offering pallets, containers, and material handling equipment to customers through pooling arrangements rather than outright ownership. Its services cater to supply chain requirements across sectors such as FMCG, food and beverage, retail, manufacturing, and third-party logistics, and span customer warehouses, manufacturing units, supplier locations, and distribution networks. LEAP India generates revenue primarily through long-term, recurring customer contracts. The business is supported by technology-enabled systems for asset tracking, quality control, and operational efficiency, including RFID and digital platforms. LEAP India is the largest on-demand asset pooling provider in India by number of pooled assets, with strengths including a large asset base, integrated service offerings, scalable operations, and long-standing customer relationships.

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Financials of Leap India

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Issue size

Funds Raised in the IPO	Amount
Total issue size	2400
Fresh Issue – Proceeds go to the company	400
Offer for sale – Proceeds go to the existing investors	2000

Utilisation of proceeds

Purpose	INR crores (%)
Repayment/prepayment of outstanding borrowings	300.12 (75.03%)
General corporate purposes	99.88 (24.97%)

Strengths

• Largest on-demand asset pooling provider in India by number of pooled assets.
  
• Asset-light pooling model drives high utilisation and recurring revenues.
  
• Long-term contracts with diversified customers across FMCG and manufacturing.
  
• Integrated services covering pallets, containers, and material handling equipment.
  
• Technology-enabled tracking improves efficiency, visibility, and asset control.

Risks

• High dependence on the pallet pooling business for the majority of revenue.
  
• Loss or damage of pooled assets could increase costs and impact margins.
  
• Customer non-renewal or contract termination may affect cash flows.
  
• Dependence on suppliers and service partners for operations and maintenance.
  
• High borrowings expose the company to interest rate and covenant risks.