Leap India

By Vivek Kumar M and Haripriya Suresh

BENGALURU, Oct 1 (Reuters) - Indian companies defied a secondary market slump to raise 2.43 trillion rupees ($25.27 billion) in the first half of fiscal 2027, a record for the period, data showed on Thursday, as domestic investors sought fresh opportunities to deploy capital.

Not only did equity fundraising jump 75% year-on-year in April-September, according to PRIME Database Group, but average listing gains also jumped to 19% from 7%.

In contrast, the benchmark Nifty 50 .NSEI inched up 1.3% in the period.

Pranav Haldea, managing director of PRIME Database Group, cited two reasons for the "unusual" divergence between the primary and secondary markets — a backlog of initial public offerings over the last 2-3 years and strong domestic liquidity.

The half-year had long-awaited IPOs from big-ticket companies, including bourse operator NSE's $2.3 billion issue, India's second-largest on record, the country's largest asset manager SBI Funds Management's SBIA.NS $1.03 billion IPO and hospital chain operator Manipal Health Enterprises' MNIA.NS $960 million offering.

Mainboard IPOs raised a record 942.05 billion rupees across 78 issues, 35% higher than the previous record set in the first half of fiscal 2026, data showed.

In April, India's market regulator granted a one-time extension for IPOs deferred due to weak market sentiment from the Middle East war, whose approvals were lapsing between April and September, adding to the surge.

INVESTMENTS AND DIVESTMENTS

Investors also looked for niche opportunities, with a number of listings coming from sectors thinly represented on Indian bourses, according to Yatin Singh, CEO — investment banking at Emkay Global Financial Services, offering them a way into newer corners of the economy.

Some of these include furniture rental platform Rentomojo RENT.NS, supply chain asset pooling company LEAP India LEAN.NS and Asset Reconstruction Company (India) ASSR.NS, among others.

Meanwhile, the government's spree of divestments from companies such as Life Insurance Corp of India LIFI.NS and Coal India COAL.NS pushed secondary stock offerings fivefold higher to 553.37 billion rupees.

Of this, LIC's 6.5% stake sale alone accounted for about 314 billion rupees.

Qualified institutional placements also jumped 36% to 615.53 billion rupees, led by Gautam Adani-led Adani Enterprises ADEL.NS.

The rush is showing little sign of slowing down. Nearly 250 companies are in the pipeline to raise about 4.65 trillion rupees through IPOs, according to PRIME Database.

This includes Jio Platforms' $3.8 billion IPO, Danish brewer Carlsberg's India business, and hotel aggregator Oyo's parent Prism.

"Things are not going to change dramatically in the second half unless any fundamental aspects, globally or in India, change materially from where we are right now," Singh added.

($1 = 96.1625 Indian rupees)

(Reporting by Vivek Kumar M and Haripriya Suresh in Bengaluru; Editing by Janane Venkatraman)

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LEAP India created encumbrances over 2,25,64,398 shares, representing 5.10% of its diluted equity, held by promoter Sunu Philip Mathew and promoter-group company Matyas Possessiones Private Limited. The encumbrance covered 1,99,05,290 shares held by Sunu Mathew under a non-disposal undertaking and 26,59,108 shares held by Matyas under a pledge, in favour of Catalyst Trusteeship Limited as debenture trustee. The security related to debentures issued by Matyas, while the shares had been released temporarily to create IPO lock-in before the encumbrance was created. LEAP India had consolidated total income of roughly ₹747.4 crore in FY26 and operated a pooled asset base of about 14.9 million units.

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Aug 31 (Reuters) - LEAP India Ltd LEAN.NS:

• JUNE-QUARTER CONSOL NET PROFIT 247.3 MILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 2.03 BILLION RUPEES

Source text: [ID:]

Further company coverage: LEAN.NS

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** LEAP India LEAN.NS rises as much as 5.9% to 164.7 rupees

** Supply chain logistics firm's shares jump 13.6% in two days, surpassing IPO price of 159 rupees

** KKR-backed firm made a listing debut on Friday

** Government of Singapore bought 2.2 million shares in LEAN via a bulk deal on Monday at a weighted average price of 155.28 rupees

** Analysts had said IPO valuation appeared demanding, triggering a lukewarm response to the public issue from retail investors

** Stock now up 3.6% from IPO price

(Reporting by Vivek Kumar M)

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Aug 14 (Reuters) - Shares of KKR-backed LEAP India LEAN.NS fell 5.3% in their trading debut on Friday, valuing the supply chain logistics firm at 69.18 billion rupees ($725.2 million).

The shares listed at 165.9 rupees apiece on the National Stock Exchange of India, a premium of 4.3% to their issue price of 159 rupees.

Here are key details:

• The KKR-backed firm had received bids for 8.38 times the number of shares on offer in a $260 million IPO

• The IPO comprised a fresh issue of shares worth $50.3 million and an offer-for-sale of $209.7 million, mostly by KKR-backed Vertical Holdings II

• The trading debut comes in a subdued market, with the benchmark Nifty 50 index .NSEI down 0.2%

• Retail investors subscribed 1.71 times the shares reserved for them, on valuation concerns, analysts said

• "Declining EBITDA margins despite rapid scale-up, sensitivity to utilisation and asset recovery, and the absence of direct listed peers temper near-term earnings visibility and valuation comfort," Arihant Capital said in a note last week

• Vertical Holdings II sold about $39 million worth of shares in LEAP India in a private placement ahead of the public launch of the IPO

($1 = 95.3900 Indian rupees)

(Reporting by Vivek Kumar M; Editing by Mrigank Dhaniwala)

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