LEAP India files for Rs 2,400 Cr IPO with KKR-led Rs 2,000 Cr OFS

Logistics solutions firm LEAP India Limited has filed its draft red herring prospectus (DRHP) with SEBI to raise up to Rs 2,400 crore through an initial public offering (IPO). The offer comprises a fresh issue of Rs 400 crore and an offer for sale (OFS) of Rs 2,000 crore.

The OFS will primarily be led by Vertical Holdings II Pte. Ltd., a promoter entity backed by KKR, which plans to divest shares worth Rs 1,998.6 crore. Another promoter group entity, KIA EBT Scheme 3, will offload shares worth around Rs 13.8 crore.

Promoted by Sunu Mathew and Vertical Holdings II, LEAP India provides pallet pooling, container pooling, and related material-handling solutions across industries. The company counts leading FMCG, pharma, and e-commerce players among its clients.

JM Financial, Avendus Capital, IIFL Capital, and UBS Securities are the book-running lead managers to the issue, while MUFG Intime India is the registrar.

LEAP India is also considering a pre-IPO placement of up to Rs 80 crore, which, if undertaken, will reduce the size of the fresh issue. Proceeds from the fresh issue will be used for business expansion, debt repayment, and general corporate purposes.

The company converted itself into a public limited entity in July 2025 and appointed independent directors, ahead of its IPO plans. Entrackr exclusively reported the development.

In terms of financial performance, LEAP India reported a  28% year-on-year increase in its revenue to Rs 466 crore in FY25 from Rs 365 crore in FY24. Its profit after tax (PAT) stood flat at Rs 37.5 crore in FY25