LEAP India, Molbio Diagnostics secure SEBI nod for IPO

Logistics solutions firm LEAP India and Goa-based molecular diagnostics company Molbio Diagnostics have secured approval from the Securities and Exchange Board of India (SEBI) to launch their initial public offering (IPO). The regulator’s observations, published recently, mark a significant milestone for both companies as they prepare to enter the public markets.

The approvals come months after LEAP India filed its draft red herring prospectus (DRHP) to raise up to Rs 2,400 crore. The issue comprises a fresh issue of Rs 400 crore and an offer for sale (OFS) of Rs 2,000 crore. The OFS will be led primarily by Vertical Holdings II Pte. Ltd., a promoter entity backed by global investment firm 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.

Ahead of its plans to go public, the company converted itself into a public limited entity in July 2025 and appointed independent directors to strengthen its board, a development earlier reported exclusively by Entrackr. 

LEAP India, which provides pallet, container, and asset-pooling solutions to large FMCG, e-commerce, and pharma companies, has been expanding its fulfilment centres and customer touchpoints to tap the surge in demand for organised supply-chain infrastructure. In FY25, the firm reported 28% YoY revenue growth to Rs 466 crore, while maintaining its Rs 37.5 crore PAT, on the back of higher asset utilisation.

Meanwhile, in August 2025, Molbio Diagnostics filed its DRHP proposing a fresh issue of Rs 200 crore and an OFS of up to 1.25 crore shares. Selling shareholders include Exxora Trading LLP, Dr Chandrasekhar Bhaskaran Nair, Abdul Qadir Mohamed Theruvath, among others. Molbio, known for its Truenat point-of-care molecular testing platform deployed across TB, HPV, COVID-19, and other infectious diseases, plans to use the IPO proceeds to expand manufacturing capacity and boost R&D infrastructure.

The company logged Rs 1,020 crore in revenue and Rs 138.5 crore profit in FY25, reaffirming the growing demand for decentralised diagnostics solutions in India and emerging markets.

Over the past two months, SEBI has cleared IPO proposals from a clutch of new-age companies such as enterprise AI firm Fractal, cloud-native media SaaS platform Amagi, e-commerce player Acevector, logistics startup Shiprocket, Curefoods and dairy major Milky Mist.