KKR-backed LEAP India will open its Rs 2,480 crore initial public offering on August 7 at a price band of Rs 151-159 per share, with the private equity firm selling nearly all of the offer-for-sale portion.
The structure and the sellers
The issue comprises a fresh issue of 3.02 crore shares worth Rs 480 crore and an offer for sale of 12.58 crore shares aggregating about Rs 2,000 crore. Under the OFS, KKR-backed Vertical Holdings II will offload shares worth approximately Rs 1,998.6 crore, while promoter group entity KIA EBT Scheme 3 will sell the remainder. JM Financial is the book-running lead manager and MUFG Intime India the registrar.
Where the money goes
LEAP India plans to use the net proceeds primarily to reduce debt. Around Rs 360 crore will go toward repaying or prepaying certain outstanding borrowings, with the balance allocated to general corporate purposes. The company said the IPO comes amid growing investor interest in India's logistics and supply chain sector.
The financial trajectory
Total income rose 54% year-on-year to Rs 747 crore in FY26 from Rs 485 crore in FY25. Profit after tax increased 66% to Rs 62.34 crore from Rs 37.56 crore a year earlier. The company, founded in 2013, operates in sustainable supply chain and logistics infrastructure, offering asset-pooling and reusable packaging solutions across FMCG, food and beverages, third-party logistics, e-commerce, quick commerce, automotive, consumer durables and industrials.
What the grey market signals
Ahead of the opening, the grey market premium stood at around 5% over the upper end of the price band, indicating moderate investor interest. KKR acquired a majority stake in 2023 as part of its Asia infrastructure investment strategy. As of March 31, 2026, LEAP India served more than 1,000 customers including Hindustan Coca-Cola Beverages, Marico, Toll (India) Logistics, Daikin Airconditioning India and Panasonic Life Solutions India, with 419 permanent employees and 2,062 material handling equipment operators.