Link: https://www.sebi.gov.in/filings/processing-status/dec-2025/processing-status-issues_96940.html

Mumbai-based LEAP India has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise Rs 2,400 crore through an initial public offering (IPO). The Company had filed its IPO papers with Sebi on August 29, 2025.

According to the F&S Report, the company is the only player in India currently operating at a considerable scale and at a national level in the pallet pooling segment. The company’s total income of Rs 485 crore during Fiscal 2025 vis-à-vis Rs 258 crore during Fiscal 2023.

The offer, with a face value of Rs 1, is a mix of fresh issue of shares up to Rs 400 crore and an offer-for-sale up to Rs 2,000 crore by promoters, Vertical Holdings II Pte. Ltd and KIA EBT Scheme 3.

The proceeds from its fresh issuance worth Rs 300 crore will be utilised for prepayment of all or a certain borrowings of the company, and the remainder will be utilised for working capital requirements.

The company utilizes its ‘share and reuse’ business model, referred to as pooling, and is the largest on-demand asset pooling provider in India’s supply chain management sector (based on the number of pooled assets), according to the F&S Report.

The company has 13.57 million assets and has a pan-India network of 7,747 customer touchpoints and 30 fulfilment centres (which are centres to facilitate the storage, maintenance, repair, and rapid deployment of its assets to its customers)as of May 31, 2025.

Pallets are flat carrier structures, that support goods in a stable manner while being handled by forklifts, pallet jacks, or conveyors.

The company is also recognized as a leader in forklift rentals and lithium-ion segment of MHEs, having been the first to introduce these solutions in India according to the F&S Report.

This circular business model supports the company’s customers while reducing environmental impact and enhancing the time and cost efficiency and safety of supply chains for its customers across India.

The company’s service offerings encompass technology-enabled supply chain solutions that suit customer requirements across industries. And its solutions help customers to connect different stages of their own value chain, from the point of manufacturing to distribution of goods all the way to the point of sale (retail).

The company’s large asset base and pan-India network, enables it to serve a diverse customer base spanning sectors such as fast-moving consumer goods (FMCG), food and beverage (F&B), third-party logistics (3PL), e-commerce and quick commerce, automotive, industrials and others.

IIFL Capital Services Limited, JM Financial Limited, UBS Securities India Private Ltd and Avendus Capital Private Limited are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.