LEAP India IPO Gains Momentum on Day Two with 42% Overall Subscription
The LEAP India IPO continued to attract steady interest on the second day of bidding. By 14:30 IST, investors had placed bids for 4.77 crore shares against a total offer size of 11.49 crore shares, taking overall subscription to 42%. The logistics tech company’s public issue had closed day one at 26% subscription, with bids received for 3.02 crore shares against 11.50 crore shares on offer, according to BSE data.
The improving numbers on day two reflect growing participation across investor categories in the LEAP India IPO, even as the issue remains open for further bidding.
Strong Interest from Institutional Investors
Qualified institutional buyers (QIBs) remained the most active segment on the second day of the LEAP India IPO. QIBs placed bids for 2 crore shares against the 3.28 crore shares reserved for them, resulting in a 61% subscription of their quota. Institutional participation often sets the tone for the later stages of an IPO, and the current QIB response indicates measured but meaningful confidence in the offering.
Non-institutional investors (NIIs) and retail investors have each subscribed 34% of their respective portions so far. NIIs bid for 82.96 lakh shares against an allocation of 2.46 crore shares, while retail investors placed bids for 1.93 crore shares compared with the 5.75 crore shares earmarked for them. The employee quota has been the strongest performer, already oversubscribed 2.32 times. Employees bid for 1.92 lakh shares against a reserved portion of 82,781 shares.
Structure and Size of the LEAP India IPO
The LEAP India IPO comprises a fresh issue of shares worth up to ₹480 crore and an offer for sale of up to ₹2,000 crore. At the upper end of the price band, the IPO values the company at ₹7,004.5 crore (approximately $735 million).
Of the fresh issue proceeds, around ₹360 crore is earmarked for the repayment or prepayment of certain borrowings. The balance will be used for general corporate purposes. The dual structure of fresh capital and offer for sale is common in Indian IPOs, allowing the company to strengthen its balance sheet while providing an exit route for existing shareholders.
Financial Performance Ahead of the IPO
LEAP India reported a 66% rise in net profit to ₹62.3 crore in FY26, up from ₹37.5 crore in the previous year. Operating revenue grew 56% to ₹729.5 crore from ₹466.5 crore in FY25. The improvement in both top line and bottom line provides a supportive backdrop for the IPO, particularly in a sector where scale and operational efficiency are closely watched by investors.
Company Background and Business Model
Founded in 2013 by Mathew, LEAP India offers supply-chain solutions that include equipment pooling, returnable packaging, inventory management and movement, transportation, and repair and maintenance services. The company serves customers across FMCG, food and beverages, ecommerce, automotive and retail sectors.
In FY26, LEAP India worked with more than 1,000 customers, including well-known names such as Coca-Cola, Marico, Panasonic, Haier and Daikin. Its asset-light and service-oriented model positions it within the broader logistics and supply-chain technology space, a segment that has drawn consistent investor attention in recent years.
What the Subscription Trends Suggest
The LEAP India IPO has so far seen stronger participation from institutional and employee categories compared with retail and non-institutional investors. A 61% QIB subscription by the middle of day two is a constructive signal, while the employee oversubscription points to internal confidence. Retail and NII portions still have room to build in the remaining bidding window.
As with most IPOs, final subscription figures will depend on the closing days of the offer. Market sentiment, price band attractiveness and overall liquidity conditions typically influence last-minute participation.
Looking Ahead
The LEAP India IPO represents one of the more closely tracked listings in the logistics and supply-chain services space this year. With improving financial metrics, a diversified customer base and a clear use of proceeds focused partly on debt reduction, the company has presented a structured growth narrative to the market.
Investors will continue to watch how the remaining portions of the IPO fill up and how the issue is ultimately priced within the band. For now, the second-day uptick to 42% overall subscription keeps the LEAP India IPO on a steady trajectory as it moves toward the close of the bidding period.