LEAP India IPO Subscribed 24% on Day 1
Logistics tech provider LEAP India's initial public offering began with steady demand on its first day of bidding. Investors subscribed to 24% of the total shares offered.
LEAP India, a logistics technology provider, saw its initial public offering (IPO) open to steady investor interest on Monday. By 14:30 IST on the first day of bidding, 2.71 crore shares had been subscribed against a total offer size of 11.50 crore shares, achieving a 24% subscription rate.
Qualified institutional buyers (QIBs) led the subscriptions, bidding for 1.99 crore shares out of their allocated 3.28 crore shares, resulting in a 61% subscription for this category. Retail investors showed more reserved interest, subscribing for only 55.63 lakh shares against the 5.75 crore shares reserved for them, a 10% subscription rate.
Non-institutional investors (NIIs) also saw limited participation, with only 15.88 lakh shares subscribed out of a reserved 2.46 crore shares, a 6% subscription rate. The employee reserve quota was the most subscribed, at 88%.
Ahead of the public offering, LEAP India raised ₹743.6 crore from anchor investors and an additional ₹371.3 crore in a pre-IPO placement. The IPO, which includes a fresh issue of up to ₹480 crore and an offer for sale of up to ₹2,000 crore, values the company at approximately ₹7,004.5 crore (about $735 million) at the upper price band.
The company reported a 66% increase in net profit to ₹62.3 crore in the last fiscal year, with operating revenue growing 56% to ₹729.5 crore. LEAP India offers supply chain solutions, including equipment pooling and inventory management, serving industries such as FMCG, e-commerce, and automotive.