Leap India Limited IPO
ListedMainboard
8.82×
Subscribed
Price band
₹159 – ₹159
Issue size
₹2.48k Cr
Open – close
07 Aug 2026
to 11 Aug 2026
Listing
14 Aug 2026
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed6 of 7 dimensions read
A mixed but reasonable offering — 3 positive against 2 negative signals
Strength57/100
- Priced for perfection106.0× earnings at the upper band, with no peer set published to compare against — the issue needs sustained high growth just to justify today's price
- Low return on equityROE of 5.3% — the business earns little on the capital it already has
- Meaningful leverageDebt/equity of 1.01×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Minimal related-party dealingsRelated-party transactions are only 0.3% of revenue
- Institutions bid heavilyQIB portion subscribed 17.73×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens07 Aug 2026
- Closes11 Aug 2026
- Listing14 Aug 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB17.73x
Non-institutionalNII / HNI13.31x
Big NIIabove ₹10L14.50x
Small NII₹2L – ₹10L10.93x
Retail individualRII1.81x
Employee11.57x
9,87,534 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 11 Aug 2026.
Chance of allotment
Retail1.81× subscribed
~1 in 1.8
Retail is 1.81× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.8 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII13.31× subscribed
~1 in 13.3
HNI is 13.31× subscribed. This category is allotted proportionately, so a bid receives roughly 1/13.3 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹159 – ₹159
Total issue size₹2.48k Cr
Listing atMainboard
Company & valuation
P/E at upper band106.00×
EPS₹1.27pre-issue
EPS₹1.50post-issue
NAV per share₹24.52
Return on equity5.33%
Debt / equity1.01×
Related-party0.31%of revenue
ROCE19.06%
RoNW6.19%
PAT Margin8.34%
EBITDA Margin50.69%
NAV24.52
Price to Book Value6.48
ISININE00GO01025
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 7,79,48,111 | 49.97% |
| Anchor Investor | 4,67,68,854 | 29.98% |
| QIB (Ex. Anchor) | 3,11,79,257 | 19.99% |
| NII (HNI) | 2,33,84,434 | 14.99% |
| bNII > ₹10L | 1,55,89,623 | 9.99% |
| sNII < ₹10L | 77,94,811 | 5.00% |
| Retail | 5,45,63,679 | 34.98% |
| Employee | 78,616 | 0.05% |
Total issue 15,59,74,840 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9461 lot · 94 sh
Retail (Max)₹1,94,29813 lots · 1,222 sh
S-HNI (Min)₹2,09,24414 lots · 1,316 sh
S-HNI (Max)₹9,86,43666 lots · 6,204 sh
B-HNI (Min)₹10,01,38267 lots · 6,298 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted4,67,68,854
Anchor portion₹743.62 Cr
Bid date06 Aug 2026
Lock-in ends (50%)10 Sept 2026
Lock-in ends (rest)09 Nov 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company₹360 Cr
- 02General corporate purposes₹98.29 Cr
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe company may not be able to sustain its rate of growth and profitability in the future. If the company is unable to increase or sustain its year-on-year revenue growth, its business, results of operations, financial condition and cash flows could be adversely affected. There can be no assurance t
mediumA majority of revenue from operations is derived from pallets (62.17%, 67.90% and 72.23% of revenue in Fiscals 2026, 2025 and 2024, respectively). Any adverse impact on the pallet pooling business would adversely affect the business, results of operations and profitability. The company primarily off
mediumThe company's success depends in large part upon its Key Management Personnel. The company may not be able to attract or retain qualified personnel, and the departure of any of its Key Management Personnel could adversely affect the company's business, results of operations and financial condition.
Positives the filing discloses (1)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Leap India Limited IPO subscribed?
Leap India Limited is subscribed 8.82× overall (QIB 17.73×, NII 13.31×, retail 1.81×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Leap India Limited IPO?
The retail portion is subscribed 1.81×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 2. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.