Now Reading: LEAP India IPO subscribed 24% on Day 1, GMP hints 12% gain
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LEAP India IPO subscribed 24% on Day 1, GMP hints 12% gain
LEAP India’s IPO was subscribed 24% on the first day, with bids for 2.71 crore shares against an offer size of 11.50 crore, as of 14:30 IST. Qualified institutional buyers led with…
The Story in Brief
LEAP India’s IPO was subscribed 24% on the first day, with bids for 2.71 crore shares against an offer size of 11.50 crore, as of 14:30 IST. Qualified institutional buyers led with 61% subscription, while retail investors and non-institutional investors subscribed only 10% and 6% respectively. The employee quota was most bullish at 88%. The grey market premium of ₹19.5 signals a 12.26% listing gain above the upper price band of ₹159 per share. LEAP India raised ₹743.6 crore from anchor investors and ₹371.3 crore in a pre-IPO placement from GIC’s subsidiary Gamnat, Dymon Asia Multi-Strategy Investment, and cofounder Sunu Mathew. The IPO comprises a fresh issue of up to ₹480 crore and an offer for sale of up to ₹2,000 crore. Net profit jumped 66% to ₹62.3 crore in FY26, while operating revenue rose 56% to ₹729.5 crore. The company provides supply chain solutions to customers like Coca-Cola, Marico, and Panasonic.
The Indian Opinion
The noise around LEAP India's IPO fixates on the strong anchor and employee subscription, but glosses over the retail and NII apathy at just 10% and 6%, respectively. The grey market premium of 12% and the SBI Securities 'neutral' rating signal caution, not euphoria. With a P/E of 20.9x for FY26, the valuation demands high future growth to justify. The real test will be how quickly LEAP converts its high receivables of 131 days into cash post-listing.
Sources (2): livemint.com, inc42.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
