Leap India’s initial public offering (IPO) saw a 42% subscription on its second day of bidding, with investors placing bids for 4.77 crore shares out of the total 11.49 crore shares on offer, according to inc42.com. The IPO includes a fresh issue of shares worth up to ₹480 crore and an offer for sale of up to ₹2,000 crore, valuing the company at approximately ₹7,004.5 crore at the upper price band.
Qualified institutional buyers (QIBs) led the bidding on day two, placing bids for 2 crore shares against their quota of 3.28 crore shares, representing a 61% subscription. Non-institutional investors (NIIs) and retail investors subscribed 34% of their respective quotas, bidding for 82.96 lakh shares and 1.93 crore shares against allocations of 2.46 crore and 5.75 crore shares. The employee quota was oversubscribed 2.32 times, with bids for 1.92 lakh shares against 82,781 shares reserved.
The IPO’s subscription pace improved from 26% at the end of the first day, when bids were received for 3.02 crore shares. The fresh issue proceeds will partly repay borrowings, with ₹360 crore earmarked for this purpose, while the remainder will support general corporate needs. Leap India reported a 66% increase in net profit to ₹62 crore, underscoring its financial growth ahead of the public listing.
The IPO’s progress will be closely tracked until the close of bidding, with the final subscription figures expected to be announced shortly after the offer period ends. The company’s valuation at the upper price band stands at about $735 million, reflecting investor interest in the logistics technology sector.