LEAP India, a logistics technology platform, raised ₹743.6 crore from anchor investors ahead of its initial public offering (IPO) scheduled to open on August 7. The startup allotted 4.67 crore equity shares at ₹159 per share, the upper end of its price band. The IPO will close on August 11 and values the company at about ₹7,004.5 crore ($735 million) at the top price band, according to inc42.com.
The anchor round saw participation from one life insurance company and six domestic mutual funds, which acquired 40.1% of the shares allotted to anchor investors. Domestic mutual funds involved included Axis Mutual Fund, Motilal Oswal, Bank of India, Groww, and ITI. Other notable investors in the round were Morgan Stanley, JM Financial, Goldman Sachs, Citigroup, BNP Paribas, and Societe Generale, inc42.com reported.
LEAP India was founded in 2013 by Sunu Mathew and provides supply chain solutions such as equipment pooling, returnable packaging, inventory management, transportation, and maintenance. The company has served over 1,000 customers, including Coca-Cola, Marico, Panasonic, Haier, and Daikin. Its IPO comprises a fresh issue of shares worth up to ₹480 crore and an offer for sale component worth up to ₹2,000 crore, positioning it among significant logistics tech listings in India, per inc42.com.
The IPO’s price band is set between ₹151 and ₹159 per share, with the anchor investors’ allotment fixed at ₹159. The public issue will begin on August 7 and close on August 11, marking a key milestone for LEAP India’s expansion in the logistics technology sector, according to inc42.com.