LEAP India files RHP for Rs 2,480 crore IPO
The supply chain enablement company has set a price band and a bidding window, seeking a valuation of about 735 million dollars at the top of the range.
- Total offering of Rs 2,480 crore, split as a Rs 480 crore fresh issue and Rs 2,000 crore offer for sale.
- Price band of Rs 151 to Rs 159, valuing the company at roughly 735 million dollars at the top.
- Anchor bidding on 6 August, public bidding from 7 to 11 August.
- Vertical Holdings II is selling Rs 1,998.6 crore of the offer for sale.
LEAP India has filed its red herring prospectus for an initial public offering of Rs 2,480 crore. The issue is structured as a fresh issue of Rs 480 crore and an offer for sale of Rs 2,000 crore.
The price band has been set at Rs 151 to Rs 159 per share, which values the company at approximately 735 million dollars at the upper end. Anchor bidding opens on 6 August, with the public issue running from 7 to 11 August.
Vertical Holdings II Pte Ltd accounts for almost the entire offer for sale at Rs 1,998.6 crore, with KIA EBT Scheme 3 selling Rs 1.4 crore. The company operates in supply chain enablement, providing pooled equipment and logistics infrastructure to manufacturers and distributors.
The heavy weighting towards an offer for sale is worth noting. Of the Rs 2,480 crore raised, only Rs 480 crore reaches the company. The rest is an exit for an existing shareholder, which is a normal structure but tells you the issue is as much about liquidity for an investor as about funding growth.
For operators the wider signal is where public market appetite is landing. Supply chain and logistics infrastructure businesses continue to find a listing route while consumer facing names have had a harder time this year. Pooled asset models sell a predictable, contracted revenue line, and that is the kind of story public investors are currently paying for.
Zane’s analysis draws on original reporting by Inc42. Read the original report.