LEAP India’s IPO Subscribed 49% on Day 2

New Delhi: Supply chain asset pooling firm LEAP India‘s initial public offer received 49 per cent subscription on the second day of bidding on Monday.

The IPO received bids for 5,62,11,154 shares against 11,49,91,735 shares on offer, as per data available with the NSE.

The qualified institutional buyers (QIBs) quota received 61 per cent subscription. The category for non-institutional investors was subscribed 50 per cent and that of retail investors 41 per cent.

LEAP India on Thursday mobilised Rs 743.62 crore from a clutch of institutional investors, including Smallcap World Fund and Monetary Authority of Singapore.

The Rs 2,480-crore initial public offering (IPO) will conclude on Tuesday. The price band has been fixed at Rs 151-159 per share.

The IPO comprises a fresh issue of equity shares aggregating up to Rs 480 crore and an offer for sale (OFS) worth up to Rs 2,000 crore, taking the overall issue size to Rs 2,480 crore.

Proceeds from the fresh issue will be utilised towards repayment or prepayment of certain borrowings of the company, while the remaining amount will be used to meet its working capital requirements.

At the upper end of the price band, the company will command a post-issue market capitalisation of about Rs 7,005 crore.

Earlier, LEAP India raised around Rs 371.3 crore through a pre-IPO placement, with Singapore sovereign wealth fund GIC’s subsidiary Gamnat Pte Ltd and hedge fund Dymon Asia Multi-Strategy Investment (Singapore) Pte Ltd among the investors. The placement was conducted on August 3-4.

The company’s equity shares are proposed to be listed on the BSE and the NSE.

JM Financial, Avendus Capital, IIFL Capital Services, and UBS Securities India are the book-running lead managers to the issue, while MUFG Intime India is the registrar.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)