LEAP India’s Rs 2,480-Cr IPO Gets Subscribed 8.38 Times on Last Day

New Delhi: The initial share sale of supply chain asset pooling firm LEAP India Ltd was subscribed 8.38 times on the last day of bidding on Tuesday.

The Rs 2,480-crore initial public offer (IPO) received bids for 96,32,60,770 shares against 11,49,91,735 shares on offer, according to NSE data.

The qualified institutional buyers (QIBs) bid for 16.84 times the shares reserved for them. The portion for non-institutional investors received 12.64 times subscription, while the category for retail investors was subscribed 1.71 times.

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 price band for the offer is 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.

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