KKR-backed LEAP India makes muted debut, lists at 4% premium

KKR-backed logistics solutions company LEAP India made a modest debut on the stock exchanges on Friday, with its shares listing at a little over 4% above the IPO price. The company’s shares opened at Rs 165.90 on the NSE, a 4.34% premium over the issue price of Rs 159. On the BSE, the stock listed at Rs 166, gaining 4.4%. The debut was below grey-market expectations, which had pointed to a listing gain of around 8%. LEAP India had raised Rs 2,480 crore through its IPO, which was open for subscription between August 7 and 11. The issue comprised a fresh issue of Rs 480 crore and an offer for sale (OFS) of Rs 2,000 crore. The IPO was subscribed 8.38 times, with institutional investors driving most of the demand. The QIB portion was subscribed 16.84 times, while the NII portion saw 12.64 times subscription. The retail portion was subscribed 1.71 times. As reported earlier by Entrackr, LEAP India had increased its fresh issue size to Rs 480 crore from the Rs 400 crore proposed in its DRHP. The OFS was largely led by KKR-backed Vertical Holdings II, which planned to sell shares worth around Rs 1,999 crore. Of the fresh issue proceeds, Rs 360 crore will be used to repay certain borrowings, while the remaining amount will go towards general corporate purposes. Founded in 2013, LEAP India provides pallet and container pooling and other material-handling solutions to businesses across sectors including FMCG, pharma and e-commerce. As of the RHP filing date, KKR-backed Vertical Holdin…