IPO King

📌 IPO SNAPSHOT Issue: ₹2,480 Cr Fresh Issue: ₹480 Cr OFS: ₹2,000 Cr Price Band: ₹151–159 Open: 7 Aug 2026 Close: 11 Aug 2026 Listing: 14 Aug 2026 Business: Supply-chain / asset-pooling infrastructure

📈 THE NUMBERS Revenue: FY24 — ~₹372 Cr FY25 — ~₹485 Cr FY26 — ~₹748 Cr FY26 Net Profit: ~₹62 Cr The growth is interesting. But the bigger question is whether this growth can continue while margins, cash generation and returns on capital improve. Growth is the story. Execution is the test.

💰 THE IPO MONEY The ₹2,480 Cr headline figure needs context. ₹480 Cr → Fresh issue ₹2,000 Cr → Offer for Sale So roughly 81% of the issue is OFS. Fresh capital benefits the company, while OFS proceeds go to existing shareholders selling their stake. That's worth noticing before judging the IPO purely by its size.

🏦 WHY PEOPLE ARE WATCHING IT LEAP has backing from global investment firm KKR. India's manufacturing, warehousing and organised logistics ecosystem is expanding. Businesses increasingly want: • Better asset utilisation • Lower logistics costs • Visibility & tracking • Flexible infrastructure • Scalable operations If this trend continues, LEAP is positioned in an interesting part of the supply-chain ecosystem.

⚠️ THE OTHER SIDE A good business doesn't automatically make a good IPO. Watch: • Valuation — How much growth is already priced in? • OFS — Why are existing investors selling? • Debt & cash flow — Can growth translate into cash? • Customer concentration — How dependent is the business on large customers? • Margins — Can profitability scale with revenue? • Execution — Can the company repeat its recent growth?

🧠 QUICK CHECKLIST Before subscribing, look at: ✅ Revenue growth ✅ EBITDA / PAT margins ✅ Cash flows ✅ Debt ✅ ROE / ROCE ✅ Customer concentration ✅ Valuation ✅ Fresh issue vs OFS ✅ Future growth plans IPO ≠ guaranteed listing gain.

🧠 QUICK INVESTOR CHECKLIST Before applying, don't look only at: ❌ GMP ❌ Subscription numbers ❌ Listing-day hype ❌ Social-media recommendations Also check: ✅ Revenue growth ✅ EBITDA / PAT margins ✅ Debt ✅ Cash flows ✅ ROE / ROCE ✅ Customer concentration ✅ Valuation ✅ Fresh issue vs OFS ✅ Promoter / investor selling ✅ Future growth plans IPO ≠ guaranteed listing gain.

🔍 5 QUESTIONS TO WATCH ① Can revenue growth remain strong after the IPO? ② Can margins improve as the business scales? ③ How quickly can debt come down? ④ Can LEAP increase asset utilisation? ⑤ What valuation will the market ultimately assign to the company? These questions may matter more than IPO hype.

⚠️ BUT HERE'S THE CATCH An interesting business does NOT automatically mean an attractive IPO. There are several things investors should question. 1️⃣ Large OFS component ₹2,000 Cr of the ₹2,480 Cr issue is OFS. That means most of the IPO proceeds aren't fresh capital going into the business. 2️⃣ Valuation A good company can still be an expensive stock. The IPO needs to be evaluated against earnings, cash flows and comparable companies. 3️⃣ Debt & working capital Logistics and asset-heavy businesses can require significant capital. Investors should track debt, working-capital requirements and cash generation. 4️⃣ Customer concentration Large customers can be valuable — but dependence on a limited number of customers can also create risk. 5️⃣ Execution The biggest challenge after an IPO is often not the story. It's execution. Can the company continue growing without sacrificing margins and returns?

🚚 WHY THIS BUSINESS COULD BE INTERESTING India's supply chains are becoming increasingly organised. Manufacturing is expanding. Warehousing networks are becoming more sophisticated. Companies increasingly want: • Better asset utilisation • Lower logistics costs • Real-time tracking • Flexible infrastructure • Scalable supply-chain operations This creates a potentially attractive environment for companies operating behind the scenes of India's logistics ecosystem. LEAP's opportunity is linked to the broader formalisation and efficiency of Indian supply chains.

🏦 THE KKR CONNECTION One interesting part of the LEAP story is its association with global investment firm KKR. KKR-associated entities are among the selling shareholders. This gives the IPO an interesting angle: A professionally backed private-company story is moving into the public markets. But remember: “Private equity backing ≠ guaranteed stock-market returns.” The public-market valuation ultimately has to justify itself through future earnings and cash flows.

💰 WHERE IS THE IPO MONEY GOING? The ₹2,480 Cr headline number needs some context. Fresh Issue: ₹480 Cr OFS: ₹2,000 Cr Fresh issue money goes into the company. OFS money goes to existing shareholders selling their shares. That distinction matters. A large portion of this IPO is therefore an exit opportunity for existing shareholders rather than fresh capital being raised by the company. Investors should understand this before looking only at the headline issue size.

📈 THE GROWTH STORY FY24 Revenue: ~₹372 Cr FY25 Revenue: ~₹485 Cr FY26 Revenue: ~₹748 Cr Revenue has therefore grown significantly over the last few years. Profitability has also improved, with FY26 net profit reported at around ₹62 Cr. But the important question isn't simply: “Did revenue grow?” The bigger question is: “Can LEAP maintain this growth while improving profitability and returns on capital?” That's something investors need to watch after listing.

🏭 WHAT DOES LEAP ACTUALLY DO? LEAP India provides asset-pooling and supply-chain solutions. Its platform covers areas such as: • Asset pooling • Material handling equipment • Warehousing • Pallets and containers • Tracking and visibility • Supply-chain optimisation The basic idea is simple: Instead of customers buying, maintaining and managing every asset themselves, LEAP can provide access to these assets through a pooled network. That can potentially improve utilisation and reduce the operational burden for customers.

📌 IPO AT A GLANCE Company: LEAP India Limited Sector: Supply Chain / Logistics Issue Size: ₹2,480 Cr Fresh Issue: ₹480 Cr Offer for Sale: ₹2,000 Cr Price Band: ₹151 – ₹159 IPO Opens: 7 August 2026 IPO Closes: 11 August 2026 Expected Listing: 14 August 2026 Type: Mainboard IPO The company operates in the supply-chain infrastructure space and has backing from global investment firm KKR.