Leap India Collects ₹744 Cr From Anchor Investors; IPO To Open On Aug 7

Supply chain asset pooling firm LEAP India Ltd on Thursday mobilised ₹743.62 crore from a clutch of institutional investors, including Smallcap World Fund and Monetary Authority of Singapore, ahead of its initial public offering (IPO).

The company allotted 4.68 crore equity shares to 32 anchor investors at ₹159 per share, aggregating to ₹743.62 crore, according to a circular uploaded on the BSE website.

Apart from Smallcap World Fund and Monetary Authority of Singapore, other prominent anchor investors included Norway's Government Pension Fund Global, Morgan Stanley India Investment Fund, Amundi Funds New Silk Road, Goldman Sachs Investments (Mauritius), Citigroup Global Markets Mauritius, and Societe Generale.

Domestic institutional investors participating in the anchor book included Axis Mutual Fund, Motilal Oswal Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, ITI Mutual Fund, Groww Mutual Fund, and Aditya Birla Sun Life Insurance Company.

The ₹2,480-crore initial public offering (IPO) will open for subscription on August 7 and conclude on August 11. The price band has been fixed at ₹151-159 per share.

The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹480 crore and an offer for sale (OFS) worth up to ₹2,000 crore, taking the overall issue size to ₹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 ₹7,005 crore.

Earlier, Leap India raised around ₹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.

As per the offer structure, 50% of the issue has been reserved for qualified institutional buyers (QIBs), while 15% has been earmarked for non-institutional investor and 35% for retail investors.

The company's equity shares are proposed to be listed on the BSE and the NSE on or about August 14.

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.