🚫 Avoid
Listed
Diversified Commercial Services
LEAP India Limited IPO
₹2,480 Cr · Fresh Issue & OFS · Diversified Commercial Services
Price Band
₹151 – ₹159
Lot: 150 shares (₹23,850)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹2,480 Cr
Fresh Issue & OFS
Market Cap
₹7004.53 Cr
At upper band
P/E Ratio
112.4x
P/S: 9.6x
Listing Date
14 Aug 2026
BSE & NSE
IPO Timeline
✓
Opens
07 Aug 2026
✓
Closes
11 Aug 2026
✓
Allotment
12 Aug 2026
✓
Refund
13 Aug 2026
✓
Listing
14 Aug 2026
IPO India Hub: Strong Avoid
Conviction
2/10
The company is priced at 112.4x earnings, or 4.89× the niche sector midpoint of 23×, making this one of the most expensive IPOs on record. While revenue growth is strong at 41.8% CAGR, the 80.6% OFS component signals heavy promoter exit, and the 8.3% net margin cannot justify a valuation this extreme.
Listing Performance
Issue Price
₹159
Allotment price
Listing Price
₹166
+4.4% on listing day
Current Price (CMP)
₹144.55
-9.1% vs issue
Listed On
14 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional revenue growth trajectory
Revenue has grown from ₹371.9 Cr (FY-2) to ₹747.4 Cr (FY0), a 41.8% two-year CAGR that demonstrates strong market demand. This growth rate is well above the 20% threshold typically required to support premium valuations in commercial services.
✓ Strength
Strong EBITDA margin and ROCE
The company maintains a 50.69% EBITDA margin, indicating operational efficiency and pricing power. ROCE of 19.06% shows reasonable capital deployment, and the D/E ratio of 1.01× is moderate and manageable.
⚠ Risk
Extreme valuation multiple unjustified
At 112.4× P/E, the company trades at 4.89× the niche sector midpoint (18–28× range). Even high-growth FMCG and healthcare companies rarely exceed 2.0× sector midpoint; this valuation implies near-perfect execution and zero margin compression risk, which is unrealistic.
⚠ Risk
Massive promoter stake dilution via OFS
80.6% of the ₹2,480 Cr issue is OFS, meaning promoters are exiting heavily while the company raises only ₹458 Cr in fresh capital (after expenses). This signals weak confidence from insiders and leaves limited growth capital for the business.
₹ Valuation
Valuation disconnected from fundamentals
At ₹159, the company is valued at 112.4× FY0 earnings and 9.6× sales. The 8.3% net profit margin is below the 15% threshold needed to justify premium multiples. Comparable niche/unlisted sector companies trade at 18–28× P/E; this IPO is priced at 4× that range with no margin advantage.
👁 Watch
Monitor margin compression post-listing
If net profit margin contracts below 7% in the next two quarters, the P/E will exceed 150×, triggering a sharp correction. Watch quarterly results closely for any slowdown in revenue growth or pricing pressure.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "LEAP India Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹729.53 Cr
Net Profit
₹62.34 Cr
Industry
Diversified Commercial Services
Issue Type
Fresh Issue & OFS
Promoters
SUNU MATHEW AND VERTICAL HOLDINGS II PTE. LTD
Lead Managers
JM Financial, Avendus Capital, IIFL Capital and UBS Securities
Quick Actions
Frequently Asked Questions
Avoid. The company is priced at 112.4x earnings, or 4.89× the niche sector midpoint of 23×, making this one of the most expensive IPOs on record. While revenue growth is strong at 41.8% CAGR, the 80.6% OFS component signals heavy promoter exit, and the 8.3% net margin cannot justify a valuation this extreme.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 150 shares. At the upper band price of ₹159, the minimum investment per retail application is ₹23,850. You can apply for up to 13 lots (₹310,050) under the retail category (up to ₹2 lakh).
The IPO opens on 07 Aug 2026. It closes on 11 Aug 2026. Allotment is expected on 12 Aug 2026. Refunds initiate on 13 Aug 2026. Listing on BSE and NSE is on 14 Aug 2026.
The lead managers for the IPO are JM Financial, Avendus Capital, IIFL Capital and UBS Securities. Check the SEBI filing for the registrar details.
The IPO listed on 14 Aug 2026 at ₹166 against an issue price of ₹159 (+4.4% on listing day). The current market price (CMP) is approximately ₹144.55 (+-9.1% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 11 Aug 2026. The minimum investment is ₹23,850 for one lot (150 shares). The company is priced at 112.4x earnings, or 4.89× the niche sector midpoint of 23×, making this one of the most expensive IPOs on record. While revenue growth is strong at 41.8% CAGR, the 80.6% OFS component signals heavy promoter exit, and the 8.3% net margin cannot justify a valuation this extreme.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 11 Aug 2026. The IPO is priced at a P/E of 112.4x. Market cap at issue price is ₹7004.53 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 150 shares at ₹159 each, costing ₹23,850 per application. The issue closes on 11 Aug 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'LEAP India Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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