Leap India Shares Debut With Over 4% Premium On Stock Exchanges Following Rs 2,480 Crore IPO Subscription

LEAP India Ltd. shares debuted on the stock market on Friday, listing at a premium of 4.34% to its IPO price. The stock opened at Rs 165.90 on the NSE which is a rise from the IPO price of Rs 159. On the BSE, it began trading at Rs 166 per share which marks a 4.40% premium.  

At the upper end of the price band, the company will command a post-issue market capitalisation of about Rs 7,005 crore.

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 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.

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LEAP India Ltd. shares debuted on the stock market on Friday
(Photo: Vijay Sartape/NDTV Profit)

LEAP India Financials

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.

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.

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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