LEAP India IPO Day 2 Subscription Status: 0.49x Subscribed; GMP at ₹12
LEAP India’s IPO was subscribed 0.49 times on Day 2 so far, with Qualified Institutional Buyers (QIBs) leading at 0.61x. Non-Institutional Investors (NIIs) reached 0.50x, while retail demand stood at 0.41x as of early evening on 10 August 2026. The Grey Market Premium (GMP) was around ₹12 in the latest available late-afternoon reading. The ₹2,480 crore issue remains open and closes on 11 August 2026.
| Metric | Latest update |
| Bidding day | Day 2 |
| Subscription data | Early evening (5:00 p.m. to 6:29 p.m. IST) on 10 August 2026 |
| Overall subscription | 0.49x |
| QIB subscription | 0.61x |
| NII subscription | 0.50x |
| Retail subscription | 0.41x |
| Employee category | Not separately stated in adopted exchange snapshot |
| Current GMP | ₹12 |
| GMP data | Late afternoon on 10 August 2026 |
| GMP percentage | 7.5% |
| Indicative price | ₹171 |
| Closing date | 11 August 2026 |
LEAP India IPO Day 2 Subscription Status
The LEAP India IPO had received bids for about 5.62 crore shares against roughly 11.50 crore shares available for bidding in the adopted exchange-based Day 2 snapshot.
| Investor category | Day 2 so far | Day 1 close | Change |
| Qualified Institutional Buyers (QIBs) | 0.61x | 0.61x | 0.00x |
| Non-Institutional Investors (NIIs) | 0.50x | 0.11x | +0.39x |
| Retail Individual Investors | 0.41x | 0.13x | +0.28x |
| Overall | 0.49x | 0.26x | +0.23x |
QIBs remained the most subscribed of the three main public categories, but NII demand produced the largest increase from Day 1, rising by 0.39x. Retail participation also improved by 0.28x.
These multiples measure the quantity of shares bid for relative to the shares reserved for each category. They do not represent the number of unique applicants.
How Subscription Changed From Day 1
LEAP India ended Day 1 with an overall subscription of 0.26x, comprising QIB demand of 0.61x, NII demand of 0.11x, and retail demand of 0.13x.
By early evening on Day 2, the overall figure had increased to 0.49x. The main change came from NIIs, followed by retail investors. QIB subscription was broadly unchanged in the adopted snapshots.
Demand has therefore become somewhat broader compared with Day 1, although the public issue was still below full subscription at this stage. Institutional participation often develops later in the bidding period, but the current data does not establish what QIB demand will look like on Closing Day.
LEAP India IPO GMP Today and Estimated Listing Price
LEAP India’s latest available Grey Market Premium was around ₹12 per share in late afternoon on 10 August 2026. The previous available reading was ₹16 on 9 August, indicating that the premium had eased by ₹4.
| GMP observation | GMP | Movement |
| Late afternoon, 10 August 2026 | ₹12 | Down |
| 9 August 2026 | ₹16 | ₹4 higher |
At the IPO’s upper price band of ₹159:
Indicative price = ₹159 + ₹12 = ₹171
GMP percentage = ₹12 ÷ ₹159 × 100 = approximately 7.5%
The ₹171 figure is only an indicative grey-market calculation. GMP is unofficial, unregulated, and can change quickly. It is not published by stock exchanges or the Securities and Exchange Board of India (SEBI), and it does not guarantee LEAP India’s actual listing price or investment returns.
What Stands Out in Today’s Bidding
Two developments are worth watching. First, the overall subscription has moved from 0.26x at the Day 1 close to 0.49x on Day 2 so far. Second, the sharpest category-level acceleration has come from NIIs, whose subscription increased from 0.11x to 0.50x.
There are also important limitations. Overall demand remains below 1x in the latest adopted snapshot, and the GMP has fallen from its previous available ₹16 reading to around ₹12.
Subscription and GMP measure different things. A higher subscription multiple does not prove that an IPO is fairly valued, that the underlying business is strong, or that the shares will deliver positive returns after listing.
IPO Details Retail Investors Need
| Detail | LEAP India IPO |
| Price band | ₹151 to ₹159 per share |
| Lot size | 94 shares |
| Minimum retail investment | ₹14,946 at upper band |
| Total issue size | ₹2,480 crore |
| Fresh issue | ₹480 crore |
| Offer for Sale (OFS) | ₹2,000 crore |
| Issue type | Mainboard book-built IPO |
| Closing date | 11 August 2026 |
| Expected listing date | 14 August 2026 |
| Exchange | BSE and NSE |
The minimum retail amount is calculated as 94 shares multiplied by the upper price band of ₹159, giving ₹14,946 for one lot.
Brief Company and Financial Context
LEAP India provides technology-enabled supply-chain asset-pooling solutions, including pallets, containers, and material handling equipment. Pallet-related operations remained its largest revenue driver, contributing about 62% of revenue from operations in FY2026. Revenue from operations increased to about ₹729.53 crore in FY2026 from ₹466.47 crore in FY2025, while profit after tax rose to approximately ₹62.34 crore from ₹37.56 crore. Of the fresh-issue proceeds, ₹360 crore is intended for repayment or prepayment of borrowings. A key consideration is the company’s capital-intensive model and associated financing costs.
What Happens Next
LEAP India IPO enters its Closing Day on 11 August 2026. Investors tracking the bidding should watch whether overall demand crosses full subscription, whether QIB participation changes materially, how NII and retail momentum develops, and whether the GMP stabilises, rises, or falls.
Day 2 figures remain interim. The final subscription multiple will only be known after Closing Day bidding is completed and exchange data stabilises.
Frequently Asked Questions (FAQs)
Q: How many times is the LEAP India IPO subscribed on Day 2?
A: The LEAP India IPO was subscribed about 0.49x overall as of early evening on 10 August 2026. QIBs were at 0.61x, NIIs at 0.50x, and retail investors at 0.41x in the adopted exchange-based snapshot.
Q: What is the LEAP India IPO GMP today?
A: The latest available LEAP India IPO GMP was around ₹12 per share in late afternoon on 10 August 2026. It had declined from the previous available reading of ₹16. GMP is unofficial and can change before listing.
Q: What listing price does the current LEAP India IPO GMP indicate?
A: A ₹12 GMP added to the ₹159 upper price band gives an indicative price of ₹171 per share, equivalent to a premium of roughly 7.5%. This is a grey-market indication, not a forecast or guaranteed listing price.
Q: Does higher LEAP India IPO subscription guarantee a premium listing?
A: No. Subscription data measures bid demand relative to shares available, while GMP is an unofficial market signal. Neither guarantees a premium listing, fair valuation, business quality, or future investment returns.
Disclaimer
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