LEAP India IPO Day 3 Final Subscription Status: 8.82x Subscribed; GMP at ₹10
LEAP India’s IPO closed on Day 3 with a final subscription of 8.82 times, led by Qualified Institutional Buyers (QIBs) at 17.73 times. Non-Institutional Investors (NIIs) followed at 13.31 times, while retail demand reached 1.80 times. The latest Grey Market Premium (GMP) is around ₹10 per share, with another tracker indicating ₹9, after bidding closed on 11 August 2026.
| Metric | Final update |
| Bidding day | Day 3, Closing Day |
| Data status | Final, after bidding closed on 11 August 2026 |
| Overall subscription | 8.82x |
| QIB subscription | 17.73x |
| NII subscription | 13.31x |
| Retail subscription | 1.80x |
| Employee category | 11.57x |
| Current GMP | Around ₹10, tracker range ₹9-₹10 |
| GMP percentage | About 6.3% at ₹10 GMP |
| Indicative price | ₹169 at ₹10 GMP |
| Closing date | 11 August 2026 |
LEAP India IPO Day 3 Subscription Status
The final book shows that demand accelerated sharply on Closing Day. QIBs emerged as the strongest major investor category, while NIIs also finished with a double-digit subscription multiple.
| Investor category | Day 3 final | Day 2 close | Change |
| Qualified Institutional Buyers | 17.73x | 0.61x | +17.12x |
| Non-Institutional Investors | 13.31x | 0.50x | +12.81x |
| Retail Individual Investors | 1.80x | 0.41x | +1.39x |
| Employees | 11.57x | 2.95x | +8.62x |
| Overall | 8.82x | 0.49x | +8.33x |
The subscription multiples represent the quantity of shares bid for relative to the shares available in each category. They do not represent the number of unique applicants. Category size also matters when comparing subscription multiples.
Final Day-wise Subscription Trend
LEAP India’s IPO moved from less than one-third subscription on Day 1 to nearly half subscription on Day 2 before the final-day surge.
| Bidding stage | Overall subscription | Leading major category |
| Day 1 close, 7 August 2026 | 0.26x | QIB, 0.61x |
| Day 2 close, 10 August 2026 | 0.49x | QIB, 0.61x |
| Day 3 final, 11 August 2026 | 8.82x | QIB, 17.73x |
The sharpest change came from institutional and non-institutional bidding. QIB subscription rose from 0.61 times at the end of Day 2 to 17.73 times finally, while NII demand increased from 0.50 times to 13.31 times.
Retail demand also crossed the fully subscribed mark, but at 1.80 times it remained considerably below QIB and NII demand. The final result was therefore broad enough for all major categories to be oversubscribed, but the overall multiple was primarily driven by larger investors.
LEAP India IPO GMP Today and Estimated Listing Price
LEAP India’s latest commonly reported GMP is around ₹10 per share as of evening (6:30 p.m. to 8:29 p.m. IST) on 11 August 2026. One other tracker showed ₹9, so the latest observable range is approximately ₹9-₹10.
The previous available readings on 10 August were around ₹12-₹13, indicating that GMP has eased even as final subscription demand increased substantially.
Using the ₹159 upper price band:
Indicative price = ₹159 + ₹10 = ₹169
GMP percentage = ₹10 ÷ ₹159 × 100 = about 6.3%
At the ₹9 reading, the indicative price would be ₹168, or about 5.7% above the upper price band.
GMP is an unofficial, unregulated market indicator. It can change quickly before listing and does not guarantee either the listing price or a listing gain.
What Stands Out in Today’s Bidding
Two signals are notable. First, the rise from 0.49 times on Day 2 to 8.82 times at final close came overwhelmingly from QIB and NII participation. Second, retail also finished above one time, so demand was not restricted entirely to large investors.
There is also a clear subscription-GMP divergence. Final bidding accelerated sharply, while GMP declined from roughly ₹12-₹13 on the previous day to around ₹9-₹10. Subscription measures demand for allocated shares, whereas GMP reflects an unofficial market quote, so the two need not move together.
Neither high subscription nor a positive GMP establishes fair valuation, business quality, or future returns.
IPO Details Retail Investors Need
| IPO detail | Information |
| Price band | ₹151-₹159 per share |
| Lot size | 94 shares |
| Minimum retail investment | ₹14,946 at upper band |
| 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 fresh issue represents ₹480 crore of the total offer, while the substantially larger ₹2,000 crore component is an OFS by existing shareholders.
Brief Company and Financial Context
LEAP India provides asset-pooling and supply-chain infrastructure services, including pallets, containers, and material-handling equipment. Pallets were its largest revenue contributor, accounting for about 62% of revenue from operations in FY2026. Total income increased to about ₹747.36 crore in FY2026 from ₹485.03 crore in FY2025, while profit after tax rose to about ₹62.34 crore from ₹37.56 crore.
The company intends to use ₹360 crore from fresh proceeds to repay or prepay borrowings, with the balance for general corporate purposes. Dependence on the pallet-pooling business remains a material operating risk.
What Happens Next
With bidding completed, the tentative basis of allotment is expected on 12 August 2026. Refund or fund-unblocking activity and credit of shares to demat accounts are scheduled for 13 August 2026, subject to the issue timeline. LEAP India shares are expected to list on BSE and the National Stock Exchange of India (NSE) on 14 August 2026.
Frequently Asked Questions (FAQs)
Q: How many times was the LEAP India IPO subscribed on Day 3?
A: LEAP India IPO closed with a final overall subscription of 8.82 times on 11 August 2026. QIBs led at 17.73 times, followed by NIIs at 13.31 times, retail investors at 1.80 times, and the employee category at 11.57 times.
Q: What is the LEAP India IPO GMP today?
A: The latest widely reported LEAP India IPO GMP is around ₹10 per share, although another tracker showed ₹9. This puts the latest observable grey-market range at roughly ₹9-₹10. GMP is unofficial and may change before listing.
Q: What listing price does the current LEAP India IPO GMP indicate?
A: A ₹10 GMP added to the ₹159 upper price band gives an indicative price of ₹169 per share, about 6.3% above the upper band. At a ₹9 GMP, the corresponding indicative price is ₹168. These are calculations, not listing-price forecasts.
Q: Does LEAP India IPO’s high final subscription guarantee a premium listing?
A: No. An 8.82-times final subscription shows that bids exceeded the shares available, but it does not guarantee a premium listing. Listing performance can also depend on market conditions, valuation, investor sentiment, and changes in the unofficial GMP before the stock begins trading.
Disclaimer
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