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LEAP India IPO opens for subscription at ₹151-159, grey market premium
Anchor investors have raised ₹743.6 crore at the upper ₹159 price and a tentative listing is set for 14 August.
LEAP India’s initial public offering opened for public subscription on 7 August and will close on 11 August, with the IPO price band set at ₹151 to ₹159 per equity share, LiveMint Markets reported. The company raised ₹743.62 crore from anchor investors by allotting 4.68 crore equity shares at the upper end of the price band, according to a BSE circular.
The anchor allocation included participation from Smallcap World Fund, Monetary Authority of Singapore, Government Pension Fund Global, Morgan Stanley India Investment Fund, Amundi Funds New Silk Road, Goldman Sachs Investments (Mauritius), Citigroup Global Markets Mauritius, and Société Générale. Domestic institutions named 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 IPO lot size is 94 equity shares, with subsequent multiples of 94 shares. Under the reservation structure, not more than 50% is reserved for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors, and not less than 35% for Retail Individual Investors, with up to ₹1.25 crore reserved for eligible employees.
A tentative schedule calls for basis of allotment to be finalized on 12 August, refunds to start on 13 August, and shares to be credited to successful applicants’ demat accounts on the same day, with listing expected on 14 August on both BSE and NSE. LiveMint Markets also cited a grey market premium, with LEAP India IPO GMP at +19.5 and an estimated listing price of ₹178.5, about 12.26% above the ₹159 IPO price.