Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co, and A&O Shearman have acted as legal advisors on the LEAP India IPO, one of the more consequential capital markets transactions of 2026. The ₹2,480 crore offering also marks a historic first — KKR’s debut as a promoter in an Indian IPO. All three firms advised distinct principals across the transaction, fielding senior capital markets practitioners from each.
Introduction
LEAP India Limited has raised ₹2,480 crore from an initial public offering of equity shares, comprising a fresh issue and an offer for sale by promoter selling shareholders. The company fixed a price band of ₹151–159 per share, with the IPO open for subscription between August 7 and August 11, 2026. The issue included a ₹480 crore fresh issue and a ₹2,000 crore offer for sale.
The shares were listed on the National Stock Exchange of India Limited and BSE Limited. The OFS was made by existing shareholders, including Vertical Holdings II Pte. Ltd (a KKR-controlled entity) and KIA EBT Scheme 3. Of the proceeds from the fresh issue, ₹360 crore will be used to repay certain borrowings, while the remaining amount will be allocated for general corporate purposes.
Deal Value
LEAP India raised ₹2,480 crore through its IPO, which comprised a fresh issue of ₹480 crore and an offer for sale of ₹2,000 crore. JM Financial Limited, Avendus Capital Private Limited, IIFL Capital Services Limited, and UBS Securities India Private Limited served as book-running lead managers to the issue.
Legal Teams Involved
Three firms advised distinct principals across this transaction. A full breakdown of each team is set out below.
Cyril Amarchand Mangaldas — Advised LEAP India
Cyril Amarchand Mangaldas advised LEAP India on the IPO. The transaction was led by Devaki Mankad (Partner, Regional Co-Head – Capital Markets – West) and Anshul Roy (Partner).
- Devaki Mankad — Partner, Regional Co-Head – Capital Markets – West
- Anshul Roy — Partner
- Akash Joshi — Principal Associate
- Adwait Deshmukh — Senior Associate
- Abishek Sankar — Senior Associate
- Archit Jain — Associate
- Divyanshu Singh — Associate
- Harsha Menon — Associate
Shardul Amarchand Mangaldas & Co — Advised the Book Running Lead Managers
Shardul Amarchand Mangaldas & Co acted as legal counsel to the Book Running Lead Managers — JM Financial Limited, Avendus Capital Private Limited, IIFL Capital Services Limited, and UBS Securities India Private Limited — as to Indian law. The transaction team was led by Sayantan Dutta (Partner), and comprised Romit Raja Srivastava (Principal Associate), and Associates Pavitra Dubey and Anoop Mukundan.
- Sayantan Dutta — Partner
- Romit Raja Srivastava — Principal Associate
- Pavitra Dubey — Associate
- Anoop Mukundan — Associate
A&O Shearman — International Counsel to the Book Running Lead Managers
A&O Shearman acted as the sole international legal counsel to the underwriters, advising on the offering structure, international securities law compliance, and disclosure requirements. The A&O Shearman team was led by Pallavi Gopinath Aney (Partner) and Mark Leemen (Partner), with support from Serena Upadhyay (Senior Associate) and Rajshree Agarwal (Associate).
- Pallavi Gopinath Aney — Partner
- Mark Leemen — Partner
- Serena Upadhyay — Senior Associate
- Rajshree Agarwal — Associate
Significance and Impact
The IPO marks KKR’s first IPO in India as a promoter. LEAP India is the largest on-demand asset pooling provider in India’s supply chain management sector, based on the number of pooled assets, according to the Frost & Sullivan Report.
The IPO was subscribed 8.38 times overall, with the qualified institutional buyers’ portion subscribed 16.84 times, the non-institutional investors’ portion subscribed 12.64 times, and the retail individual investors’ portion subscribed 1.71 times. The robust QIB demand in particular reflects strong institutional conviction in the asset-pooling model.
This transaction underscores the consistent depth and maturity of India’s capital markets and continuing investor appetite for businesses driving supply chain efficiency. The transaction also required the inclusion of pro forma financials in the draft red herring prospectus to reflect LEAP India‘s acquisition of CHEP India, completed in January 2025. This added a layer of structural complexity that placed additional demands on all three legal teams involved.
The LEAP India ₹2,480 crore IPO stands out as a milestone transaction — both for marking KKR’s entry as a promoter in India’s listed markets and for showcasing a sophisticated three-firm legal advisory structure spanning domestic Indian law and international securities regulation. For deal tracking and further capital markets coverage, visit the Deal Meter.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
