LEAP India’s IPO signals momentum in India’s logistics and supply chain sector

The IPO comprised a fresh issue of equity shares and an offer for sale by existing shareholders, including Vertical Holdings II Pte. Ltd (a KKR-controlled entity) and KIA EBT Scheme 3. This transaction underscores the consistent depth and maturity of India’s capital markets over the last several years and continuing investor appetite for businesses driving supply chain efficiency.

LEAP India is India's largest on-demand asset pooling platform for supply chain management, providing pallets, containers and material handling equipment to customers across a range of industries.  

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 transaction required inclusion of pro forma financials in the draft red herring prospectus to reflect LEAP India’s acquisition of CHEP India, completed in January 2025.

The A&O Shearman team was led by partners Pallavi Gopinath Aney and Mark Leemen with support from Serena Upadhyay and Rajshree Agarwal.

A&O Shearman is recognized among the leading capital markets advisers across Asia-Pacific, holding top tier rankings in Chambers Asia Pacific and Legal 500 Asia Pacific in multiple jurisdictions, including Singapore, India, Thailand, Vietnam and Indonesia.