KKR-backed LEAP India's $260 million initial public offering was fully subscribed by midday on the final day of bidding on Tuesday, led by non-institutional investors.
The supply chain firm received bids for 131.86 million shares as of 12:36 p.m. IST, against 114.99 million shares on offer, exchange data showed.
Non-institutional investors, which include high-net-worth individuals and corporates, bid for 2.26 times the shares reserved for them, while institutional and retail portions were subscribed 98% and 76%, respectively.
The company raised 7.43 billion rupees ($77.87 million) from 32 investors, including the Monetary Authority of Singapore and Morgan Stanley, in an anchor round last week.
The IPO comprises a fresh issue of shares worth $50.3 million and an offer-for-sale of $209.7 million of shares, mostly by KKR-backed Vertical Holdings II.
Separately, KKR-backed firm Vertical Holdings II sold 3.71 billion rupees worth of shares in LEAP India in a private placement to investors including a unit of Singapore sovereign wealth fund GIC and Matyas Possessiones, backed by founder and managing director Sunu Mathew.
The company plans to deploy at least three million pallets in Gulf countries within four to five years, a target equal to about one-third of its current pallet fleet, as it looks to expand overseas, Mathew told Reuters last week.
LEAP India is well-positioned to benefit from the country's underpenetrated pallet pooling market, but its demanding valuation makes risk-reward unfavourable, Swastika Investmart said in a note.
The company is seeking a valuation of $734 million. Shares will begin trading from August 14.
