Supply chain company LEAP India 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 beyond the domestic market, a top executive said.
The KKR-backed company - the biggest in the pallet pooling sector with over 90% share - launched an IPO earlier on Friday, comprising a fresh issue of shares worth up to Rs 4.8 billion ($50.7 million) and an offer-for-sale of up to Rs 20 billion.
It has obtained a license from the Ministry of Investment of Saudi Arabia and set up a holding company in Abu Dhabi, Founder and Managing Director Sunu Mathew told Reuters.
LEAP India rents out pallets, containers and material-handling equipment to over 1,000 customers across sectors including consumer goods, food and beverages and logistics, and had 14.7 million in pooling assets as of March 31, according to its IPO prospectus.
Mathew said that the Gulf expansion and rising Indian consumption are likely to be key growth drivers for the company, which sees new opportunities in sectors including solar panel manufacturing.
In terms of its India plans, Mathew said there's still ample scope for growth in the pallet sector, with only about 15%-17% adoption. LEAP's prospectus projects the domestic pallet pooling market to grow at a 14.9% compound annual rate between fiscal years 2026 and 2031.
The company has been adding roughly 700,000 pallets annually, on average, for the last six to seven years in India, a pace Mathew said is likely to continue.
LEAP India's revenue from operations increased 56.4% year-on-year to Rs 7.30 billion for the year ended March 31, while net profit rose to Rs 623.4 million from Rs 375.6 million.
Mathew said organic revenue growth was at 24%-25%, while the rest came from CHEP India, a company it acquired from Australia-based Brambles in 2025.