KKR-backed LEAP India falls in trading debut, valued at $725 million

Shares of supply chain logistics company LEAP India, backed by KKR, experienced a 5.3% decline during their trading debut on Friday, valuing the firm at $725.2 million. The company's shares were listed at ₹165.9 each on the National Stock Exchange of India, representing a 4.3% premium over the issue price of ₹159 per share. KKR-backed Vertical Holdings II had received bids for 8.38 times the number of shares on offer in the $260 million IPO.

The IPO included a fresh issue worth $50.3 million and an offer-for-sale of $209.7 million, primarily sold by Vertical Holdings II. The trading debut occurred in a relatively subdued market, as the benchmark Nifty 50 index declined by 0.2% on Friday. Retail investors subscribed to 1.71 times the number of shares they were allotted, primarily due to valuation concerns according to analysts.

Indian shares concluded the week lower as higher crude oil prices dampened risk appetites. Lastly, Vertical Holdings II sold approximately $39 million worth of shares in LEAP India ahead of the IPO's public launch through a private placement.