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

LEAP India, backed by KKR, made its stock market debut on the NSE on Friday, listing at ₹165.9 per share—a 4.3% premium over the issue price of ₹159. The shares opened down 5.3%, valuing the company at ₹6,918 crore ($725.2 million). Key details include: • KKR-backed Vertical Holdings II led the IPO, which comprised a fresh issue of $50.3 million and an offer-for-sale of $209.7 million, totaling $260 million. • Retail investors subscribed 1.71 times their allocated shares due to valuation concerns. • Analysts noted declining EBITDA margins, sensitivity to asset utilization, and the lack of direct listed peers as factors affecting near-term earnings visibility and valuation comfort. • Vertical Holdings II sold $39 million worth of shares in a private placement before the public IPO launch. The debut occurred amid a subdued market, with the Nifty 50 index down 0.2%.