Leap India files DRHP for Rs 24 billion IPO

Leap India has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 24 billion through an initial public offering (IPO). The IPO comprises a fresh issue of Rs 4 billion and an offer for sale (OFS) component of Rs 20 billion. The company may seek a pre-IPO placement of up to 20 per cent of the fresh issue, and accordingly, the fresh issue size will be reduced in case pre-IPO placement is achieved. The proceeds from the issue up to Rs 3 billion will be utilised for the prepayment of all debt, and the remaining will be utilised for working capital requirements.