Leap India and Tata Capital Gear Up for Landmark IPOs; Reliance Jio Listing on Horizon

Leap India Ltd and Tata Capital are set to make high-profile entries into India’s public markets, signalling investor interest in the country’s supply chain and financial services sectors. Meanwhile, Reliance Industries Ltd (RIL) Capitalhas outlined plans to list Reliance Jio in mid-2026, raising anticipation among market participants.

Leap India IPO: ₹2,400 Crore Fundraising Plan

Mumbai-based supply chain asset management firm Leap India Ltd has filed its Draft Red Herring Prospectus (DRHP) with SEBI, aiming to raise ₹2,400 crore through a combination of a fresh equity issuance and an Offer for Sale (OFS) by existing shareholders.

The proposed structure includes a fresh issue of ₹400 crore and an OFS component of ₹2,000 crore. Promoter group entities, including Vertical Holdings and KIA EBT, will divest a portion of their holdings in the public offering. Each equity share carries a face value of ₹1.

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The IPO allocation reserves up to 50% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for Retail Individual Investors. Proceeds from the fresh issue will primarily repay ₹300 crore in debt, with the remainder supporting working capital needs and operational expansion.

Leap India manages over 13.57 million assets and operates 30 fulfilment centres and 7,747 customer touchpoints nationwide. Its clientele includes leading brands such as Panasonic Life Solutions India Pvt Ltd and Marico Ltd. The company offers services ranging from asset storage and repair to rapid deployment, serving over 900 clients across the industrial and consumer sectors.

Book-running lead managers for the IPO include JM Financial Ltd, IIFL Capital Services Ltd, UBS Securities India Pvt Ltd, and Avendus Capital Pvt Ltd. The registrar is MUFG Intime India Pvt Ltd.

Tata Capital Targets ₹17,200 Crore in Landmark Financial Services IPO

Tata Capital, the non-banking financial arm of the Tata Group, is preparing to launch its record-setting IPO in the week starting 22 September 2025, aiming to raise $2 billion (₹17,200 crore). The issue comprises a fresh equity issue of 21 crore shares and an OFS of 26.58 crore shares, with Tata Sons divesting 23 crore shares and the International Finance Corporation (IFC) selling 3.58 crore shares.

The offering is set to strengthen Tata Capital’s Tier-1 capital and support its retail and wholesale lending expansion amid rising demand for financial services. Established in 2007, the company operates across retail and wholesale lending, wealth management, insurance distribution, credit cards, and private equity, serving over seven million customers.

Tata Capital has shown consistent financial growth over the past three years. Its gross loan book reached ₹2.26 lakh crore in FY25, reflecting a 37% CAGR since FY23. Profit after tax rose to ₹3,646.6 crore, while asset quality remained stable with gross NPAs at 1.9% and net NPAs at 0.8%.

Reliance Industries Eyes Jio Listing in 2026

At RIL’s 48th AGM, Chairman Mukesh Ambani announced plans to list Reliance Jio by June 2026. Brokerages, including Nuvama Institutional Equities, JPMorgan, and Jefferies, note the IPO could unlock value for shareholders, though a potential holding company discount may apply.

Reliance aims for strong growth across telecom, retail, FMCG, and new energy segments. Jio’s broadband and 5G expansion, retail CAGR of 20%, and FMCG revenue target of $12 billion in five years underline ambitious plans. Partnerships with Meta and Google Cloud further strengthen the digital ecosystem. The company also projects workforce growth from 680,000 to over one million employees.

Conclusion

Leap India and Tata Capital’s IPOs are set to make a strong mark in the supply chain and financial sectors, with substantial investor participation expected. Meanwhile, Reliance Jio’s listing in 2026 is expected to generate market interest in the telecom sector. Collectively, these upcoming IPOs highlight the growing dynamism of India’s equity markets and the strategic role of corporate fundraising in supporting sectoral growth.