The Leapfrog Engineering IPO is a book-built issue worth ₹88.51 crore. It comprises a fresh issue of 3.46 crore shares aggregating to ₹79.60 crore and an offer for sale of 0.39 crore shares totalling ₹8.91 crore.
The IPO dates are yet to be announced.
The price band for the issue has been fixed at ₹21 to ₹23 per share. Investors can apply in lots of 6,000 shares. For retail investors, the minimum investment stands at ₹1,38,000 for two lots (12,000 shares) at the upper price band. High Net-worth Individuals are required to apply for a minimum of three lots, or 18,000 shares, amounting to ₹4,14,000.
Finshore Management Services Ltd is acting as the book-running lead manager for the issue, while Integrated Registry Management Services Pvt. Ltd has been appointed as the registrar. Anant Securities will serve as the market maker for the IPO. Refer to Leapfrog Engineering Services IPO RHP for complete details.
Leapfrog Engineering Services IPO Objectives
The company plans to utilise the Net Proceeds from the issue for the following purposes:
- Up to ₹2,700.36 lakh from the issue proceeds towards funding capital expenditure for setting up an assembling unit.
- Up to ₹3,604.82 lakh will be utilised to meet the company’s working capital requirements.
- For issue related expenses.
- For general corporate purposes.
About Leapfrog Engineering Services Limited
Leapfrog Engineering Services Limited is engaged in engineering, procurement, construction, and commissioning (EPCC) services, with a specialised focus on electrical systems, instrumentation, fire safety, modular substations, and automation solutions. The company operates as an integrated engineering services provider, catering to a wide range of industries including oil and gas, food processing, pharmaceuticals, and metals.
With over two decades of experience, Leapfrog Engineering Services Limited has built a strong customer-focused approach, driven by a continuous commitment to quality and innovation. The company possesses capabilities across multiple domains such as electrical engineering, instrumentation, automation, fire protection, modular substations, and end-to-end project execution.
It has developed expertise in handling large-scale and complex projects, including refineries, early production facilities, gas sweetening units, petrochemical plants, and projects across sectors like pharma, food processing, metals, chemicals, and fertilisers.
The company’s expertise spans a broad spectrum of engineering solutions, enabling it to serve a highly diversified client base. Its operations extend across multiple states in India and also reach international markets, serving clients across various countries. This wide geographical presence, combined with its comprehensive service offerings, allows the company to address complex engineering challenges efficiently and deliver customised solutions.
Over the years, Leapfrog Engineering Services Limited has evolved from a small-scale enterprise into a growing mid-sized business. This transformation has been driven by its focus on continuous improvement, adoption of advanced technologies, and a strong emphasis on customer satisfaction. The company achieved a key milestone by surpassing ₹150 crore in revenue during FY 2023–24, reflecting its strong financial performance and strategic growth.
In recent years, the company has also strengthened its global presence. Over the last two financial years, it has executed export orders worth more than ₹225 crore, reinforcing its position in international markets. Its commitment to timely delivery, quality execution, and reliability has helped build long-term client relationships. Notably, the company has successfully completed over 14 projects in Kuwait over the past decade, further establishing its credibility as a trusted engineering solutions provider.
Industry Outlook
- India’s infrastructure sector is witnessing strong growth momentum, driven by a significant rise in government capital expenditure, focus on roads, railways, shipping, and increasing global partnerships supporting long-term economic goals.
- Rapid urbanisation, expansion of Tier II and III cities, and rising demand for commercial and residential real estate are reshaping infrastructure development across regions, supported by digitalisation and decentralisation of businesses.
- Long-term opportunities remain robust with large-scale investments required in urban infrastructure, aviation expansion plans, and smart city initiatives, positioning the sector as a key driver of India’s economic growth.
How To Apply for the Leapfrog Engineering Services IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Leapfrog Engineering Services IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Leapfrog Engineering Services IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Leapfrog Engineering Services Limited
Registered office: No 496, Chaithanya Dhriti Rudresh, 6th Main, 8th Cross, Vijaya Bank Layout, Bannerghatta Road, Bangalore, Bangalore South, Karnataka, India, 560076.
Phone: +91 78994 81340
Email Id: cs@lesgroup.in
Leapfrog Engineering Services IPO Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB Shares Offered | 18,24,000 | - | - |
| NII (HNI) Shares Offered | 1,64,34,000 | 44.95% | 42.70% |
| Retail Shares Offered | 1,83,00,000 | 50.06% | 47.55% |
| Market Maker Shares Offered | 19,26,000 | - | 5.00% |
| Total Shares Offered | 3,84,84,000 | 100.00% | 100.00% |
Leapfrog Engineering Services IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 12,000 | ₹2,76,000 |
| Individual investors (Retail) (Max) | 2 | 12,000 | ₹2,76,000 |
| HNI (Min) | 3 | 18,000 | ₹4,14,000 |
Leapfrog Engineering Services IPO Promoter Holding
The promoters of the company include Mr. Prabhav Narasimha Rao and Mrs. Priyashaila Prabhav Rao.
| Share Holding Pre-Issue | 92.59% |
| Share Holding Post Issue | 67.27% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Leapfrog Engineering Services IPO
| KPI | Value (31 Dec 2025) |
| PAT Margin (%) | 14.04 |
| RoNW (%) | 21.03 |
| EBITDA Margin (%) | 19.98 |
| RoCE (%) | 23.98 |
Leapfrog Engineering Services IPO Registrar and Lead Managers
Leapfrog Engineering Services IPO Lead Managers
- Finshore Management Services Ltd
Registrar for Leapfrog Engineering Services IPO
Integrated Registry Management Services Pvt Ltd
- Phone Number: 044 - 28140801 to 28140803
- Email Address: smeipo@integratedindia.in
Financial Performance of Leapfrog Engineering Services Limited
| Particulars (₹ in lakh) | 31-12-2025 | 31-03-2025 | 31-03-2024 | 31-03-2023 |
| Total Income | 10,504.57 | 13,736.69 | 16,287.69 | 10,537.88 |
| Revenue from Operations | 10,101.28 | 13,466.24 | 15,785.42 | 10,417.86 |
| EBITDA (Operating Profit) | 2,018.01 | 2,156.50 | 1,973.07 | 100.51 |
| PAT | 1,418.40 | 1,622.47 | 1,639.27 | 28.30 |
| Total Borrowings | 3,222.30 | 2,010.55 | 1,377.85 | 1,304.69 |
Peer Comparison
| Name of Company | EPS (Basic & Diluted) | P/E Ratio | RONW (%) | Revenue from Operations (₹ in Lakhs) |
| Engineers India Limited | 8.28 | 26.21 | 17.76% | 302,835.26 |
| Konstelec Engineers Limited | 2.83 | 14.82 | 4.34% | 19,370.68 |
| Leapfrog Engineering Services Ltd | 1.57 | - | 30.47% | 13,466.24 |
Strengths and Opportunities of Leapfrog Engineering Services Limited
- The company has an established operational presence with a proven track record across multiple industry segments, enhancing credibility and client trust.
- It is supported by an experienced management team with strong domain expertise, enabling effective execution of complex EPCC projects.
- The company has a presence in both domestic and international markets, allowing it to diversify revenue streams and reduce geographic dependency.
- A strong order book and a healthy pipeline of projects provide clear revenue visibility and growth potential in the near to medium term.
- Extensive use of online procurement portals improves operational efficiency, cost management, and transparency in sourcing.
- Increasing focus on infrastructure development in India presents significant growth opportunities for engineering and construction service providers.
- Expansion into new geographical regions offers the potential to tap into emerging markets and broaden the company’s client base.
- Strategic alliances with large OEMs enable better pricing power and access to advanced technologies, strengthening competitive positioning.
Risks and Threats of Leapfrog Engineering Services Limited
- EPCC contracts typically require high working capital, which can strain liquidity and impact cash flow management.
- The company has significant dependence on suppliers, exposing it to risks related to supply chain disruptions and price fluctuations.
- Changes in government policies and regulations may affect project approvals, execution timelines, and overall business operations.
- Environmental concerns and compliance requirements could lead to project delays, increased costs, or operational restrictions.
- External uncertainties such as wars and natural calamities may disrupt operations, logistics, and project execution.
- There is a risk that the proposed assembling unit may not become operational on time or may face cost overruns, impacting financial performance.
- Delays in placing orders for civil works and machinery procurement could postpone project implementation and increase capital expenditure.
- The company’s business depends on winning competitive bids; failure to secure new projects or premature termination of existing contracts may adversely affect revenue and profitability.
