Leapfrog Engineering Services Limited is launching a book-built IPO worth ₹88.51 crore, comprising a fresh issue of 3.46 crore equity shares valued at ₹79.60 crore and an offer for sale (OFS) of 0.39 crore shares worth ₹8.91 crore.
The IPO will open for subscription on June 17, 2026, and close on June 19, 2026. The basis of allotment is expected to be finalized on June 22, 2026, while the shares are scheduled to be listed on the BSE SME platform on June 24, 2026.
The company has fixed the price band at ₹21–₹23 per share. Investors can apply in lots of 6,000 shares. Retail investors must invest a minimum of ₹2.76 lakh, equivalent to 12,000 shares at the upper price band. For HNI investors, the minimum application size is three lots or 18,000 shares, requiring an investment of ₹4.14 lakh.
Finshore Management Services Limited 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 Limited will serve as the market maker for the IPO.
Leapfrog Engineering Services IPO Objectives
The company plans to utilise the net proceeds from the IPO for the following purposes:
- ₹27 crore will be invested towards capital expenditure for setting up a new assembling unit.
- ₹36.05 crore will be allocated to meet the company's working capital requirements.
- A portion of the proceeds will also be used for general corporate purposes and other business-related expenses.
About Leapfrog Engineering Services Limited
Leapfrog Engineering Services Limited was incorporated in 2005 and operates in the integrated engineering services space, offering Engineering, Procurement, Construction, and Commissioning (EPCC) solutions. The company caters to a wide range of industries, including oil and gas, food processing, pharmaceuticals, and metals, delivering projects with a focus on quality, safety, and operational efficiency. Over the years, it has built expertise in executing EPC design-and-build projects through efficient project management, a robust supply chain, and dedicated in-house teams.
The company's service portfolio includes electrical solutions such as engineering consultancy, MV/LV switchgear manufacturing, turnkey EPC projects, operations and maintenance services, and commissioning support. It also provides instrumentation and industrial automation services, including automation system installations, DCS/PLC upgrades, robotics-based process automation, and instrumentation engineering. In addition, the company offers fire protection and safety solutions covering fire detection, alarm and suppression systems, as well as building automation services involving HVAC controls, access management, video surveillance, sensors, and real-time monitoring systems.
As of April 30, 2026, the company had a workforce of 112 permanent employees and 60 contractual staff. Its key strengths include an experienced promoter group supported by a capable management team, a strong order book, a growing international presence, a diversified customer base across industries, and a proven track record of delivering projects on time.l
Industry Outlook
- Leapfrog Engineering Services Limited operates in the Engineering, Procurement, Construction, and Commissioning (EPCC) sector, which is expected to benefit from the continued growth of India's industrial and infrastructure ecosystem.
- The company serves multiple industries, including oil and gas, pharmaceuticals, food processing, and metals, helping reduce dependence on any single sector.
- Growth in industrial automation, electrical infrastructure, fire safety systems, and smart building solutions is expected to support demand for the company's services.
- Government initiatives such as the Make in India program and the Export Promotion Capital Goods (EPCG) scheme are encouraging industrial expansion and creating opportunities for EPCC service providers.
- As an integrated solutions provider, the company offers a broad range of services covering electrical systems, industrial automation, fire protection, and building automation, enabling it to cater to diverse customer requirements.
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: Leapfrog Engineering Services Ltd. Address- No 496, Chaithanya Dhriti Rudresh, 6th Main, 8th Cross, Vijaya Bank Layout, Bannerghatta Road, Bangalore Urban, Karnataka, 560076
Phone:+91 78994 81340
E-mail:cs@lesgroup.in
Leapfrog Engineering Services IPO Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB (Qualified Institutional Buyers) | 3,78,000 | 1.03% | 0.98% |
| NII/HNI (Non-Institutional Investors) | 1,42,20,000 | 38.90% | 36.95% |
| Retail Individual Investors (RII) | 2,19,60,000 | 60.07% | 57.06% |
| Market Maker Reservation | 19,26,000 | – | 5.00% |
| Total Shares Offered | 3,84,84,000 | 100.00% | 100.00% |
Leapfrog Engineering Services IPO Lot Size Details
| Application Category | Lots | Shares | Investment Amount |
| Individual Investors (IND) – Min | 2 | 12,000 | ₹2,76,000 |
| Individual Investors (IND) – Max | 2 | 12,000 | ₹2,76,000 |
| S-HNI – Min | 3 | 18,000 | ₹4,14,000 |
| S-HNI – Max | 7 | 42,000 | ₹9,66,000 |
| B-HNI – Min | 8 | 48,000 | ₹11,04,000 |
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 | Dec 31, 2025 | Mar 31, 2025 |
| ROE | 21.03% | 30.47% |
| ROCE | 23.98% | 32.45% |
| Debt/Equity | 0.48 | 0.38 |
| RoNW | 21.03% | 30.47% |
| PAT Margin | 14.04% | 12.05% |
| EBITDA Margin | 19.98% | 16.01% |
| Price to Book Value | 3.66x | 4.63x |
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.
- Contact Number: 044 - 28140801 to 28140803
- Email Address: smeipo@integratedindia.in
Financial Performance of Leapfrog Engineering Services Limited
| Particulars | Dec 31 2025 | Mar 31 2025 | Mar 31 2024 | Mar 31 2023 |
| Assets | 156.04 | 149.17 | 51.11 | 66.45 |
| Total Income | 105.05 | 137.37 | 162.88 | 105.38 |
| Profit After Tax (PAT) | 14.18 | 16.22 | 16.39 | 0.28 |
| EBITDA | 20.18 | 21.57 | 19.73 | 1.01 |
| Net Worth | 67.44 | 53.26 | 21.71 | 5.32 |
| Reserves & Surplus | 56.72 | 42.54 | 21.23 | 4.84 |
| Total Borrowings | 32.22 | 20.11 | 13.78 | 13.05 |
Leapfrog Engineering Services Limited Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹/Share) | P/E (x) | RoNW (%) | P/BV Ratio |
| Engineers India Limited | 8.28 | 8.28 | 46.62 | 27.14 | 17.76 | 3.48 |
| Konstelec Engineers Limited | 2.83 | 2.83 | 65.34 | 17.60 | 4.34 | 0.75 |
| Leapfrog Engineering Services Limited | 1.57 | 1.57 | 4.97 | NA | 30.47 | NA |
Strengths and Opportunities of Leapfrog Engineering Services Limited
- The company offers comprehensive EPCC services under a single platform, covering electrical systems, industrial automation, fire safety solutions, modular substations, and instrumentation services.
- Its business is well diversified across sectors such as oil and gas, metals, mining, telecommunications, and food processing, reducing dependence on any single industry.
- A significant portion of revenue is generated from overseas markets, with exports contributing nearly 80% of the company's business.
- The company benefits from an experienced management team and a strong execution track record, supported by a healthy order book and timely project completion history.
- Rising investments in infrastructure development, industrial automation, and energy transition initiatives are expected to create long-term growth opportunities for the company.
- Expansion into new international markets and emerging economies could help strengthen its global footprint and revenue base.
- Strategic partnerships with leading original equipment manufacturers (OEMs) may enhance operational efficiencies, improve pricing power, and support margin expansion.
- Increasing adoption of digital procurement platforms and technology-driven supply chain management can help reduce costs and improve operational efficiency.
Risks and Threats of Leapfrog Engineering Services Limited
- The EPCC business is working-capital intensive, requiring substantial funds to manage project execution and day-to-day operations. Delays in customer payments can put pressure on cash flows.
- The company's profitability may fluctuate due to changes in raw material costs, interest rates, and project execution timelines.
- Although the company has expanded its asset base over the years, borrowings have also increased, which could impact earnings if financing costs rise.
- A significant portion of revenue is derived from a limited number of customers and international markets, exposing the company to customer concentration, counterparty, and geopolitical risks.
- The business relies heavily on winning contracts through competitive tenders, which may result in lower margins to secure projects.
- Delays in project completion, cost overruns, or execution challenges can adversely affect profitability and cash flows.
- The engineering services industry remains highly fragmented, with competition from both organised and unorganized players, limiting pricing flexibility.
- Since the shares will be listed on the BSE SME platform, investors should be aware of the relatively lower liquidity and higher price volatility typically associated with SME stocks.
- The large minimum application size of 12,000 shares (₹2.76 lakh at the upper price band) increases the investment risk for retail participants.
