Leapfrog Engineering IPO

The Leapfrog Engineering SME IPO opens for subscription on 17 Jun 2026 and closes on 19 Jun 2026, offered at a price band of ₹21–23 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹84.08 crore. Retail investors bid in lots of 6000 shares, a minimum application of ₹2,76,000.

Issue structure

The offer combines a fresh issue of ₹75.17 crore with an offer for sale (OFS) of ₹8.91 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward working capital requirements (₹36.05 crore), alongside funding capital expenditure towards setting up assembling unit (₹27 crore). In all, 4 objects are disclosed — the full break-up is in the table above.

Financials

In FY2025, Leapfrog Engineering reported revenue of ₹105.05 crore and a net profit of ₹14.18 crore. Revenue declined from ₹105.38 crore in FY2023 to ₹105.05 crore in FY2025 (+0.0%). Net worth stood at ₹67.44 crore at the end of FY2025. At the upper band, that puts the issue at roughly 15.2× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 17.24× post-issue earnings and 3.66× book value, against a return on net worth of 21.03% and a debt-to-equity ratio of 0.48. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Engineers India Ltd and Konstelec Engineers Limited, with a median peer P/E of about 22.4×. The issue's own post-issue P/E works out to 17.24×.

Promoters

The promoters of the company are Prabhav Narasimha Rao and Priyashaila Prabhav Rao. Promoter holding stands at 92.59% before the issue and comes down to 67.27% after listing.

Grey market premium (GMP)

In the unofficial grey market, Leapfrog Engineering shares are quoted at a premium of ₹0 implying an expected listing around ₹23, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Leapfrog Engineering IPO was subscribed 2.7 times overall. The strongest demand came from qualified institutional buyers (QIB) at 20.32 times, with non-institutional investors (NII) at 5.1× and retail investors at 0.84×.

Listing performance

Leapfrog Engineering listed on 24 Jun 2026 at ₹22, a discount of -4.3% over the issue price of ₹23.

What to weigh

When evaluating the Leapfrog Engineering IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Leapfrog Engineering

Incorporated in 2005, Leapfrog Engineering Services Limited is engaged in integrated Engineering Services and provides EPCC services. The Company offers end-to-end EPCC solutions across various industries, including Oil & gas, Food Processing, Pharmaceuticals, and Metals, ensuring high standards of quality, safety, and efficiency. With decades of experience, the company has successfully executed diverse EPC Design and Build projects since 2005, ensuring timely delivery through efficient management, supply chain, and in-house teams. As of 10 January, 2025, the company’s order book stands at ₹27,500.32 lakhs, with domestic orders of ₹2,695.56 lakhs and export orders of ₹24,804.76 lakhs from reputed global and Indian clients. Services: Electrical Solutions: The company provides a range of electrical solutions, including engineering consultancy for electrical systems, manufacturing of MV/LV switchgears, turnkey EPC contracts for installations, operations & maintenance services, and system commissioning support. Instrumentation & Industrial Automation: The company specializes in industrial automation, offering services like infrastructure systems installation, engineering for diagrams, instrumentation & automation equipment installation, DCS/PLC upgrades, and industrial process automation using robotics. Fire Protection & Safety System: The company offers comprehensive fire safety services, including design, installation, troubleshooting, and maintenance of fire detection, alarm, suppression systems, and fire-rated structures, adhering to national and international regulations. Building Automation System: The company provides building automation solutions, offering HVAC controls, sensors, access control systems, video surveillance, and time management solutions, enhancing productivity, safety, and sustainable performance through real-time data analysis. As of December 31, 2024, the Company has employed 79 employees. Competitive Strengths: Experienced Promoters backed by a strong management team Strong Order Book Strong global presence Diversified Portfolio across various market segment Established track record of timely execution