Leapfrog Engineering Services IPO
smelistedAbout the company
Incorporated in May 2005, Leapfrog Engineering Services works in the EPCC (Engineering, Procurement, Construction and Commissioning) space with a specialised focus on electrical, instrumentation, fire safety, modular substation, and automation systems, serving industries such as Oil and Gas, food processing, pharma, metals, chemicals, fertilisers, and infrastructure. Leapfrog manages a wide range of services designed to meet the various needs of its clients. The company offers services, including Electrical solutions, instrumentation & industrial automation, fire protection & safety system, building automation system, modular substation solutions, and enterprise solutions. The company has also planned to establish an assembly unit at Akshya Nagar, Bengaluru, at an estimated cost of ₹27.1 crore. It has a diversified client base to whom it is delivering tailored solutions across numerous sectors. Its work extends across multiple states within India and reaches internationally, serving clients in many countries around the globe. Oil & Gas revenue was highest (~66%) in 9MFY26, supported by infrastructure (~18%) and metals & minerals (~12%). The top 10 customers contributed 91% of revenue in 9MFY26. Domestic sales were ~34%, and exports were ~66% in 9MFY26. Its 100% revenue was made up by private entities in 9MFY26. Karnataka was the highest (~27%) contributor in revenue in 9MFY26. Revenue from Kuwait was ~38% and ~28% from the UAE. Domestic purchase was ~68% and imports ~32% in 9MFY26.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 19 Jun | ₹0 | ₹23 | 0 |
| 18 Jun | ₹0 | ₹23 | 0 |
| 17 Jun | ₹0 | ₹23 | 0 |
| 16 Jun | ₹0 | ₹23 | 0 |
| 15 Jun | ₹0 | ₹23 | 0 |
| 14 Jun | ₹0 | ₹23 | 0 |
| 13 Jun | ₹0 | ₹23 | 0 |
| 12 Jun | ₹0 | ₹23 | 0 |
Strengths
- Diversified engineering services across multiple sectors like oil & gas, pharma, food processing, and metals
- Strong profitability with healthy ROE and ROCE indicating efficient capital utilization
- Decent EBITDA margins for the engineering services industry
- Improving balance sheet with relatively controlled debt levels
- Established track record with years of project execution experience
- Benefits from India’s growing infrastructure and industrial capex cycle
Risks
- Revenue inconsistency with recent decline indicating volatility in business performance
- Project-based nature leads to unpredictable earnings and dependency on order inflow
- Working capital intensive business can create cash flow pressure
- SME IPO listing involves low liquidity and higher price volatility
- Requires large investment size due to SME lot structure
- Competitive industry may lead to margin pressure
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed17 Jun 2026Bidding starts for all investor categories
IPO Closes
Completed19 Jun 2026Last day to place your bid
Basis of Allotment
Completed22 Jun 2026Share allotment finalised
Refund Initiation
Completed23 Jun 2026Refunds credited for non-allottees
Credit to Demat
Completed23 Jun 2026Allotted shares credited to demat account
Listing on Exchange
Completed24 Jun 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 6000 | ₹138,000 | 1 | ₹138,000 | 1 lot only |
| HNI | 2 | 12000 | ₹276,000 | 2 | ₹276,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 20,227,273 | 44.5 | 252,436,367 | 12.48x | 8% |
| NII | 15% | 6,068,182 | 13.35 | 45,814,774 | 7.55x | 13.2% |
| Retail | 35% | 14,159,091 | 31.15 | 4,106,136 | 0.29x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
