The Leapfrog Engineering Services IPO will raise ₹89 crore from the market. It will issue a total of 3,84,84,000 shares with a nominal value of ₹1. The bidding for this offering starts from April 23, 2026. Investors can apply until the subscription window closes on April 27, 2026. The share allotment is set to take place on April 28, 2026. This listing on the BSE SME is planned for April 30, 2026.
The price range of this IPO is from ₹21 to ₹23. The lot size in this offering is 6,000 shares. For retail investors, the minimum bid is ₹2,76,000 for two lots. sNII participation starts at three lots requiring an investment of ₹4,14,000. The bNII segment will have an outlay of ₹11,04,000 for eight lots.
Leapfrog Engineering Services IPO Details
The given table outlines key information related to this offering:
| Particulars | Details |
| Bidding Opens | April 23, 2026 |
| Bidding Closes | April 27, 2026 |
| Issue Type | Bookbuilding |
| Face Value | ₹1 per share |
| Lot Size | 6,000 Shares |
| Price Band | ₹21 to ₹23 |
| Issue Price | – |
| Listing at | BSE SME |
| Fresh Issue | 3,26,82,000 shares (₹75 Crore) |
| Offer for Sale (OFS) | 38,76,000 shares (₹9 Crore) |
| Market Maker Reservation | 19,26,000 shares (₹4 Crore) |
| Total Issue | 3,84,84,000 shares (₹89 Crore) |
| Minimum Investment | ₹2,76,000 |
Leapfrog Engineering Services IPO Key Dates
This issue will run in accordance with the dates scheduled below:
| Particulars | Details |
| Bidding Opens | April 23, 2026 |
| Bidding Closes | April 27, 2026 |
| Allotment Expected | April 28, 2026 |
| Initiation of Refunds | April 29, 2026 |
| Demat Credit of Shares | April 29, 2026 |
| Listing Scheduled | April 30, 2026 |
| UPI mandate cut-off | April 27, 2026 (5:00 PM) |
Leapfrog Engineering Services Key Performance Indicators (KPI)
The following table provides Leapfrog Engineering Services’ KPIs:
| KPIs | FY23 | FY24 | FY25 |
| ROE (%) | 5.32 | 75.51 | 30.47 |
| ROCE (%) | 10.95 | 68.10 | 32.45 |
| Debt Equity (times) | 2.45 | 0.63 | 0.38 |
| RoNW (%) | 5.32 | 75.51 | 30.47 |
| PAT Margin (%) | 0.27 | 10.38 | 12.05 |
| EBITDA Margin (%) | 0.96 | 12.50 | 16.01 |
| Price Book Value | – | – | – |
Leapfrog Engineering Services Financials
The financial metrics of Leapfrog Engineering Services are presented below:
| Particulars (in ₹ lakh) | 2023 | 2024 | 2025 |
| Total Assets | 6,645.38 | 5,110.73 | 14,917.00 |
| Revenue | 10,537.88 | 16,287.69 | 13,736.69 |
| Profit | 28.30 | 1,639.27 | 1,622.47 |
Leapfrog Engineering Services IPO Subscription Status
Subscription details for the Leapfrog Engineering Services IPO are currently unavailable and will be provided once the issue opens on April 23, 2026.
Investors can apply daily between 10:00 AM and 5:00 PM during the offer period.
Leapfrog Engineering Services IPO Grey Market Premium
The Leapfrog Engineering Services IPO currently reflects no activity in the grey market, with the GMP remaining unchanged at ₹0. This indicates subdued investor sentiment, with no visible traction in demand. Based on prevailing trends, the shares are likely to list near the upper price band of ₹23.
| GMP Date | GMP | Estimated Listing Price | Last Updated |
|---|---|---|---|
| 23-04-2026 | ₹0  | ₹23 (0.00%) | 23-Apr-2026 5:55 |
| 22-04-2026 | ₹0 | ₹23 (0.00%) | 22-Apr-2026 22:01 |
| 21-04-2026 | ₹0 | ₹23 (0.00%) | 21-Apr-2026 23:31 |
| 20-04-2026 | ₹0 | ₹23 (0.00%) | 20-Apr-2026 23:32 |
| 19-04-2026 | ₹0 | ₹23 (0.00%) | 19-Apr-2026 23:35 |
| 18-04-2026 | ₹0 | ₹23 (0.00%) | 18-Apr-2026 23:33 |
Note: Grey market premium reflects activity in the unofficial market and serves only as a reference point, not a basis for investment decisions.
Leapfrog Engineering Services IPO Reservation
The share allocation for different investor groups is provided below:
| Category of Investors | Reservation |
| QIB Shares | 18,24,000 |
| Retail Shares | 1,83,00,000 |
| NII (HNI) Shares | 1,64,34,000 |
| Market Maker Shares | 19,26,000 |
| Total | 3,84,84,000 |
Lot size of the Leapfrog Engineering Services IPO
Applications must be placed following the specified lot sizes:
| Investor Type | Lots | Shares | Amount |
| Minimum Bid for Retail Investors | 2 | 12,000 | ₹2,76,000 |
| Maximum Bid for Retail Investors | 2 | 12,000 | ₹2,76,000 |
| S-HNI – Minimum Bid | 3 | 18,000 | ₹4,14,000 |
| S-HNI – Maximum Bid | 7 | 42,000 | ₹9,66,000 |
| B-HNI – Minimum Bid | 8 | 48,000 | ₹11,04,000 |
Leapfrog Engineering Services IPOAnchor Investors
The given table provides details related to anchor investor participation in the issue:
| Particulars | Details |
| Anchor Bidding Opens | April 22, 2026 |
| Shares Offered | Not Disclosed Yet |
| Portion Size | 60% of the QIB |
| 50% Shares Lock-in (30 Days) | May 28, 2026 |
| Remaining shares Lock-in (90 Days) | July 27, 2026 |
About Leapfrog Engineering Services
Leapfrog Engineering Services Limited began as a private company in 2005 and has since evolved into a public limited entity, reflecting its steady growth and expansion. The company has steadily built its capabilities in engineering, procurement, construction, and commissioning (EPCC). Prabhav Narasimha Rao is the managing director. He is supported by the other promoter, Priyashaila Prabhav Rao.
With more than two decades of experience, the firm serves diverse industries such as oil and gas, pharma, and metals, both in India and abroad. Backed by experienced leadership and a skilled team, it continues to focus on innovation, efficiency, and long-term client relationships while expanding its operational capabilities.
| IPO Registrar | Integrated Registry Management Services |
| Lead Manager | Finshore Management Services |
Leapfrog Engineering Services IPO Objectives
Proceeds from the offering are intended to support these objectives:
| S. No. | Particulars | Amount (in ₹ lakh) |
| 1. | Assembling Unit Capex | 2,700.36 |
| 2. | Working Capital Needs | 3,604.82 |
| 3. | Issue Related Expenses | – |
| 4. | Corporate Purposes | – |
Leapfrog Engineering Services’ Strengths
Key factors contributing to Leapfrog Engineering Services’ operational strength include:
- Experienced Leadership: Led by seasoned promoters and a highly skilled management team, the company benefits from deep industry expertise, strong client relationships, and a proven ability to drive long-term growth.
- Robust Order Book: A strong and expanding order book reflects consistent project wins, diversified clientele, and future revenue visibility, supported by competitive bidding, execution capabilities, and industry credibility.
- Global Presence: The company has built a solid international footprint, especially in the Middle East, delivering multiple projects and strengthening its reputation as a reliable EPCC solutions provider.
- Diversified Portfolio: Operations span multiple industries and geographies, reducing dependency on any single sector or region, ensuring stable revenues, and enhancing resilience against market or economic fluctuations.
Leapfrog Engineering Services’ Risks
Before investing, it is important to carefully assess the risks linked to Leapfrog Engineering Services.
- Ongoing Legal Risks: Pending litigations involving the company, promoters, and group entities may lead to financial liabilities, reputational damage, and diversion of management focus if outcomes are unfavourable.
- Leased Premises Dependency: Operations rely on leased facilities, adding risks of lease termination, relocation challenges, increased costs, and potential disruption to business continuity.
- Competitive Bidding: Dependence on bidding for projects exposes the company to risks of not securing contracts, high bid costs, and potential contract terminations, affecting revenue stability.
- Expansion Uncertainty: The new assembling unit may not be completed on time or operate efficiently, leading to revenue loss, underutilisation of resources, and adverse impact on financial performance.
Leapfrog Engineering Services IPO Review
Leapfrog Engineering Services IPO presents an opportunity to tap into a growing EPCC player with strong leadership, a solid order book, and global exposure. However, risks such as project execution delays, customer concentration, and bidding dependency remain.
The issue appears moderately valued, and may appeal to investors willing to take more risk with a patient investment approach.
Other Recent IPO List
Your next opportunity could be around the corner. Discover the latest IPOs making their debut.
| Mehul Telecom IPO | Citius Transnet InvIT IPO |
| Om Power Transmission IPO | Propshare Celestia IPO |
| Safety Controls & Devices IPO | Vivid Electromech IPO |
| Emiac Technologies IPO | Acevector Limited IPO |
Leapfrog Engineering Services IPO FAQ’s
Leapfrog Engineering IPO is a book-built SME issue worth about ₹89 crore, to be listed on BSE SME.
You can apply via your bank or broker using ASBA/UPI through platforms like net banking or trading apps during the subscription period.
It offers growth potential with strong fundamentals but carries risks like project execution and client concentration, making it suitable for risk-tolerant investors.
Returns appear modest in the short term, as grey market signals are muted; long-term gains depend on execution and business growth.
The Leapfrog Engineering Services IPO opens on April 23, 2026, and closes on April 27, 2026.
The lot size is 6,000 shares, with a minimum retail application of 2 lots (12,000 shares), amounting to ₹2,76,000.
The allotment for the Leapfrog Engineering Services IPO will be finalised on April 28, 2026.
The shares in the Leapfrog Engineering Services IPO are expected to list on the BSE SME on April 30, 2026.
