Leapfrog Engineering Services IPO

About Leapfrog Engineering Services IPO

The Leapfrog Engineering Services IPO opens on Thursday, April 23, 2026, and closes on Monday, April 27, 2026. The allotment of shares will take place on Tuesday, April 28, 2026. The credit of shares to the demat account will take place on Wednesday, April 29, 2026. The initiation of refunds will take place on Wednesday, April 29, 2026. The listing of shares will take place on Thursday, April 30, 2026.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 3.46 crore shares aggregating to ₹79.60 crores. The offer for sale portion includes 0.39 crore shares aggregating to ₹8.91 crores. The total number of shares is 3,84,84,000 and the aggregate amount is up to ₹89 crores.

Leapfrog Engineering Services IPO’s price band is set at ₹21 to ₹23 per share. The lot size for an application is 6,000. The minimum amount of investment required by a retail investor is ₹2,76,000 (12,000 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (18,000 shares), amounting to ₹4,14,000.

Leapfrog Engineering Services is engaged in engineering, procurement, construction, and commissioning (EPCC) with a specialized focus on electrical, instrumentation, fire safety, modular substation and automation systems. They are an integrated Engineering Services Company that provides EPCC services for a wide range of industries, including Oil and Gas, Food Processing, Pharma, Metals among others.

Objectives of Leapfrog Engineering Services IPO

• Funding capital expenditure for setting up of assembling unit.
  
• To meet working capital requirements.
  
• To meet the issue expenses.
  
• General corporate purposes.
  

Industry Outlook

The engineering sector is the largest of the industrial sectors in India. It accounts for 27% of the total factories in the industrial sector and represents 63% of the overall foreign collaborations. Demand for engineering sector services is being driven by capacity expansion in industries like infrastructure, electricity, mining, oil and gas, refinery, steel, automobiles and consumer durables.

India’s engineering sector has witnessed remarkable growth over the last few years, driven by increased investment in infrastructure and industrial production. The engineering sector, being closely associated with the manufacturing and infrastructure sectors, is of huge strategic importance to India’s economy.

About Leapfrog Engineering Services

Leapfrog Engineering Services is engaged in engineering, procurement, construction, and commissioning (EPCC) with a specialized focus on electrical, instrumentation, fire safety, modular substation and automation systems. They are an integrated Engineering Services Company that provides EPCC services for a wide range of industries, including Oil and Gas, Food processing, Pharma, Metals among others. With over 20 years of a strong, customer-focused approach and a continuous quest for outstanding quality, Leapfrog Engineering Services has unmatched capabilities across Electrical, Instrumentation, Automation, Fire Protection, Modular Substation and Project Execution. Leapfrog has built a reputation for its expertise in developing large-scale projects including refineries, early productions facilities, gas sweetening facilities, petrochemical plants, pharma, food processing, metals, chemicals and fertilizers.

Their expertise spans a wide range of engineering solutions, making them a versatile and comprehensive service provider in the industry. They cater to a highly diversified client base, delivering tailored solutions across numerous sectors. Their operations extend across multiple states within India and reach internationally, serving clients in many countries around the globe.

Strengths of Leapfrog Engineering Services

• Experienced promoters backed by a strong management team.
• Strong order book.
• Strong global presence.
• Diversified portfolio across various market segments.
• Established track record of timely execution.

Risks of Leapfrog Engineering Services

• The company, directors, promoters and group companies are parties to certain legal proceedings.
• Dependence on leased premises for business operations.
• Dependence on Middle Eastern Markets for export revenue.
• Their business is substantially dependent on certain key customers, from whom they derive a significant portion of their revenues.
• The company’s business is dependent on certain suppliers and the loss of one or more of them would have a material adverse effect on the business.

#Considering the nature and size of business of the company, the peers may not be exactly comparable. Hence a strict comparison is not possible. However, the above companies have been included for broader comparison. ^ Based on full completed financial year ended on March 31, 2025 on Restated basis *Source for Peer Companies: Annual Reports and stock exchange data (figures as on March 31, 2025) **CMP as on 23/02/2026 on NSE for Peer Group and IPO price for Issuer Company.

Anchor Investor Bidding Date: April 22, 2026*

*The Company and Selling Shareholder in consultation with the Book Running Lead Manager may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be One (1) Working Day prior to the Bid/ Issue Opening Date.

Registrar: Integrated Registry Management Services Private Limited
Book Running Lead Managers: Finshore Management Services Limited

Leapfrog Engineering Services Business Model

The company earns its revenue through providing EPCC services for a wide range of industries. Services include Electrical Solutions, Instrumentation & Industrial Automation, Fire Protection & Safety System, Building Automation System, Modular Substation Solutions, and Enterprise Solutions.

Leapfrog Engineering Services Growth Trajectory

Leapfrog Engineering Services’ Total Income for FY25 was ₹137.367 crores, whereas in FY24 and FY23 it was ₹162.877 crores and ₹105.379 crores, respectively.

The Profit After Tax for FY25 was ₹16.225 crores, whereas in FY24 and FY23 it was ₹16.393 crores and ₹0.283 crores, respectively.

Their EBITDA for FY25 was ₹21.565 crores, whereas in FY24 and FY23 it was ₹19.731 crores and ₹1.005 crores, respectively.

Leapfrog Engineering Services Market Position

From modest beginnings, Leapfrog Engineering Services has made extraordinary strides in the global market. In the last two financial years, they have executed export orders worth over INR 225 crore, establishing themselves as a prominent player both in India and globally. Over the past decade, they have successfully completed more than 14 projects for Kuwait, further solidifying their reputation in the industry.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹137.367 crores, ₹16.225 crores, and ₹21.565 crores, respectively.

How to apply for Leapfrog Engineering Services IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.