IPO Overview
Originally incorporated as ‘Leapfrog Informatics Private Limited’ on May 9, 2005 under the Registrar of Companies, Karnataka, the company was later renamed to ‘Leapfrog Engineering Services Private Limited’ in January 2009 and converted into a public limited company in June 2024. Leapfrog Engineering Services Limited is one of the leading integrated engineering, procurement, construction, and commissioning (EPCC) services providers in India. The company specialises in providing end-to-end EPCC solutions across electrical systems, instrumentation, fire safety, modular substations, and automation systems. With more than two decades of execution experience, the company serves diverse sectors including Oil & Gas, Food Processing, Pharmaceuticals, Metals, and Chemicals — both in India and internationally, particularly in the Middle East. As of December 31, 2025, the company holds an active order book of ₹400.27 crore, with a significant share from export revenues.
The company is now launching its SME IPO on the BSE SME platform, aiming to raise ₹88.51 crore through a combination of a fresh issue of ₹79.60 crore and an offer for sale (OFS) of ₹8.91 crore. The price band is ₹21–₹23 per share, with a lot size of 6,000 shares. The IPO opens on June 17, 2026 and closes on June 19, 2026, with listing expected on June 24, 2026 on BSE SME.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 17 June 2026 |
| IPO Close Date | 19 June 2026 |
| Allotment Date | 22 June 2026 (Expected) |
| Refund Initiation | 23 June 2026 |
| Credit to Demat | 23 June 2026 |
| Listing Date | 24 June 2026 (Tentative) |
| Price Band | ₹21 – ₹23 per share |
| Face Value | ₹1 per share |
| Lot Size | 6,000 shares |
| Minimum Investment (Retail) | ₹2,76,000 (2 lots = 12,000 shares) |
| Minimum Investment (HNI/sNII) | ₹4,14,000 (3 lots = 18,000 shares) |
| Minimum Investment (bNII) | ₹11,04,000 (8 lots = 48,000 shares) |
| Issue Size | ₹88.51 crore |
| Fresh Issue | 3,46,08,000 shares (₹79.60 crore) |
| Offer For Sale (OFS) | 38,76,000 shares (₹8.91 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion (19.26 lakh shares) |
OFS / Selling Shareholders
The IPO includes an offer for sale component of 38.76 lakh equity shares worth ₹8.91 crore. The OFS proceeds will go to the selling shareholders — primarily the promoters — as a partial exit. The promoters Mr. Prabhav Narasimha Rao and Mrs. Priyashaila Prabhav Rao collectively held 92.59% of the pre-issue equity capital (promoters 86.99% + promoter group 5.60%), which will dilute post-IPO.
Objects of the Issue (Fund Utilization)
The company plans to use the fresh issue proceeds as follows:
- Capital expenditure for setting up a new Assembling Unit — ₹27 crore
- Working capital requirements — ₹36.05 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Finshore Management Services Ltd.
- Registrar to the Issue: Integrated Registry Management Services Pvt. Ltd.
Promoters & Management
The company is promoted by Mr. Prabhav Narasimha Rao (Managing Director) and Mrs. Priyashaila Prabhav Rao (Whole-Time Director, aged 52). Mrs. Priyashaila Prabhav Rao holds 4,56,12,000 equity shares, representing 42.55% of the pre-offer equity capital. Together, they bring over two decades of expertise in EPCC project execution, client relationship management, and technical delivery across domestic and international markets.
As of February 28, 2026, the company’s workforce comprises 112 on-payroll employees and 28 contractual staff — totaling 140 personnel supporting technical execution.
Company Details
Leapfrog Engineering Services Limited is an integrated EPCC solutions provider offering end-to-end services from design and engineering to procurement, construction, and commissioning. The company provides complete MEP (Mechanical, Electrical, and Plumbing) and instrumentation solutions under a single point of responsibility, covering electrical systems, fire safety, modular substations, and automation integration.
Sectors Served:
- Oil & Gas
- Food Processing & Packaging
- Pharmaceuticals
- Metals & Mining
- Chemicals
- Commercial & Industrial Infrastructure
Key Services / Capabilities:
- Electrical EPCC Contracts
- Instrumentation & Automation Systems
- Fire Safety Systems
- Modular Substation Design & Installation
- MEP Solutions (single-point responsibility model)
- International project delivery — particularly in the Middle East
Workforce:
- 140 personnel as of February 28, 2026 (112 on payroll + 28 contractual)
Certifications / Recognitions:
- Beneficiary of Ministry of Commerce & Industry’s Export Promotion Capital Goods (EPCG) scheme — enabling zero-duty imports to support manufacturing and trade expansion
- Strong international track record, particularly in Middle East EPCC project delivery
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY24 | ₹162.88 | ₹16.39 | ₹19.73 |
| FY25 | ₹137.37 | ₹16.22 | ₹21.57 |
Key Financial Metrics
- Revenue declined ~16% from FY24 to FY25 — from ₹162.88 crore to ₹137.37 crore — however PAT remained nearly flat at ₹16.22 crore.
- EBITDA improved from ₹19.73 crore to ₹21.57 crore in the same period, indicating better operating margins on a smaller revenue base.
- Active order book: ₹400.27 crore as of December 31, 2025, with a significant share from export revenues, providing strong revenue visibility.
- Industry P/E range: 14.82x (low) to 26.21x (high), with an average of 20.52x. The issue appears fully priced based on current financials.
Company Strengths
- Over two decades of EPCC execution experience across diverse industrial and commercial sectors — both domestic and international
- Strong and growing order book of ₹400.27 crore as of December 2025, providing good near-term revenue visibility
- International presence, especially in the Middle East — diversifying revenue beyond India
- Integrated single-point service model covering design, procurement, and installation reduces client coordination burden and improves stickiness
- Improving EBITDA margins even on declining revenues — reflecting better cost efficiency and project mix
- Experienced and technically capable promoter team with deep domain expertise in EPCC and MEP systems
Key Risks & Challenges
- Revenue declined ~16% in FY25 despite improved margins — raising concerns about top-line growth sustainability
- Business is project-driven and susceptible to delays in construction timelines and site readiness provided by main contractors or developers
- Pending litigations involving the company, promoters, and group entities may lead to financial liabilities or reputational impact if outcomes are unfavourable
- All operating premises are on lease — risk of lease termination or relocation can disrupt business continuity
- Execution risk on proposed new Assembling Unit — the unit may not become operational as scheduled or operate as efficiently as planned
- GMP is effectively nil ahead of the IPO opening — suggesting limited early market enthusiasm and cautious investor sentiment
- SME IPO liquidity risk — limited secondary market trading volumes post-listing on BSE SME
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
