IPO Overview
Leapfrog Engineering Services Limited was originally incorporated as a Private Limited Company in the name of ‘Leapfrog Informatics Private Limited’ on May 09, 2005, in Karnataka. The company later changed its name to ‘Leapfrog Engineering Services Private Limited’ on January 23, 2009, and was subsequently converted into a Public Limited Company on June 21, 2024. The company specialises in engineering, procurement, construction, and commissioning (EPCC) services, with a focused expertise in electrical, instrumentation, fire safety, modular substation, and automation systems, serving industries such as Oil and Gas, Food Processing, Pharma, and Metals. The company has established an international presence, particularly in the Middle East, having executed over 14 projects in Kuwait over the past decade, contributing to its export-driven revenue.
The company is now launching its SME IPO on the BSE SME platform. The IPO is a book-built SME issue of ₹88.51 crore, comprising a fresh issue of 3.46 crore shares aggregating to ₹79.60 crore and an offer for sale of 0.39 crore shares aggregating to ₹8.91 crore. The price band is ₹21–₹23 per share, with the IPO opening on 23 April 2026 and closing on 27 April 2026. Listing is tentatively scheduled on BSE SME on 30 April 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 23 April 2026 |
| IPO Close Date | 27 April 2026 |
| Allotment Date | 28 April 2026 (Expected) |
| Refund Initiation | 29 April 2026 |
| Credit to Demat | 29 April 2026 |
| Listing Date | 30 April 2026 (Tentative) |
| Price Band | ₹21 – ₹23 per share |
| Face Value | ₹1 per share |
| Lot Size | 6,000 shares |
| Minimum Investment (Retail) | ₹1,38,000 (2 lots = 12,000 shares) |
| Minimum Investment (HNI) | ₹4,14,000 (3 lots = 18,000 shares) |
| Issue Size | ₹88.51 crore |
| Fresh Issue | 3,46,00,000 shares (₹79.60 crore) |
| Offer For Sale (OFS) | 38,76,000 shares (₹8.91 crore) |
| Total shares | 3,84,84,000 |
Issue Break-up
| Category | Allocation |
| Retail Individual Investors (RII) | ~50.06% of Net Offer |
| Non-Institutional Investors (NII/HNI) | ~44.95% of Net Offer |
| Qualified Institutional Buyers (QIB) | Remaining portion |
| Market Maker | 19,26,000 shares (Reserved) |
OFS / Selling Shareholders
The promoters of the company, Mr. Prabhav Narasimha Rao and Mrs. Priyashaila Prabhav Rao, collectively held 86.99% of the ownership stake pre-IPO. The offer for sale of 38.88 lakh equity shares provides a partial exit to existing shareholders, resulting in a dilution of promoter and promoter group stake post-IPO.
Objects of the Issue (Fund Utilization)
According to the Red Herring Prospectus, ₹27 crore from the fresh issue proceeds will be used to set up an assembling unit. Additionally, ₹36 crore will be allocated for working capital requirements and issue-related expenses. The remaining funds will be used for general corporate purposes.
- Setting up a new assembling unit — ₹27 crore
- Working capital requirements — ₹36 crore (including issue expenses)
- 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 led by its promoters, Mr. Prabhav Narasimha Rao (Managing Director) and Mrs. Priyashaila Prabhav Rao (Whole-Time Director), who collectively hold 92.59% of the ownership stake including the promoter group.
The promoters bring deep domain knowledge and proven execution capabilities in EPCC services, with a track record of delivering large-scale projects across domestic and international markets.
Employees: As of February 28, 2026, the company employs 112 employees on payroll and 28 on contractual basis.
Company Details
Leapfrog Engineering Services Limited is an engineering solutions company engaged in the execution of integrated engineering, procurement, construction, and commissioning (EPCC) contracts. The company provides EPCC services for a wide range of industries and has built a reputation for expertise in developing large-scale projects including refineries, early production facilities, gas sweetening facilities, petrochemical plants, pharma, food processing, metals, chemicals, and fertilisers.
Sectors Served:
- Oil & Gas
- Food Processing
- Pharmaceuticals
- Metals & Chemicals
- Fertilisers & Petrochemicals
Key Service Offerings:
- Electrical Systems (EPCC)
- Instrumentation Systems
- Fire Safety Systems
- Modular Substation Solutions
- Automation Systems & System Integration
International Presence:
- Established presence in the Middle East — executed over 14 projects in Kuwait over the past decade, with a significant share of revenue coming from export markets.
Order Book:
- As of December 31, 2025, outstanding order book stood at ₹400.27 crore, which further increased to ₹420.55 crore with new orders received after January 1, 2026, indicating a strong and growing project pipeline across domestic and international markets.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY24 | ₹157.85 | ₹16.39 | ₹19.73 |
| FY25 | ₹134.66 | ₹16.22 | ₹21.56 |
Key Financial Metrics
- Revenue declined ~15% from ₹157.85 crore in FY24 to ₹134.66 crore in FY25, though EBITDA improved 9.3% from ₹19.73 crore to ₹21.56 crore, and PAT remained stable at ₹16.22 crore vs ₹16.39 crore in FY24.
- Total income has grown significantly from ₹42.29 crore in FY22 to ₹162.88 crore in FY24. EBITDA margin improved from 5.93% in FY22 to 12.50% in FY24.
- Strong order book of ₹420.55 crore as of early 2026 — providing clear revenue visibility for next 2–3 years
Company Strengths
- Experienced promoters with deep domain knowledge and a proven track record in large-scale EPCC project execution across multiple industries.
- Strong and growing order book of ₹420.55 crore providing multi-year revenue visibility, with a significant contribution from international export projects.
- Strong profitability margins and healthy return ratios despite project-based business model, indicating operational efficiency and execution strength.
- Established international footprint in the Middle East — reducing dependence solely on domestic markets
- Diversified end-user industries — Oil & Gas, Pharma, Food Processing, Metals — reducing sector concentration risk
- Majority fresh issue — significant IPO proceeds directed towards capacity expansion via new assembling unit
Key Risks & Challenges
- Revenue declined ~15% in FY25 compared to FY24, reflecting the project-driven nature of the business where earnings can be inconsistent year to year.
- The company’s Directors, Promoters, and Group Companies are parties to certain legal proceedings — any adverse decision may materially affect business, results, and financial condition.
- The company depends on leased premises for its business operations, creating operational risk if lease arrangements are disrupted.
- The proposed new assembling unit carries execution risk — there is no assurance that it will become operational as scheduled or operate as efficiently as planned.
- Significant exposure to international markets, particularly the Middle East — any policy changes, currency instability, or trade barriers in those regions could directly impact financial stability.
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform post-listing
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.
