Leapfrog Engineering Services
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 20.32×
- Big non-institutionalbNII · above ₹10 lakh
- 1.67×
- Small non-institutionalsNII · ₹2–10 lakh
- 11.96×
- Retail individualRII · up to ₹2 lakh
- 0.84×
Issue details
- IPO date
- 17 Jun 2026 – 19 Jun 2026
- Listing date
- 24 Jun 2026
- Face value
- ₹1 per share
- Price band
- ₹23
- Issue price
- ₹23 per share
- Lot size
- 6,000 shares
- Listing at
- BSE SME
- Total issue size
- ₹88.51 Cr
- Market cap at offer price
- ₹326 Cr
- Promoter holding
- 92.59% → 67.27% pre-issue → post-issue
- ISIN
- INE0X6O01027
- Registrar
- Integrated Registry Management Services Pvt.Ltd.
- Lead managers
- Finshore Management Services Ltd.
- Registered office
- No 496, Chaithanya Dhriti Rudresh, 6th Main, 8th Cross, Vijaya Bank Layout, Bannerghatta Road, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 19,26,000 | — | — |
Application size
Minimum 6,000 shares per lot, in multiples, at ₹23
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 6,000 | ₹1,38,000 |
| S-HNI (min) | 2 | 12,000 | ₹2,76,000 |
| S-HNI (max) | 7 | 42,000 | ₹9,66,000 |
| B-HNI (min) | 8 | 48,000 | ₹11,04,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.51 | 1.33 |
| P/E (×) | 15.23 | 17.29 |
| Price to book (×) | 4.63 | — |
| Market cap | — | ₹326 Cr |
Key performance indicators
- Return on net worth
- 30.47%
- ROCE
- 32.45%
- Debt / equity
- 0.38
- PAT margin
- 12.05%
- EBITDA margin
- 16.01%
- NAV per share
- ₹4.97
- Price to book
- 4.63
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Leapfrog Engineering Services
Leapfrog Engineering Services Limited (originally incorporated as Leapfrog Informatics Private Limited on May 09, 2005 in Karnataka, renamed Leapfrog Engineering Services Private Limited in January 2009, and converted into a public limited company on June 21, 2024) is headquartered in Bengaluru. It executes integrated engineering, procurement, construction and commissioning (EPCC) contracts with a specialised focus on electrical, instrumentation, fire safety, modular substation and automation systems, serving a diversified client base across oil & gas, food processing, pharmaceuticals, metals and other sectors, operating across multiple Indian states and internationally, with export revenue concentrated in Middle Eastern markets (Kuwait a primary contributor). It makes money by winning EPCC projects through competitive bidding against pre-qualification criteria and executing them per contract terms: revenue from operations was ₹10,417.86 lakhs (FY23), ₹15,785.42 lakhs (FY24), ₹13,466.24 lakhs (FY25) and ₹10,101.28 lakhs for the nine months ended December 31, 2025, with PAT of ₹28.30, ₹1,639.27, ₹1,622.47 and ₹1,418.40 lakhs respectively. Its outstanding order book as of March 31, 2026 was ₹38,403.09 lakhs (domestic ₹5,689.14 lakhs; export ₹32,713.95 lakhs), and it runs an existing assembly facility while proposing a larger new assembling unit.
Company Analysis
from DRHPLeapfrog Engineering Services Limited is a Bengaluru-based engineering services company that executes integrated engineering, procurement, construction and commissioning (EPCC) contracts with a specialised focus on electrical, instrumentation, fire safety, modular substation and automation systems for industries including oil & gas, food processing, pharma and metals.
Leapfrog Engineering Services Limited (originally incorporated as Leapfrog Informatics Private Limited on May 09, 2005 in Karnataka, renamed Leapfrog Engineering Services Private Limited in January 2009, and converted into a public limited company on June 21, 2024) is headquartered in Bengaluru. It executes integrated engineering, procurement, construction and commissioning (EPCC) contracts with a specialised focus on electrical, instrumentation, fire safety, modular substation and automation systems, serving a diversified client base across oil & gas, food processing, pharmaceuticals, metals and other sectors, operating across multiple Indian states and internationally, with export revenue concentrated in Middle Eastern markets (Kuwait a primary contributor). It makes money by winning EPCC projects through competitive bidding against pre-qualification criteria and executing them per contract terms: revenue from operations was ₹10,417.86 lakhs (FY23), ₹15,785.42 lakhs (FY24), ₹13,466.24 lakhs (FY25) and ₹10,101.28 lakhs for the nine months ended December 31, 2025, with PAT of ₹28.30, ₹1,639.27, ₹1,622.47 and ₹1,418.40 lakhs respectively. Its outstanding order book as of March 31, 2026 was ₹38,403.09 lakhs (domestic ₹5,689.14 lakhs; export ₹32,713.95 lakhs), and it runs an existing assembly facility while proposing a larger new assembling unit.
Objects of the Issue
- Funding Capital Expenditure towards setting up a new Assembling Unit at Site No. 11 & 12, Akshya Nagar, Yelenahalli, Begur, Bengaluru – 560068, Karnataka (land, building & civil works, plant & machinery) Up to ₹ 2,700.36 lakhs p.99
- Working Capital Requirements (funding incremental working capital needs) Up to ₹ 3,604.82 lakhs p.96
- General Corporate Expenses (balance of Net Proceeds, subject to utilization not exceeding 15% of the amount raised or ₹10 crores, whichever is less) p.96
Issue Structure
- Total Issue
- Up to 3,84,84,000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 3,46,08,000 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Up to 38,76,000 Equity Shares by the Promoter Selling Shareholder, Prabhav Narasimha Rao, aggregating to ₹ [●] Lakhs
- Face Value
- ₹1/- each
Business Model
The Company earns revenue by executing integrated EPCC (engineering, procurement, construction and commissioning) contracts that are typically awarded through competitive bidding after meeting stringent technical and financial pre-qualification criteria, with billings per contract terms; exports contributed 66.38% of revenue from operations in FY2025 (88.94% FY24, 83.75% FY23, 65.77% 9M-FY26), its top ten customers accounted for 85.49% of revenue from operations in FY2025, and it also earns other income (e.g., interest income of ₹72.26 lakhs in FY2025). It maintains an assembly capability for system integration supporting its turnkey projects and OEM channel partnerships.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Prabhav Narasimha Rao | Promoter / Promoter Selling Shareholder (offering up to 38,76,000 shares in the OFS) | 44.44% | 30.86% |
| Priyashaila Prabhav Rao | Promoter | 42.55% | 32.17% |
| Ayush P Rao | Promoter Group | 3.76% | 2.84% |
| Pranav Narasimha Rao | Promoter Group | 1.14% | 0.86% |
| Pratibha Upadhyaya | Promoter Group | 0.24% | 0.18% |
| Upanishad Prashant Rao | Promoter Group | 0.24% | 0.18% |
| Prajna Shridhar Acharya | Promoter Group | 0.24% | 0.18% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.