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Leapfrog Engineering Services Ltd IPO
Leapfrog Engineering Services Ltd
?2,52,000 /12000 sharesMinimum investment
IPO details
Minimum investment
?2,52,000
Price range
?21 - ?23
Lot size
6,000
Issue size
88.51 Cr
Face value
1
IPO document
Subscription rate
Qualified Institutional Buyers20.32x
Non-Institutional Investor3.38x
Retail Individual Investor0.51x
Total1.91x
As of 19 Jun'26, 11:02 AM
Schedule
17 Jun 2026
IPO open date
19 Jun 2026
IPO close date
22 Jun 2026
Allotment date
22 Jun 2026
Funds unblock or debit
24 Jun 2026
Tentative listing date
About
Founded in
2005
MD/CEO
Mr Prabhav Narasimha Rao
Parent organisation
Leapfrog Engineering Services Ltd
Leapfrog Engineering Financials
Revenue
Total Assets
Profit
All values are in ? Cr
Strengths & Risks
Strengths
Risks
The company is led by experienced promoters and a qualified management team with significant industry expertise. The managing director has over 30 years of experience in engineering and project management and has been instrumental in expanding the company into an integrated engineering services provider. This experience may support execution capabilities and long-term business growth.
The company has a sizable order book that provides revenue visibility for future periods. As of March 31, 2026, it had an outstanding order book of Rs 384.03 crore, comprising domestic orders worth Rs 56.89 crore and export orders worth Rs 327.14 crore. A large portion of the order book is derived from export markets, which may support business growth and provide diversification across geographies and customers.
The company claims to have an established presence in international markets, particularly in the Middle East. It has executed over 14 projects in Kuwait over the past decade, contributing to its export-driven revenue. This international exposure may help diversify revenue sources and expand market reach.
The company operates across multiple industry segments, including oil and gas, metals, pharmaceuticals, and food processing. This diversified portfolio may reduce dependency on any single sector and help maintain relatively stable business performance across market cycles.
The company claims to have a track record of delivering EPC projects on schedule. Its in-house project management, engineering, and supply chain coordination are designed to support timely execution and operational efficiency. This may help maintain client relationships and secure repeat business.
The company, along with its promoters, directors, and group companies, is involved in certain ongoing legal proceedings. Any adverse outcome in these proceedings could lead to financial liabilities, increased expenses, and reputational impact, thereby affecting the company’s business and financial condition.
The company’s EPCC projects are awarded through a competitive bidding process that requires meeting strict technical and financial qualification criteria. There is no assurance that the company will consistently secure new projects, and bid preparation involves costs that may not be recoverable if contracts are not awarded. Any inability to win bids, form suitable partnerships, or secure projects on favourable terms, as well as the risk of premature contract termination by clients, may negatively impact the company’s revenue, profitability, and financial condition.
A significant portion of the company’s export revenue is concentrated in Middle Eastern markets, particularly Kuwait. This exposes the business to region-specific risks, such as economic fluctuations, geopolitical tensions, regulatory changes, and trade restrictions. Any adverse developments in these markets or inability to diversify geographically may negatively impact the company’s revenue, profitability, and overall financial stability.
A substantial portion of the company’s revenue is derived from a limited number of key customers. The top 10 customers contributed approximately 91.37%, 85.49%, 98.81%, and 99.32% of revenue from operations for the nine months ended December 31, 2025, and FY25, FY24, and FY23, respectively. Loss of any of these customers or reduction in business from them could significantly impact the company’s revenue, operational stability, and financial condition.
The company has reported negative cash flows from operating and investing activities in recent periods. Net cash outflow from operating activities stood at Rs 17.15 crore and Rs 1.16 crore for FY25 and FY24, respectively. This shows that the company is not generating enough cash to run its day-to-day operations and needs to raise resources from elsewhere. Investors should take note of this red flag. Also, net cash outflow from investing activities was negative Rs 2.56 crore in FY25 and Rs 2.40 crore in FY23. Continuation of negative cash flows could impact the company’s ability to fund operations, meet financial obligations, and execute growth plans, thereby affecting its financial condition.
The company is dependent on a limited number of suppliers for the procurement of raw materials. The top 10 suppliers accounted for 86.19%, 74.72%, and 80.05% of total purchases for FY25, FY24, and FY23, respectively. Any disruption in supply, inability to secure materials on favourable terms, or failure of suppliers to meet quality and delivery requirements could hurt the company’s operations, profitability, and financial condition.
The company has reported contingent liabilities, which may impact its financial position if they materialise. Total contingent liabilities stood at Rs 17.08 crore, Rs 18.50 crore, and Rs 11.13 crore in FY25, FY24, and FY23, respectively.
The company’s operations are dependent on obtaining and renewing various licenses, approvals, and permits from domestic and international regulatory authorities. These approvals are required across multiple jurisdictions and are often granted for limited periods, requiring timely renewals. Any delay or failure in obtaining or renewing such licenses, or inability to comply with regulatory requirements, can disrupt operations and negatively impact the company’s business, financial condition, and growth prospects.
As of December 31, 2025, the company had total outstanding financial indebtedness amounting to Rs 56.03 crore, including both secured and unsecured borrowings. Any inability to service or repay these obligations on time may increase financial risk and impact the company’s liquidity, operations, and overall financial condition.
Application details
For Leapfrog Engineering IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ?21 - ?23 | ?2 - ?5 Lakhs | 6000 |
About
Objective of Leapfrog Engineering Services IPO Proceeds
|
Particulars |
Estimated Amount (in ? Cr.) |
|
Funding capital expenditure towards setting up an assembly unit |
27.00 |
|
Working Capital Requirements |
36.05 |
|
General Corporate Purposes |
[.] |
|
Total |
63.05 |
Book Running Lead Managers & Registrar of Leapfrog Engineering Services IPO
|
Book Running Lead Manager |
Finshore Management Services Limited |
|
Registrar to the Issue |
Integrated Registry Management Services Private Limited |
|
Market Maker |
Anant Securities |
Key Performance Indicators (KPIs) of Leapfrog Engineering Services Ltd.
|
KPI |
Value (For the Period ended December 31, 2025) |
|
ROCE (%) |
23.98 |
|
EBITDA Margin (%) |
19.98 |
|
PAT Margin (%) |
14.04 |
|
Debt/Equity Ratio |
0.48 |
|
EPS (Basic) (?) |
1.32 |
|
Return on Net Worth (RoNW) (%) |
21.03 |
Leapfrog Engineering Services IPO Contact Details
|
Company Name |
Leapfrog Engineering Services Limited |
|
Registered Office |
No 496, Chaithanya Dhriti Rudresh, 6th Main, 8th Cross, Vijaya Bank Layout, Bannerghatta Road, Bangalore, Bangalore South, Karnataka, India, 560076 |
|
Phone |
+91 78994 81340 |
|
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Website |
Leapfrog Engineering Services IPO Registrar Contact Details
|
Company Name |
Integrated Registry Management Services Private Limited |
|
Phone |
080-23460815-819 |
|
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Website |