Leapfrog Engineering Services ₹89 Crore IPO To Open on April 23; To Be Listed on BSE SME

Mumbai, April 21: Leapfrog Engineering Services’ IPO to raise ₹88.51 crore book-built issue will open for subscription on April 23 on the BSE SME platform. The public offer will remain open until April 27.

The IPO is structured as a combination of a fresh issue and an offer for sale, as outlined in the red herring prospectus. The company is raising approximately ₹79.60 crore through fresh issuance of shares, while existing shareholders are offloading stakes worth about ₹8.91 crore, according to the company’s offer documents and exchange schedule.

Issue Structure And Price Band Details

The IPO has been priced in a band of ₹21 to ₹23 per share. At the upper end, the total issue size reaches close to ₹89 crore, aligning with the company’s stated fundraising target.

A book-building issue means that investors bid within a specified price range, and the final price is determined based on demand. This mechanism helps discover a market-driven valuation rather than fixing a single price in advance.

The lot size has been set at 6,000 shares. Retail investors are required to apply for a minimum of two lots, translating to an investment of ₹2.76 lakh at the upper price band. For high-net-worth individuals (HNIs), the minimum application starts at three lots.

Timeline And Listing Schedule

The subscription window runs from April 23 through April 27, 2026. The basis of allotment is expected to be finalized on April 28, 2026, followed by refunds and credit of shares on April 29, 2026.

The company is scheduled to list on the BSE SME platform on April 30, 2026. SME listings typically involve smaller issue sizes and cater to emerging businesses seeking public capital.

Allocation And Reservation Breakdown

Out of the total net offer, approximately 50.06% of shares have been reserved for retail investors, while 44.95% are allocated to non-institutional investors (NIIs). A smaller portion is set aside for qualified institutional buyers (QIBs).

Additionally, 19.26 lakh shares have been reserved for the market maker, which is responsible for providing liquidity post-listing by quoting buy and sell prices.

Company Background And Business Operations

Leapfrog Engineering Services Limited operates in the engineering services segment, offering end-to-end EPC (engineering, procurement, construction, and commissioning) solutions. The company serves industries such as oil and gas, food processing, pharmaceuticals, and metals.

Incorporated in 2005, the firm has executed a range of EPC design and build projects over the years. Its operations include electrical engineering solutions, project management, and integrated service delivery across industrial verticals.

Financial Performance Snapshot

As per restated financials, the company reported total income of ₹105.05 crore for the period ended December 31, 2025. Profit after tax stood at ₹14.18 crore for the same period.

Net worth has shown an upward trend, reaching ₹67.44 crore, while total borrowings were reported at ₹32.22 crore. The financial profile indicates moderate leverage alongside consistent profitability in recent periods.

Lead Managers And Registrar

The IPO is being managed by Finshore Management Services Ltd., which is acting as the book-running lead manager. Integrated Registry Management Services Pvt. Ltd. has been appointed as the registrar to the issue.

Anant Securities has been designated as the market maker, ensuring liquidity support once the stock is listed on the SME platform.

Source: https://www.lesgroup.in/images/investor/RHP_Leapfrog_BSE_08042026-2026-04-09-12-31.pdf