Leapfrog Engineering Embarks on IPO: Initial Subscription Status and GMP Details

Leapfrog Engineering Services IPO Opens for Subscription

The initial public offering (IPO) of Leapfrog Engineering Services has opened for subscription on April 23 and will remain open until April 27. The SME issue comes at a time when primary market activity remains selective, with investor interest closely tied to valuations, financial performance, and near-term growth visibility.

The company has fixed the IPO price band at ₹21–23 per share and aims to raise ₹88.51 crore through the issue. The offering is a mix of fresh issue and an offer for sale (OFS). The fresh issue comprises 3.46 crore shares aggregating to ₹79.60 crore, while the OFS consists of 0.39 crore shares worth ₹8.91 crore.

Read also: IPO Pipeline Sees Repeat Names as JM Financial, IIFL Capital Dominate League Tables

The allotment is expected to be finalised on April 28. Successful bidders are likely to receive shares on April 29, while refunds for non-allottees will be processed on the same day. The stock is scheduled to list on the BSE SME platform on April 30.

Investor sentiment towards the IPO appears muted so far. The grey market premium (GMP) for the issue stood at ₹0, indicating no premium over the issue price of ₹23. The grey market premium typically reflects the willingness of investors to pay more than the IPO price in the unofficial market.

According to the red herring prospectus (RHP), the company plans to utilise ₹27 crore from the net proceeds of the fresh issue to set up an assembling unit. In addition, ₹36 crore will be deployed towards working capital requirements and issue-related expenses. The remaining funds will be used for general corporate purposes.

The minimum lot size for the IPO is 6,000 shares. Retail investors are required to bid for at least 12,000 shares, translating into a minimum investment of ₹1,38,000 at the upper price band.

Read also: Maharashtra State Power Distribution Company Seeks to Launch Initial Public Offering

Integrated Registry Management Services has been appointed as the registrar to the issue, while Finshore Management Services is acting as the sole book-running lead manager.

Leapfrog Engineering Services operates in the engineering, procurement, construction, and commissioning (EPCC) segment, with a specialised focus on electrical systems, instrumentation, fire safety, modular substations, and automation solutions. The company caters to a wide range of industries, including oil and gas, food processing, pharmaceuticals, and metals.

On the financial front, the company reported revenue from operations of ₹101 crore for the nine-month period ended December 31, 2025, along with a profit of ₹14.18 crore. For the full financial year FY25, revenue from operations stood at ₹134.66 crore, marking a decline of nearly 15% from ₹157.85 crore reported in the previous fiscal. Despite the drop in revenue, EBITDA rose 9.3% to ₹21.56 crore from ₹19.73 crore in FY24. Profit after tax (PAT) came in at ₹16.22 crore in FY25, slightly lower than ₹16.39 crore reported in the previous year.