Leapfrog Engineering Services Ltd IPO
Infrastructure Developers & Operators
Price Band
₹21 – ₹23
Lot Size
6000
Minimum Bid Quantity
12000
Minimum Investment
₹276000
Issue Size
₹88.51Cr
Opens
2026-06-17
Closes
2026-06-19
Listing
24-06-2026
Subscription Status
Qualified Institutional Buyers
20.32 x
Non-Institutional Investor
4.61 x
Retail Individual Investor
0.83 x
Total
2.6 x
IPO Details
Issue Type
EQUITY
Face Value
₹1
Tick Size
1
ISIN
INE0X6O01027
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Leapfrog Engineering Services Limited is a provider of engineering, procurement, construction, and commissioning (EPCC) services with a focus on electrical, instrumentation, automation, fire safety, and modular substation systems. The company offers integrated solutions, including electrical engineering, industrial automation, fire protection systems, building automation, modular substations, and enterprise solutions, catering to industries such as oil and gas, metals, pharmaceuticals, and food processing. Its services cover the complete project lifecycle, from design and engineering to installation, commissioning, and maintenance. The company operates across multiple states in India and also serves international markets, with a significant portion of its revenue derived from exports. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes: Funding capital expenditure towards setting up an assembling unit — Rs 27 crore Working capital requirements — Rs 36.05 crore General corporate purposes
Pros
- • 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.
Cons
- • 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.
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