Leapfrog Engineering Services Limited is one of the most talked-about SME IPOs of April 2026. An EPCC engineering company with international project experience, a ₹400+ crore order book, and a 20-year…
Leapfrog Engineering Services Limited is one of the most talked-about SME IPOs of April 2026. An EPCC engineering company with international project experience, a ₹400+ crore order book, and a 20-year track record — this IPO had serious investor attention. Here is our complete review.
Leapfrog Engineering Services IPO — Quick Details
ParameterDetailsIPO Open DateApril 23, 2026IPO Close DateApril 27, 2026Allotment DateApril 28, 2026Share CreditApril 29, 2026Listing DateApril 30, 2026Price Band₹21 – ₹23 per shareFace Value₹1 per shareLot Size6,000 sharesMin. Investment (Retail)₹1,38,000 (1 lot)Min. Investment (HNI)₹2,76,000 (2 lots)Issue Size₹88.51 CroreFresh Issue₹79.60 CroreOFS Component₹8.91 CroreListing ExchangeBSE SMERegistrarIntegrated Registry Management Services Pvt. Ltd.Lead ManagerFinshore Management Services Ltd.
About Leapfrog Engineering Services Limited
Founded in 2005, Leapfrog Engineering Services Limited started as a small engineering services firm and gradually expanded into a full-service EPCC (engineering, procurement, construction, and commissioning) company. Groww
The company serves industries such as oil and gas, food processing, pharmaceuticals, and metals, offering end-to-end EPC solutions including electrical engineering, instrumentation, automation systems, fire protection, and modular substations. IPO Watch
What really sets Leapfrog apart is its international footprint. The company has executed projects in the Middle East, particularly in Kuwait and Bahrain, where it has worked on engineering assignments in the oil and gas sector including electrical infrastructure, automation systems, and modular substations for large industrial facilities. Groww
Financials at a Glance
The company reported revenue of ₹137.37 crore in FY2025 against ₹162.88 crore in FY2024. Net profit stood at ₹16.22 crore in FY2025 against ₹16.39 crore in FY2024. Investor Gain
While revenues have seen some decline, the profitability has remained remarkably stable — a sign of good cost management and operational efficiency. The company also carries a strong order book.
As of December 31, 2025, the company had an order book worth ₹400.27 crore, with a significant share from export revenue. This provides strong revenue visibility for the next 2–3 years. NSE India
How Will the IPO Funds Be Used?
The company plans to use ₹27 crore from the net fresh issue proceeds to set up an assembling unit. Additionally, it will utilise ₹36 crore for funding working capital requirements and issue-related expenses. The remaining funds will be used for general corporate purposes. Zerodha
The new assembling unit in Bengaluru is a key part of the growth plan — it will bring more engineering processes in-house, reducing costs and improving margins over time.
Subscription Allocation
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. IPO Watch
Anant Securities has been designated as the market maker, which ensures liquidity support after listing on BSE SME.
Key Strengths
- 20-Year Track Record — Founded in 2005, Leapfrog has two decades of engineering execution experience, building a strong client base across sectors.
- ₹400+ Crore Order Book — A robust pipeline that gives clear revenue visibility for FY2026 and beyond.
- International Presence — Active projects in the Middle East (Kuwait, Bahrain) in oil & gas give the company a differentiated edge over purely domestic competitors.
- Diversified Sector Exposure — Oil & gas, pharma, food processing, metals — diversification reduces over-dependence on any single sector.
- Stable Profitability — Despite revenue softening, profits have stayed stable — reflecting disciplined project selection and cost control.
Risks to Consider
- Revenue Decline — Revenue dropped from ₹162.88 crore (FY24) to ₹137.37 crore (FY25). Investors should watch for recovery in FY2026.
- Execution Risk — EPCC projects can face delays due to client approvals, regulatory clearances, and supply chain issues — all of which can impact margins.
- Client Concentration — A large part of the order book may be concentrated with a few clients, especially in the export segment.
- Fully Priced Valuation — At the upper price band of ₹23, some analysts have noted the issue appears fully priced based on current financials.
GMP — Grey Market Sentiment
GMP for Leapfrog Engineering Services IPO remained muted ahead of opening, with grey market signals suggesting modest short-term listing gains. This is consistent with an IPO that is suited more for long-term investors than pure listing-gain traders.
Our Verdict
Leapfrog Engineering Services is a fundamentally sound company with two decades of track record, a strong order book, and international presence. The IPO appears fully priced in the short term, meaning listing gains may be limited.
However, for long-term investors with a 2–3 year horizon, this company's exposure to India's growing infrastructure and energy sector — both domestic and in the Middle East — makes it an interesting bet.
Verdict: Subscribe for Long Term — Caution for Listing Gain Traders
Key Dates Summary
- IPO Open: April 23, 2026
- IPO Close: April 27, 2026
- Allotment: April 28, 2026
- Share Credit: April 29, 2026
- Listing on BSE SME: April 30, 2026
