Ahmedabad, June 2026: Leapfrog Engineering Services Limited (“LESL”), an integrated Engineering, Procurement, Construction and Commissioning (EPCC) company specializing in electrical systems, instrumentation, industrial automation, fire detection and protection systems, and modular substation solutions, has announced its Initial Public Offering (IPO), which will open for subscription on Wednesday, June 17, 2026 and close on Friday, June 19, 2026. The equity shares are proposed to be listed on the BSE SME Platform. Finshore Management Services Limited is the Book Running Lead Manager to the Issue, while Integrated Registry Management Services Private Limited is the Registrar to the Issue.
The IPO comprises a Fresh Issue of 3,46,08,000 equity shares aggregating up to ₹79.60 crore and an Offer for Sale (OFS) of 38,76,000 equity shares aggregating up to ₹8.91 crore, taking the total issue size to 3,84,84,000 equity shares aggregating up to ₹88.51 crore at the upper price band. The issue is being offered at a price band of ₹21 to ₹23 per equity share with a face value of ₹1 per equity share. Investors can bid for a minimum of 2 lots comprising 12,000 equity shares and in multiples of 6000 shares thereof. At the upper price band of ₹23 per equity share, the minimum investment required by a retail investor is ₹2.76 lakh.
The issue has been structured with allocation of 3,78,000 equity shares to Qualified Institutional Buyers (QIBs), 2,19,60,000 equity shares to Individual Investors (RIIs), 1,42,20,000 equity shares to Non-Institutional Investors (NIIs), and 19,26,000 equity shares reserved for the Market Maker. The issue comprises a total of 6,414 lots.
Founded in 2005 and headquartered in Bengaluru, Leapfrog Engineering Services Limited provides integrated EPCC solutions across a wide range of industries including Oil & Gas, Chemicals, Fertilizers, Pharmaceuticals, Food Processing, Metals & Minerals, Infrastructure and Power. The Company has established strong capabilities in electrical engineering, instrumentation, industrial automation, building management systems, fire protection systems and modular substation solutions, enabling it to deliver end-to-end engineering solutions to a diversified customer base across domestic and international markets.
Over the years, the Company has built a strong execution track record by successfully delivering complex engineering projects for industrial and infrastructure clients. Its expertise spans engineering design, procurement, installation, testing, commissioning and maintenance services, positioning the Company as a comprehensive solutions provider in the EPCC segment.
For the financial year ended March 31, 2025, the Company reported Revenue from Operations of ₹134.66 crore, EBITDA of ₹21.57 crore and Profit After Tax of ₹16.22 crore. The Company reported an EBITDA Margin of 16.01%, PAT Margin of 12.05%, Return on Net Worth (RONW) of 30.47% and Return on Capital Employed (ROCE) of 32.45%, reflecting its focus on operational efficiency and profitable growth.
As of March 31, 2026, the Company had an order book of approximately ₹384.03 crore, providing strong revenue visibility and supporting its future growth prospects. The Company believes that increasing investments in industrial infrastructure, manufacturing, energy, automation and process industries are expected to create significant opportunities for specialized engineering and EPCC service providers.
The Company proposes to utilize the proceeds from the Fresh Issue primarily towards expansion and strengthening of its operational capabilities. Out of the gross issue proceeds of ₹7,959.84 lakh, an amount of ₹2,700.36 lakh is proposed to be utilized towards capital expenditure for the purchase land, construction of building and additional plants and machinery, ₹3,604.82 lakh towards meeting working capital requirements, while the balance will be utilized towards general corporate purposes and issue-related expenses.
The proposed capital expenditure is expected to enhance the Company’s manufacturing and assembly capabilities, improve operational efficiencies and support execution of larger and more complex projects. The working capital infusion will strengthen the Company’s ability to undertake higher-value projects and support its expanding order book.
The Company will not receive any proceeds from the Offer for Sale portion of the Issue, and the entire proceeds from the OFS shall be received by the Selling Shareholder.
Post issue, the Company’s equity shares are proposed to be listed on the BSE SME Platform. At the upper end of the price band, the post-issue implied market capitalization of the Company is approximately ₹326.12 crore. Following the issue, promoter and promoter group shareholding will stand at approximately 67.26%, while public shareholding will increase to approximately 32.74%.
