- Price band
- ₹21 – ₹23
- Issue size
- ₹88.51 Cr
- Lot size
- 6000 sh
- Bidding
- 17 – 19 Jun
- Grey market
- —
Face value ₹1.00
90% fresh capital
Lists 24 Jun 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Leapfrog Engineering Services is a Bengaluru EPCC contractor that builds electrical, instrumentation, automation and fire-protection systems inside process plants; the record states that exports were 66.38% of FY25 revenue from operations, concentrated in the Middle East with Kuwait the primary market. Revenue was Rs 105.38 crore in FY23, Rs 162.88 crore in FY24 (54.56% higher) and Rs 137.37 crore in FY25 (15.66% lower), while EBITDA was Rs 1.01 crore, Rs 19.73 crore and Rs 21.57 crore across the same three years — margins of 0.96%, 12.11% and 15.70% on those revenue figures. The Rs 88.51 crore issue (Rs 79.60 crore fresh and Rs 8.91 crore offer for sale) was banded at Rs 21-23 and was subscribed 2.70 times overall on day three, with QIB at 20.32 times, NII at 5.10 times and retail at 0.84 times. It listed at Rs 22 against a band top of Rs 23, a recorded listing gain of -4.35%, closed day one at Rs 23.10, and last traded at Rs 19.84 on 23 October 2026, a recorded change of -13.74%.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
A trade-off in both directions
63% of the scoring model was backed by disclosed data for Leapfrog Engineering, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2005 · Bengaluru, Karnataka · 140 employees
Leapfrog Engineering Services is a Bengaluru contractor that builds the electrical and control systems inside process plants. It takes on EPCC packages — engineering, procurement, construction and commissioning — covering power distribution and switchgear, instrumentation, plant automation, fire-protection systems and modular substations, and delivers them for refineries, gas-sweetening and early-production facilities, petrochemical plants, pharmaceutical and food-processing units, metals, chemicals and fertiliser works. Most of the work is sold abroad: exports were 66.38% of revenue from operations in FY25, concentrated in the Middle East with Kuwait the primary market. As of 28 February 2026 it had 112 employees on payroll and 28 on contract, and at 31 December 2025 it carried an order book of Rs 400.27 crore, of which Rs 373.71 crore was export orders.
Earnings are contract income from EPCC packages, so revenue follows the order book rather than any recurring base. Bought-in materials are the swing input: cost of materials consumed was Rs 119.24 crore in FY24 against Rs 157.85 crore of revenue from operations, then fell to Rs 39.79 crore in FY25 as more scope ran through contract labour and project consultancy. The structural constraints are concentration and working capital. The top ten customers were 99.32% of FY23, 98.81% of FY24 and 85.49% of FY25 revenue from operations, and exports alone were 88.94% of FY24 turnover. Of the fresh issue, Rs 36.05 crore was earmarked for working capital and Rs 27.00 crore for an assembling unit.
The company on paper
- Legal name
- Leapfrog Engineering Services Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 9 May 2005
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74210KA2005PLC036274
- Sector
- Industrials · EPCC contracting for electrical, instrumentation, automation and fire-protection systems in process plants
- Employees
- 140
- Registered office
- Bengaluru, Karnataka
- Promoters
- Prabhav Narasimha Rao, Priyashaila Prabhav Rao
- Promoter holding, pre-issue
- 92.6%
- Promoter holding, post-issue
- 67.3%
- Website
- lesgroup.in
The numbers
Financial performance
Revenue has compounded at 14.2% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
90% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹79.60 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹8.91 Cr
- Total issue size
- ₹88.51 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 19,26,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 25.3% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹23.00
- Listed at
- ₹22.00
- Listing gain
- down 4.3%
- Since listing
- down 9.5%
- Against the issue price
- down 13.4%
Trading at ₹19.91 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 12,000
- At cut-off price
- ₹23.00
- Amount blocked
- ₹2,76,000
One lot is 6000 shares at ₹1,38,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,76,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~100%
chance of one lot, per application
- Retail subscription
- 0.84×
- Applicants per share available
- 0.8× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹22.00
listed at, −4.3% against the issue price
- Issue price
- ₹23.00
- Premium said
- —
- If allotted 6000 shares
- −₹6,000
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Margins are higher at both ends of the profit statement than in FY23. EBITDA was Rs 1.01 crore on revenue of Rs 105.38 crore in FY23 (0.96%), Rs 19.73 crore on Rs 162.88 crore in FY24 (12.11%) and Rs 21.57 crore on Rs 137.37 crore in FY25 (15.70%); profit after tax over the same three years was Rs 0.28 crore, Rs 16.39 crore and Rs 16.22 crore, or 0.27%, 10.06% and 11.81% of those revenue figures.
- Net worth was Rs 5.32 crore in FY23, Rs 21.71 crore in FY24 and Rs 53.26 crore in FY25, a rise of Rs 31.55 crore in FY25 against profit after tax of Rs 16.22 crore that year. Measured against net worth, total borrowings fell across all three years on record: Rs 13.05 crore on Rs 5.32 crore is 2.45x in FY23, Rs 13.78 crore on Rs 21.71 crore is 0.63x in FY24, and Rs 20.11 crore on Rs 53.26 crore is 0.38x in FY25.
- The record states an order book of Rs 400.27 crore at 31 December 2025, of which Rs 373.71 crore, or 93.36%, was export orders. That order book is 2.91 times FY25 revenue of Rs 137.37 crore, though the two are measured at different dates.
- Concentration in the top ten customers is lower in the latest year on record than in either earlier one: 99.32% of FY23 revenue from operations, 98.81% of FY24 and 85.49% of FY25.
What to weigh against it
- FY25 was smaller than FY24 at the top line and roughly flat at the bottom. Revenue was Rs 137.37 crore against Rs 162.88 crore, 15.66% lower, and profit after tax was Rs 16.22 crore against Rs 16.39 crore, 1.04% lower.
- Customer and geographic concentration remain high in absolute terms. The top ten customers were 85.49% of FY25 revenue from operations, and exports were 66.38% of FY25 revenue from operations against 88.94% of FY24 turnover; the record states the exports are concentrated in the Middle East with Kuwait the primary market, and Rs 373.71 crore of the Rs 400.27 crore order book at 31 December 2025 was export orders.
- Total borrowings were Rs 13.05 crore in FY23, Rs 13.78 crore in FY24 and Rs 20.11 crore in FY25, the FY25 figure being 45.94% above FY24. Over the same period net worth rose from Rs 5.32 crore to Rs 53.26 crore, so borrowings as a multiple of net worth went the other way, from 2.45x to 0.38x.
- The input mix moved sharply between the two years on record. Cost of materials consumed was Rs 119.24 crore against Rs 157.85 crore of FY24 revenue from operations, or 75.54%, and Rs 39.79 crore in FY25; the record attributes the fall to more scope running through contract labour and project consultancy.
Easy to miss in the prospectus
- Subscription data here is a single day-three row (QIB 20.32x, NII 5.10x, retail 0.84x, total 2.70x). The record carries no day-wise build-up, no anchor book and no category allocation split.
- The record carries no valuation block, no post-issue share count and no peer set, so no earnings multiple against the Rs 23 band top can be computed from it. Promoter holding is recorded as 92.59% pre-issue and 67.27% post-issue, a fall of 25.32 percentage points.
- The record states that Rs 36.05 crore of the fresh issue was earmarked for working capital and Rs 27.00 crore for an assembling unit, together Rs 63.05 crore, or 79.21% of the Rs 79.60 crore fresh issue. The latest financial period carried here is FY25 to 31 March 2025, so no period after the June 2026 listing appears in this record.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Finshore Management Services Limited
- RegistrarAllotment status is checked on the registrar's own site
- Integrated Registry Management Services Private Limited
How these figures were checked
Reconciled to Leapfrog Engineering's own prospectus and to exchange disclosures, then cross-checked against 9 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- BSE UDiFF equity bhavcopy, 24 June 2026 (listing-day row for scrip 544797 / LESL, series MT) · read 16 Oct 2026
- Red Herring Prospectus dated 8 April 2026 (lead manager Finshore's copy) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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