Leapfrog Engineering shares list at 4.3% discount from IPO price on BSE SME

Shares of Leapfrog Engineering Services made a muted market debut on Wednesday, listing at 4.3% discount on IPO price. The stock listed at Rs 22 on BSE SME platform, as compared to its issue price of Rs 23.

The Rs 88.51-crore IPO was subscribed 2.70 times during the three-day bidding period. The issue saw strong institutional interest, with the qualified institutional buyers (QIB) portion subscribed 20.32 times and the non-institutional investor (NII) category booked 5.10 times. However, the retail portion remained undersubscribed at 0.84 times. The IPO comprised a fresh issue of Rs 79.60 crore and an offer for sale worth Rs 8.91 crore. The company plans to use the fresh issue proceeds for setting up an assembling unit, funding working capital requirements and general corporate purposes. Finshore Management Services is the book-running lead manager, while Integrated Registry Management Services is the registrar.

About the company

Incorporated in 2005, Leapfrog Engineering Services provides integrated engineering, procurement, project management and construction (EPCC) solutions across sectors such as oil and gas, food processing, pharmaceuticals and metals.


The company offers services spanning electrical systems, industrial automation, fire protection and safety systems, and building automation. It has executed EPC projects in India and overseas and had an order book of about Rs 384 crore as of March 31, 2026. The company employs 112 permanent and 60 contractual employees.

Financial performance

For FY25, Leapfrog reported total income of Rs 137.37 crore and a profit after tax of Rs 16.22 crore. In the nine months ended December 2025, the company posted revenue of Rs 105.05 crore and a net profit of Rs 14.18 crore.