The Indian SME market continues to see robust action as the Leapfrog Engineering Services IPO officially opens for subscription today, June 17, 2026. The bidding window will remain open for three days, closing on June 19, 2026.

Aiming to raise ₹88.51 crore, this book-built issue is drawing attention from investors looking to capitalize on the growing infrastructure and engineering sectors. If you are evaluating whether to apply for this BSE SME listing, we have broken down all the critical details, from the company’s massive order book to the live Grey Market Premium (GMP).

1. Core Details of the Leapfrog Engineering IPO

The ₹88.51 crore offering is a combination of a fresh issue of approximately 3.46 crore equity shares (aggregating to ₹79.60 crore) and an Offer for Sale (OFS) of 38.75 lakh shares (aggregating to ₹8.91 crore).

Here is a quick snapshot of the essential IPO metrics:

Key ParameterSpecific DetailsSubscription DatesJune 17, 2026 – June 19, 2026Price Band₹21 to ₹23 per equity shareFace Value₹1 per shareTotal Issue Size₹88.51 CroreMinimum Lot Size6,000 SharesListing PlatformBSE SME

2. Minimum Investment and Lot Sizes

Since this is an SME IPO, retail investors must apply in predefined lots, which require a larger capital commitment compared to mainboard IPOs.

  • Retail Investors (Minimum): The minimum application size is 1 lot, comprising 6,000 shares. At the upper price band of ₹23, this requires an upfront investment of ₹1,38,000.
  • HNI / NII Investors (Minimum): High Net-Worth Individuals must apply for a minimum of 2 lots (12,000 shares), which amounts to an investment of ₹2,76,000.

3. What Does Leapfrog Engineering Services Do?

Established in 2005 and headquartered in Bengaluru, Leapfrog Engineering Services Ltd. is an established turnkey Engineering, Procurement, Construction, and Commissioning (EPCC) contractor.

The company specializes in electrical systems, instrumentation, fire safety, modular substations, and industrial automation. They serve high-demand, heavy-duty sectors including Oil & Gas, Pharmaceuticals, Food Processing, and Metals.

A Strong Global Presence: A key differentiator for Leapfrog is its international reach. Over the past decade, the company has successfully delivered numerous large-scale projects across Gulf markets, particularly in Kuwait and Bahrain. This geographical diversification helps stabilize their revenue streams against domestic market fluctuations.

4. Financial Performance and Order Book

Leapfrog Engineering boasts a highly robust and diversified unexecuted order book exceeding ₹384 crore. Impressively, export projects account for over ₹327 crore of this pipeline, showcasing strong international demand for their services.

Looking at their recent financials for FY25:

  • Total Revenue: ₹134.66 Crore
  • EBITDA: ₹21.57 Crore
  • Profit After Tax (PAT): ₹16.22 Crore

These strong financial indicators highlight the company's operational efficiency and solid profit margins within the EPCC sector.

5. Objectives of the Issue

The management has outlined clear, strategic goals for the ₹79.60 crore raised through the fresh issue:

  1. Capital Expenditure: Funding the setup of a new, state-of-the-art assembly unit to improve in-house manufacturing capabilities.
  2. Working Capital: Meeting the substantial working capital requirements needed to execute their ₹384 crore order book efficiently.
  3. General Corporate Purposes: Supporting ongoing business operations and future expansion plans.

6. Allotment and Listing Timeline

Keep track of these important dates to ensure you don't miss any critical steps in the IPO process:

  • Finalization of Basis of Allotment: Monday, June 22, 2026
  • Initiation of Refunds: Tuesday, June 23, 2026
  • Credit of Shares to Demat Accounts: Tuesday, June 23, 2026
  • Official Listing Date: Wednesday, June 24, 2026

7. Live Grey Market Premium (GMP) Trends

As of the opening morning, the Leapfrog Engineering IPO GMP is currently trading at ₹0.

A ₹0 premium suggests a neutral sentiment in the unofficial unlisted market, indicating a potential flat listing at the upper price band of ₹23. However, it is important to note that SME GMPs can be highly volatile. As QIB and retail subscription numbers increase over the three-day bidding window, the grey market premium is expected to fluctuate.

Disclaimer: The financial figures and GMP updates provided are for informational and educational purposes only. SME IPOs carry higher volatility and inherent market risks. Always conduct thorough due diligence and consult with a SEBI-registered financial advisor before making any investment decisions.