Leapfrog Engineering Services IPO: Price Band, GMP, and Key Details

Leapfrog Engineering Services is set to launch its ₹88.5 crore initial public offering (IPO) on the BSE SME platform this Wednesday. With a focus on expansion and working capital, the company aims to strengthen its footprint in the integrated engineering sector.

IPO Structure and Pricing Details

The Leapfrog Engineering Services IPO is a combination of a fresh issue and an offer for sale (OFS). The fresh issue comprises 3.46 crore shares valued at ₹79.6 crore, while the OFS includes 38.76 lakh shares worth ₹8.91 crore. The company has established a price band of ₹21 to ₹23 per share.

Investors looking to participate must adhere to specific lot sizes. The minimum bid is set at 12,000 shares, with subsequent bids required in multiples of 6,000 shares. For retail investors, the minimum investment at the upper price band will be ₹2.76 lakh, while high-net-worth individuals (HNIs) must invest at least ₹4.14 lakh for a three-lot application.

Allocation and Timeline

The total issue size consists of 3.85 crore shares. After accounting for the market maker portion, the net offer to the public stands at 3.66 crore shares. The allocation is heavily weighted toward retail and non-institutional investors:

The subscription window will remain open until June 19. Investors can expect the allotment process to be finalized by June 22, with refunds and share credits processed on June 23. The company is scheduled to debut on the BSE SME platform on June 24.

Business Profile and Financial Performance

Established in 2005, Leapfrog Engineering Services specializes in integrated engineering, procurement, and construction (EPCC) solutions. The company serves diverse sectors, including oil and gas, pharmaceuticals, food processing, and metals. Its service portfolio is comprehensive, covering industrial automation, electrical engineering, fire protection, and turnkey EPC projects.

Laporan keuangan perusahaan menunjukkan kinerja yang stabil. Pada FY25, Leapfrog melaporkan pendapatan sebesar ₹137,37 crore dan laba setelah pajak (PAT) sebesar ₹16,22 crore. Melihat periode sembilan bulan yang berakhir pada Desember 2025, perusahaan mencatatkan pendapatan sebesar ₹105,05 crore dan PAT sebesar ₹14,18 crore.

Penggunaan Dana dan Sentimen Pasar

Leapfrog berencana untuk menyalurkan modal IPO untuk pertumbuhan strategis. Secara khusus, sekitar ₹27 crore dialokasikan untuk mendirikan unit perakitan baru, sementara ₹36,05 crore akan digunakan untuk memenuhi kebutuhan modal kerja. Sisa dana tersebut ditujukan untuk tujuan umum perusahaan.

Saat ini, Grey Market Premium (GMP) berada di angka nol, yang menunjukkan bahwa tidak ada ekspektasi tidak resmi yang signifikan untuk keuntungan pencatatan saham pada tahap ini. Finshore Management Services bertindak sebagai manajer utama penjamin pelaksana emisi (book-running lead manager) untuk penawaran ini.

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