Leapfrog Engineering to Debut on BSE SME: Check GMP and IPO Details

Leapfrog Engineering Services is set to make its highly anticipated debut on the BSE SME platform today. As investors await the listing, the grey market is providing early signals regarding the stock's potential opening performance.

Muted Grey Market Premium Signals Flat Listing

Ahead of its official listing on Wednesday, the grey market premium (GMP) for Leapfrog Engineering shares has appeared muted. Currently, the shares are commanding no premium in the unofficial market, suggesting that the stock might list around its issue price of Rs 23 per share. While the GMP serves as an unofficial indicator, it is important for investors to note that it does not guaranteed actual listing-day performance.

The Rs 88.51-crore IPO saw varied levels of interest across different investor categories during its three-day bidding window. The overall issue was subscribed 2.70 times, driven largely by robust institutional participation. Specifically, the Qualified Institutional Buyers (QIB) portion saw massive interest, being subscribed 20.32 times, while the Non-Institutional Investor (NII) category was booked 5.10 times. In contrast, the retail portion showed significant hesitation, closing undersubscribed at just 0.84 times.

The total issue size consists of a fresh issue of Rs 79.60 crore and an offer for sale (OFS) amounting to Rs 8.91 crore. The company intends to utilize the fresh capital to set up a new assembling unit, manage working capital requirements, and fund general corporate purposes.

Company Profile and Robust Order Book

Incorporated in 2005, Leapfrog Engineering Services is an established player in the integrated engineering, procurement, project management, and construction (EPCC) space. The company serves critical sectors including oil and gas, pharmaceuticals, food processing, and metals. Their expertise spans electrical systems, industrial automation, and fire protection systems.

The company maintains a strong market position with an order book valued at approximately Rs 384 crore as of March 31, 2026. With a workforce comprising 112 permanent and 60 contractual employees, Leapfrog has successfully executed EPC projects both within India and in international markets.

Financial Performance Overview

Leapfrog’s financial trajectory shows steady profitability. For the fiscal year 2025 (FY25), the company reported a total income of Rs 137.37 crore with a profit after tax (PAT) of Rs 16.22 crore. The momentum appears to have continued into the current cycle; 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.

Key Takeaways

  • Listing Expectations: The muted GMP suggests a likely flat listing near the issue price of Rs 23.
  • Investor Sentiment: While institutional interest was exceptionally high (QIB subscribed 20.32x), retail investors remained cautious and undersubscribed the issue.
  • Business Strength: Leapfrog holds a strong order book of Rs 384 crore and maintains steady profitability across key industrial sectors.