Leapfrog Engineering IPO
ListedSME
2.70×
Subscribed
Price band
₹23 – ₹23
Issue size
₹88.51 Cr
Open – close
17 Jun 2026
to 19 Jun 2026
Listing
24 Jun 2026
Listing gain
-4.35%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong5 of 7 dimensions read
The disclosed numbers are strong — 4 of 5 signals read positive
Strength76/100
- Undemanding valuation14.7× earnings at the upper band, with no peer set published to compare against
- Revenue shrinkingRevenue has contracted at 20.0% a year — the company is coming to market on a declining top line
- High return on equityROE of 21.0%
- Conservative balance sheetDebt/equity of 0.48×
- Institutions bid heavilyQIB portion subscribed 20.32×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens17 Jun 2026
- Closes19 Jun 2026
- Listing24 Jun 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB20.32x
Non-institutionalNII / HNI5.10x
Big NIIabove ₹10L1.67x
Small NII₹2L – ₹10L11.96x
Retail individualRII0.84x
4,586 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 19 Jun 2026.
Chance of allotment
Retail0.84× subscribed
Full allotment
The retail portion is under-subscribed at 0.84×, so every valid application should receive a full allotment.
HNI / NII5.10× subscribed
~1 in 5.1
HNI is 5.1× subscribed. This category is allotted proportionately, so a bid receives roughly 1/5.1 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹0+0.0%
over the upper band · last seen 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹23 – ₹23
Total issue size₹88.51 Cr
Listing atSME platform
Company & valuation
P/E at upper band14.65×
NAV per share₹4.97
Return on equity21.03%
Debt / equity0.48×
ROCE23.98%
RoNW21.03%
PAT Margin14.04%
EBITDA Margin19.98%
NAV6.29
Price to Book Value3.66
ISININE0X6O01027
RegistrarINTEGRATED REGISTRY MANAGEMENT SERVICES (P) LIMITED
Lead managersFINSHORE MANAGEMENT SERVICES LIMITED
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 3,78,000 | 0.98% |
| NII (HNI) Shares Offered | 1,42,20,000 | 36.95% |
| bNII > ₹10L | 94,80,000 | 24.63% |
| sNII < ₹10L | 47,40,000 | 12.32% |
| Retail Shares Offered | 2,19,60,000 | 57.06% |
| Market Maker Shares Offered | 19,26,000 | 5.00% |
Total issue 3,84,84,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,76,0002 lots · 12,000 sh
Individual investors (IND) (Max)₹2,76,0002 lots · 12,000 sh
S-HNI (Min)₹4,14,0003 lots · 18,000 sh
S-HNI (Max)₹9,66,0007 lots · 42,000 sh
B-HNI (Min)₹11,04,0008 lots · 48,000 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2023 | 157.854 | — | 16.393 | 21.71 | 13.979 |
| 2024 | 134.662 | — | 16.225 | 53.247 | 20.106 |
| 2025 | 101.013 | — | 14.184 | 67.437 | 32.223 |
Revenue CAGR -20.0%PAT CAGR -7.0%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Engineers India Limited | 5.00 | 27.14 | 46.62 | 17.76% |
| Konstelec Engineers Limited | 10.00 | 17.60 | 65.34 | 4.34% |
| Leapfrog Engineering Services Ltd.this issue | 1.57 | 14.65 | 4.97 | 30.47% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Shrinking revenuemedium
Restated revenue CAGR of -20.0%.
mediumThe Company's business is dependent on the timely and accurate completion of projects by its subcontractors, and any delays or cost overruns by subcontractors could adversely affect the Company's business, financial condition, results of operations and prospects.
mediumThe Company's business is dependent on the timely and accurate completion of projects by its subcontractors, and any delays or cost overruns by subcontractors could adversely affect the Company's business, financial condition, results of operations and prospects.
Litigation
Except as stated in this section, there are no pending (i) criminal proceedings; (ii) actions taken by statutory and/or regulatory authorities; (iii) disciplinary action including penalty imposed by SEBI or Stock Exchanges against the Promoters in the last 5 (five) FYs including outstanding action; (iv) outstanding claims related to direct or indirect taxes; or (v) other pending litigation as determined to be material by our Board as per the materiality policy adopted by our Board in each case involving our Company, Promoters, Directors and the Group Companies. There are no outstanding criminal proceedings initiated against the Company. There are no outstanding criminal proceedings initiated by the Company. Except as mentioned below, there are no outstanding actions by statutory or regulatory authorities against the group company.
Positives the filing discloses (2)
Low leverage
Debt-to-equity of 0.48x.
Healthy return on equity
ROE of 21.0%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Leapfrog Engineering IPO GMP today?
The most recent grey-market premium recorded for Leapfrog Engineering is ₹0 per share — about 0.0% over the ₹23 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Leapfrog Engineering IPO subscribed?
Leapfrog Engineering is subscribed 2.70× overall (QIB 20.32×, NII 5.10×, retail 0.84×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, INTEGRATED REGISTRY MANAGEMENT SERVICES (P) LIMITED.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.