IPO Details
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Schedule of Leapfrog Engineering Services Ltd
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About Leapfrog Engineering Services Ltd IPO
The IPO of Leapfrog Engineering Services Ltd comprises a fresh issue and an offer for sale. The fresh issue consists of up to 3,71,76,000 equity shares while the offer for sale has up to 38,88,000 equity shares. It’s a 100% book-built issue.
Objectives of Leapfrog Engineering Services Ltd
- Funding capital expenditure for setting up of assembling unit
- To meet working capital requirements
- To meet the issue expenses
- General corporate purposes
Leapfrog Engineering Services Ltd IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | Up to 3,71,76,000 equity shares |
Offer for Sale | Up to 38,88,000 equity shares |
EPS in ₹ for FY 24 | 341.51 |
Leapfrog Engineering Services Ltd IPO Share Offer and Subscription Details
| Investor | Shares Offered |
|---|---|
QIBs | Not more than 50% of the net issue |
Non-institutional Investors | Not less than 15% of the net issue |
Retail Individual Investors | Not less than 35% of the net issue |
Industry Outlook
The engineering sector is the largest of the industrial sectors in India. It accounts for 27% of the total factories in the industrial sector and represents 63% of the overall foreign collaborations. Demand for engineering sector services is being driven by capacity expansion in industries like infrastructure, electricity, mining, oil and gas, refinery, steel, automobiles and consumer durables.
India’s engineering sector has witnessed remarkable growth over the last few years, driven by increased investment in infrastructure and industrial production. The engineering sector, being closely associated with the manufacturing and infrastructure sectors, is of huge strategic importance to India’s economy.
Company Information
Leapfrog Engineering Services Ltd is engaged in engineering, procurement, construction, and commissioning (EPCC) with a specialised focus on electrical, instrumentation, fire safety, modular substation and automation systems.
It’s an integrated engineering services company that provides EPCC services for a wide range of industries, including Oil and Gas, Food processing, Pharma, Metals among others. With over 20 years of a strong, customer-focused approach and a continuous quest for outstanding quality, it has high capabilities across electrical, instrumentation, automation, fire protection, modular substation and project execution.
Leapfrog Engineering Services Ltd Strengths
Strong Order Book
Leapfrog Engineering Services Ltd has consistently achieved and maintained a robust order book by focusing on its core competencies and successfully securing new projects across diverse segments. As of the date of the DRHP, the company’s order book includes a diverse range of projects across multiple states in India and international markets.
As of 10/01/2025, the company has an outstanding order book of ₹275.0032 crores, comprising domestic orders worth ₹26.9556 crores and export orders worth ₹248.0476 crores.
Diversified Portfolio Across Various Market Segment
The company serves a wide array of market segments, including Oil & Gas, Metals & Minerals, Mining, Pharmaceuticals, Power, Telecommunications, and Food Processing.
This extensive diversification ensures that downturns in one sector are offset by stability and growth in others, thereby maintaining consistent revenue streams and overall business performance. Additionally, its strong presence in both domestic and international markets further enhances its resilience.
Established Track Record of Timely Execution
With over decades of experience of the company’s promoters and senior management, it has successfully executed a diverse range of EPC Design and Build projects since 2005.
This proven track record underscores its expertise in project management and execution, driven by a skilled workforce, efficient deployment of equipment, and an integrated in-house operational model. These strengths enable it to consistently deliver projects within, and often ahead of, scheduled timelines.
Risks of Leapfrog Engineering Services Ltd
- Dependence on Leased Premises for Business Operations
The company currently operates both its registered office and assembly unit from leased premises. As these facilities are not owned but taken on lease, they present a potential risk to our business and, in turn, to the company’s investors.
The leases on these premises may be terminated for reasons beyond the company’s control, which could necessitate relocation or potentially even result in a temporary halt to its operations.
- Project Award Uncertainty and Contract Termination
EPCC projects are typically awarded to us on satisfaction of prescribed pre-qualification criteria and following a competitive bidding process. The company’s business and its financial condition may be adversely affected if new infrastructure projects are not awarded to it or if contracts awarded to it are prematurely terminated.
- Dependence on Middle Eastern Markets for Export Revenue
The company’s export revenue is significantly concentrated in Middle Eastern markets, with Kuwait being a primary contributor. This reliance exposes it to regional economic fluctuations, political instability, and regulatory changes that could disrupt its revenue flow from these key markets.
Any downturn or unexpected policy shift in these countries such as new import restrictions, currency instability, or trade barriers could immediately impact its financial stability.
All Financial Information about Leapfrog Engineering Services
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Company Name | Revenue from Operations (in ₹ crores) | EPS in ₹ | NAV Per Equity Share | Return on Net Worth (in %) |
|---|---|---|---|---|
Leapfrog Engineering Services Ltd | 157.8542 | 1.63 | 2.15 | 75.51 |
Engineers India Ltd | 3232.1650 | 6.35 | 41.12 | 15.45 |
Konstelec Engineers Ltd | 215.3153 | 7.89 | 62.57 | 9.78 |
Anchor Investor Bidding Date TBA
IPO Registrar and Book Running Lead Manager
- IPO Registrar: Integrated Registry Management Services (P) Ltd
- Book Running Lead Manager: Finshore Management Services Ltd
Business Model
Providing EPCC services for a wide range of industries, Leapfrog Engineering Services Ltd has built a reputation for its expertise in developing large–scale projects including refineries, early productions facilities, gas sweetening facilities, petrochemical plants, pharma, food processing, metals, chemicals and fertilisers. As a trusted partner in EPCC contracts, the company manages a wide range of services designed to meet the diverse needs of its clients. These services include:
- Electrical Solutions
- Instrumentation & Industrial Automation
- Fire Protection & Safety System
- Building Automation System
- Modular Substation Solutions
- Enterprise Solutions
Company Growth Trajectory
The total income of Leapfrog Engineering Services Ltd has grown from ₹42.2890 crores in FY 22 to ₹162.8769 crores in FY 24. Its EBITDA margin rose from 5.93% in FY 22 to 12.50% in FY 24, while PAT margin rose from 1.50% in FY 22 to 10.38% in FY 24.
Over the years, the company has undergone a remarkable transformation, evolving from a small-scale enterprise into a thriving medium-sized business. This growth is a direct result of its unwavering commitment to continuous improvement, technology adoption, and customer-centricity.
Market Position
The operations of Leapfrog Engineering Services Ltd extend across multiple states within India and internationally, serving clients in many countries around the globe. In the last two financial years, the company has executed export orders worth over ₹225 crore, establishing itself as a prominent player both in India and globally.
Over the past decade, it has successfully completed more than 14 projects for Kuwait, further solidifying its reputation in the industry.
Leapfrog Engineering Services Ltd Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crores) | 162.8769 | 105.3788 | 42.2890 |
Profit Before Tax (in ₹ crores) | 22.3710 | 0.6216 | 0.9703 |
Profit After Tax (in ₹ crores) | 16.3927 | 0.2830 | 0.6229 |
EPS in ₹ | 341.51 | 5.90 | 12.98 |
Leapfrog Engineering Services Ltd Balance Sheet
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Profit Before Tax (in ₹ crores) | 22.3710 | 0.6216 | 0.9703 |
Net Cash Flow from Operating Activities (in ₹ crores) | (0.0012) | 11.8563 | 1.4237 |
Net Cash Flow from Investing Activities (in ₹ crores) | (0.5053) | (0.1519) | 0.2141 |
Net Cash Flow from Financing Activities (in ₹ crores) | (1.0636) | (8.1597) | (1.1757) |
Cash and Bank Balances at the End of the Year (in ₹ crores) | 7.3023 | 8.8724 | 5.3277 |
How to Check Allotment Status of Leapfrog Engineering Services Ltd IPO?
Visit the Registrar’s Website
- Visit the official website of Integrated Registry Management Services (P) Ltd
- Click on Registrar to Issues & STA
- Click on IPO / Rights Issue Allotment
- Select IPO from ‘Allotment Option’ and the name of the company
- Enter either your application number, PAN number or DP ID
- Enter captcha and click on ‘Submit’ to know the status
Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investor Services' tab. Under 'Investors Services', click on 'Status of Issue Application'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:
- Choose the Issue Type
- Select the Issue Name from dropdown
- Put in either your application number or PAN number
- Check the box ‘I’m not a robot’
- Click on ‘Search’ to know allotment status
How to Apply for Leapfrog Engineering Services Ltd IPO?
- Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Specify IPO details - Enter the number of lots and the price you wish to apply for.
- Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
- Mandate Notification - Your UPI app will receive a mandate notification to block funds.
- Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Leapfrog Engineering Services Ltd IPO FAQs
What is the Leapfrog Engineering Services Ltd IPO?
The IPO of Leapfrog Engineering Services Ltd consists of a fresh issue and an offer for sale of up to 3,71,76,000 and 38,88,000 equity shares respectively.
When will the IPO of Leapfrog Engineering Services Ltd go live?
The exact dates of the IPO are yet to be announced.
From where can I read more about the IPO of Leapfrog Engineering Services Ltd?
You can read more about the IPO of Leapfrog Engineering Services Ltd from the company’s draft red herring prospectus here.
