The initial public offering of Leapfrog Engineering Services achieved 1.97 times subscription by 10:50 am on its final day of June 19. According to latest BSE data, the SME IPO received bids for 7.19 crore equity shares against 3.65 crore shares on offer. The issue will conclude today with a price band fixed at ₹21-23 per share, and the stock is set to list on June 24 on BSE SME.
The strongest demand came from qualified institutional buyers (QIBs), whose portion was subscribed 20.32 times, while the non-institutional investor category garnered 3.71 times subscription. The retail portion was subscribed to 0.53 times on the final day. As reported by LiveMint, this institutional interest reflects continued confidence in the engineering company's growth prospects, with the company receiving bids for 4.69 crore equity shares against 3.65 crore shares on offer throughout the offer period.
The Bengaluru-headquartered company's share sale comprises a fresh issue of approximately 3.46 crore equity shares worth ₹79.60 crore and an Offer for Sale (OFS) of around 38.75 lakh shares aggregating ₹8.91 crore. According to the company's disclosures, proceeds from the fresh issue will be utilized to set up an assembling unit, with ₹27 crore allocated for this purpose, and ₹36.05 crore for working capital requirements. The balance funds will be used for general corporate purposes.
The engineering, procurement, construction, and commissioning (EPCC) company has built an order book of more than ₹384 crore, with export projects accounting for over ₹327 crore of the pipeline, reflecting the company's growing presence across Kuwait, Bahrain, and other Gulf markets. The company reported FY25 revenue of ₹137.37 crore and profit after tax of ₹16.22 crore. For the nine-month period ended December 2025, the company recorded revenue of ₹105.05 crore and net profit of ₹14.18 crore. Its order book remains diversified across oil & gas, infrastructure, utilities, metals, and industrial projects, providing visibility for future revenue generation.
The IPO allotment is expected on Monday, June 22, while successful applicants are likely to receive their shares on Tuesday, June 23. Refunds for non-allottees will also be processed on the same day. The stock is scheduled to list on BSE SME on Wednesday, June 24. The SME IPO has been structured with a minimum bid size of 6,000 equity shares, and investors can apply for additional shares in multiples of 6,000 thereafter. At the upper price band, retail investors require a minimum investment of ₹2.76 lakh to subscribe to the issue, while non-institutional investors need an investment of ₹4.14 lakh.
