Leapfrog Engineering IPO: QIB demand at 12.5x drives 1.28x day 1

Leapfrog is an engineering, procurement, construction and commissioning firm based in Bengaluru. Its order book stood at Rs 384 crore as of the filing date, with export projects accounting for over Rs 327 crore, according to the prospectus. Those contracts are spread across Kuwait, Bahrain and other Gulf markets. The company reported FY25 revenue of Rs 134.66 crore and a profit after tax of Rs 16.22 crore, a margin of roughly 12%.

Proceeds from the fresh issue will fund an assembling unit, working capital and general corporate purposes. The assembling unit addresses capacity constraints tied to the order book. The working capital infusion supports the longer payment cycles common in Gulf EPCC contracts.

The order book covers oil & gas, infrastructure and industrial projects, giving two to three years of revenue visibility at the current run rate. That is the key variable for post-listing performance. If the company executes on the pipeline without cost overruns, the revenue growth should follow. Investors will watch the final subscription numbers on June 19, then the listing date for the opening print. The retail portion may pick up on the last day, which is common for SME issues.