Leapfrog deploys 87% of IPO proceeds; Rs 10.60 crore remains

Leapfrog Engineering Services Limited deployed Rs 69.00 crore, or 86.68%, of the Rs 79.60 crore raised in its June 2026 initial public offer by September 30, 2026, leaving Rs 10.60 crore unutilised, including Rs 10.29 crore earmarked for assembling-unit capital expenditure.

How much of Leapfrog's IPO proceeds had been used?

Leapfrog had used Rs 69.00 crore of its Rs 79.60 crore IPO proceeds as of September 30, 2026. The offer opened on June 17, 2026 and closed on June 19, 2026, with Leapfrog issuing 3,46,08,000 equity shares of face value Rs 1 each at Rs 23 per share, including a premium of Rs 22 per share.

Leapfrog listed on the small and medium enterprises platform of BSE on June 24, 2026. In its November 12, 2026 board-meeting disclosure, Leapfrog said there had been no deviation or variation in the use of IPO proceeds during the half year ended September 30, 2026; its statutory auditor also issued a certificate on fund utilisation through that date.

What IPO spending remained pending at Leapfrog?

Leapfrog had Rs 10.60 crore of IPO funds awaiting use at September 30, 2026, with Rs 10.29 crore of that balance assigned to the assembling-unit capital-expenditure object. It had spent Rs 16.71 crore from the Rs 27.00 crore received for the unit, meaning 61.89% had been utilised and 38.11% remained pending.

The filing does not disclose a commissioning date, construction milestone or completion schedule for the assembling unit. It establishes the financial spending position only: the Rs 10.29 crore pending for that object represented nearly all of the Rs 10.60 crore total unutilised IPO balance.

Working-capital funding was almost fully deployed, with Rs 36.81 crore used and Rs 59,000 pending from Rs 36.81 crore received. Leapfrog had also used Rs 9.15 crore of Rs 9.46 crore received for general corporate purposes, leaving Rs 30.36 lakh, while it had used the full Rs 6.33 crore received for issue-related expenses.

How did Leapfrog revise its IPO allocations?

Leapfrog reported its September 30 utilisation against allocations revised by its audit committee and board on August 21, 2026. The filing identifies Rs 79.60 crore as the total amount received from the IPO, while also showing the original prospectus amounts beside each stated object.

The amount received for working capital was Rs 36.81 crore, compared with Rs 36.05 crore cited in the prospectus. General corporate purposes accounted for Rs 9.46 crore received against a prospectus amount of Rs 8.96 crore, while issue-related expenses were Rs 6.33 crore received against Rs 7.59 crore in the prospectus.

The assembling-unit allocation was Rs 27.00 crore, the same amount listed in the prospectus. The disclosure does not state why the revised allocations differed for working capital, general corporate purposes and issue expenses, but it says the August 21 revisions were approved by the audit committee and board.

What did Leapfrog report for the September 2026 half year?

Leapfrog reported revenue from operations of Rs 64.41 crore for the half year ended September 30, 2026, up from Rs 38.37 crore in the half year ended September 30, 2025. Profit after tax was Rs 4.49 crore, down from Rs 6.10 crore, while profit before tax declined to Rs 6.20 crore from Rs 8.55 crore.

Total income rose to Rs 67.33 crore from Rs 41.75 crore, including other income of Rs 2.91 crore compared with Rs 3.38 crore a year earlier. Total expenses increased to Rs 61.13 crore from Rs 33.20 crore, led by material consumed of Rs 41.10 crore, versus Rs 17.43 crore in the comparable 2025 half year.

Contract revenue was Rs 51.53 crore in the September 2026 half year, compared with Rs 34.75 crore a year earlier. Service revenue rose to Rs 12.82 crore from Rs 1.28 crore, while product sales declined to Rs 6.25 lakh from Rs 2.34 crore; Leapfrog does not assign assets and liabilities to segments because it says they are used interchangeably.

How did Leapfrog's balance sheet and cash flows change after the IPO?

Leapfrog's shareholders' funds stood at Rs 146.12 crore on September 30, 2026, compared with Rs 72.84 crore on March 31, 2026. Share capital was Rs 14.18 crore against Rs 10.72 crore, while reserves and surplus increased to Rs 131.95 crore from Rs 62.12 crore.

Cash and bank balances were Rs 25.42 crore at September 30, compared with Rs 8.99 crore at March 31. The half-year cash-flow statement recorded Rs 68.80 crore in proceeds from issue of share capital net of issue expenses and Rs 27.80 crore spent on property, plant and equipment and intangible assets, including work in progress.

Net cash used in operating activities was Rs 33.48 crore for the September 2026 half year, compared with Rs 8.92 crore used in the corresponding 2025 period. The cash-flow statement recorded Rs 23.27 crore used in loans and advances and Rs 25.86 crore used in other current assets, while net cash from financing activities was Rs 75.49 crore.

Conclusion

Leapfrog had deployed nearly seven-eighths of its IPO receipts within the period from its June 2026 listing to September 30, with working capital, general corporate purposes and issue expenses either substantially or fully used. The remaining balance was concentrated in the assembling-unit capital-expenditure allocation rather than in operating funding.

The next disclosed matter to watch is the use of the Rs 10.29 crore still pending for the assembling unit. Leapfrog's November 12, 2026 filing gives no project-completion target or commissioning timetable, while confirming that no deviation or variation in the stated use of IPO proceeds had occurred through September 30, 2026.