The IPO market will remain relatively quiet next week, with just two SME public issues, Liotech Industries and Leapfrog Engineering, scheduled to open for subscription on June 17. Together, the companies are looking to raise about Rs 125 crore through a mix of fresh issues and offer-for-sale components.
While the mainboard IPO market is still muted, SME offerings continue to attract investor interest. The two upcoming issues represent businesses from distinct sectors, engineering services and industrial hardware manufacturing, and will test investor appetite in the SME segment amid a selective primary market environment.
Both IPOs will close on June 19 and are slated to list on the BSE SME platform on June 24.
Leapfrog Engineering Services is the larger of the two offerings, aiming to raise Rs 88.5 crore through a book-built issue. The IPO comprises a fresh issue of Rs 79.6 crore and an offer for sale worth Rs 8.9 crore.
The company has fixed a price band of Rs 21-23 per share. Investors can bid for a minimum of 12,000 shares, requiring an investment of Rs 2.76 lakh at the upper end of the price band.
Incorporated in 2005, Leapfrog Engineering provides integrated engineering and EPC solutions across sectors such as oil and gas, pharmaceuticals, food processing and metals. Its services span electrical systems, industrial automation, fire protection systems and building automation solutions.
The company plans to use the fresh issue proceeds primarily for setting up an assembling unit and meeting working capital requirements.
For the nine months ended December 2025, Leapfrog reported revenue of Rs 105 crore and profit after tax of Rs 14.2 crore. For FY25, it posted revenue of Rs 137.4 crore and net profit of Rs 16.2 crore.
The company said it has built a diversified project portfolio, a strong order book and a presence across multiple geographies, supported by an experienced management team.
Liotech Industries will raise Rs 36 crore through a fixed-price issue at Rs 321 per share. The offering comprises a fresh issue of Rs 28.9 crore and an offer for sale of Rs 7.1 crore.
Retail investors will need to invest at least Rs 2.57 lakh for one lot of 800 shares.
The Rajkot-based company manufactures hardware structures and accessories, including door kits, hinges, locks, handles, tower bolts and other architectural hardware products. It caters to sectors such as housing, infrastructure, agriculture, automotive, electricity, mining and solar energy.
Liotech operates a manufacturing facility in Gujarat and offers more than 150 product specifications. It also trades complementary products such as door stoppers, magnets and bed lifters.
The company intends to utilise the IPO proceeds for machinery purchases, loan repayment and working capital requirements.
Financially, Liotech reported revenue of Rs 51.8 crore and net profit of Rs 5.5 crore for the nine months ended December 2025. In FY25, it recorded revenue of Rs 40.7 crore and profit after tax of Rs 4.2 crore.
The allotment for both IPOs is expected to be finalised on June 22, with listing scheduled for June 24 on the BSE SME platform.
