Leapfrog Engineering Services IPO
Leapfrog Engineering Services LtdSME
This IPO has listed.
- Open date
- 17 Jun 2026
- Close date
- 19 Jun 2026
- Min. Investment
- ₹2,76,000
- Lot Size
- -
- Fresh Issue
- ₹79.60 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers20.32x
- Non-Institutional Investors4.61x
- Retail-Individual Investors0.84x
- Total2.61x
Schedule
- Completed: IPO open date17 Jun 2026
- Completed: IPO close date19 Jun 2026
- Completed: Allotment date22 Jun 2026
- Completed: Funds unblock or debit23 Jun 2026
- Completed: Tentative listing date24 Jun 2026
About
Promoter shareholding in Leapfrog Engineering Services Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Prabhav Narasimha Rao | 4,76,28,000 | 44.44% | 4,37,52,000 | 30.86% |
| Priyashaila Prabhav Rao | 4,56,12,000 | 42.55% | 4,56,12,000 | 32.17% |
| Ayush P Rao | 40,32,000 | 3.76% | 40,32,000 | 2.84% |
| Pranav Narasimha Rao | 12,18,000 | 1.14% | 12,18,000 | 0.86% |
| Pratibha Upadhyaya | 2,52,000 | 0.24% | 2,52,000 | 0.18% |
| Upanishad Prashant Rao | 2,52,000 | 0.24% | 2,52,000 | 0.18% |
| Prajna Shridhar Acharya | 2,52,000 | 0.24% | 2,52,000 | 0.18% |
Leapfrog Engineering Services IPO Strengths & Risks
- Experienced promoters having deep knowledge to scale up the business.
- Established and proven track record.
- Leveraging the experience of our Promoters.
- Experienced management team and a motivated and efficient work force.
- Cordial relations with our customers.
- Quality Assurance & Control.
- Risks Relating to the Business: The Company's Directors, Promoters and Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: Dependence on Leased Premises for Business Operations.
- Risks Relating to the Business: The company may faces several risks associated with the object of the issue of setting up of proposed Assembling Unit, which could hamper its growth prospects, cash flows and business and financial condition.
- Risks Relating to the Business: The company cannot assure you that the proposed assembling unit will become operational as scheduled, or at all, or operate as efficiently as planned. If the company is unable to commission its new facility in a timely manner or without cost overruns, it may adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: The cost estimates for the proposed assembling unit at Site No. 11 & 12, Akshya Nagar, Yelenahalli, Begur, Bengaluru - 560068, Karnataka have been derived from management estimates and quotations received from third parties and may not be accurate.
- Risks Relating to the Business: The Company is yet to place orders for civil work and plant & machineries for the proposed assembling unit. Any delay in placing orders or completion of civil works or procurement of such machinery may delay the schedule of implementation and possibly increase the cost of commencing operations.
- Risks Relating to the Business: EPCC projects are typically awarded to the company 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 the company or if contracts awarded to the company are prematurely terminated.
- Risks Relating to the Business: Dependence on Middle Eastern Markets for Export Revenue.
- Risks Relating to the Business: The company's business is substantially dependent on certain key customers, from whom the company derives a significant portion of its revenues. The loss of any significant customer may have a material and adverse effect on its business and results of operations.
- Risks Relating to the Business: The Company had negative cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.
- Risks Relating to the Business: The company's business is dependent on certain suppliers and the loss of one or more of them would have a material adverse effect on the business.
- Risks Relating to the Business: The company's Order Book may not be representative of its future results and the company's actual income may be significantly less than the estimates reflected in the company's Order Book, which could adversely affect its results of operations.
- Risks Relating to the Business: There are certain discrepancies noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies.
- Risks Relating to the Business: There have been some instances of delayed filing of returns and depositing of statutory dues with regulatory authorities.
- Risks Relating to the Business: The company's clientele comes from various Industrial Segments, such as, Power and Telecommunication, Oil and Gas, Food processing, Pharma, Metals, Minerals, Railways, Refineries, Mining etc. and therefore any downturn in these industries may adversely affect the revenue and operating profit of the company.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company's Promoters is lower than the Issue Price.
- Risks Relating to the Business: The company has certain contingent liabilities, which, if materialized, may affect its financial condition and results of operations.
- Risks Relating to the Business: The company's ability to protect or use intellectual property right may adversely affect its business.
- Risks Relating to the Business: The Company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on its financial condition and results of operations.
- Risks Relating to the Business: Potential Financial Impact of Collateral Forfeiture on Business Stability
- Risks Relating to the Business: The company's projects are exposed to various implementation and other risks, including risks of time and cost overruns, and uncertainties, which may adversely affect its business, financial condition, results of operations, and prospects.
- Risks Relating to the Business: The company's business requires its to obtain and renew certain licenses and permits from government, regulatory authorities and the failures to obtain or renew them in a timely manner may adversely affect its business operations.
- Risks Relating to the Business: The company's industry is labour intensive, and the company's business operations may be materially adversely affected by strikes, work stoppages or increased wage demands by its employees or those of the company's suppliers.
- Risks Relating to the Business: The company has substantial working capital requirements. The company's inability to obtain and / or maintain sufficient cash flow, credit facilities and other sources of funding in a timely manner to meet its requirements of working capital or payment of our debts, could adversely affect the company's operations.
- Risks Relating to the Business: The company is dependent on Promoters, directors and key managerial personnel of the Company for success whose loss could seriously impair the ability to continue to manage and expand business efficiently.
- Risks Relating to the Business: Disruptions or failures in the company's information technology systems may affect its operations. Further, Changes in technology may render the company's current technologies obsolete or require the company to make substantial capital investments.
- Risks Relating to the Business: The company actual cost in executing a work order or in constructing a project may vary substantially from the assumptions underlying the company's bid. the company may be unable to recover all or some of the additional expenses, which may have a material adverse effect on its results of operations, cash flows and financial condition.
- Risks Relating to the Business: the company's insurance coverage may not be adequate to protect the company against certain losses and this may have a material adverse effect on its business.
- Risks Relating to the Business: The company is required to furnish financial and performance bank guarantees and letter of credits as part of its business. The company's inability to arrange such guarantees and/or letters of credit may adversely affect ist cash flows and financial condition.
- Risks Relating to the Business: The company cannot assure that the construction of its projects will be free from any or all defects, which may adversely affect the company's business, financial condition, results of operations and prospects.
- Risks Relating to the Business: Compliance with, and changes in, environmental, health and safety laws and regulations or stringent enforcement of existing environmental, health and safety laws and regulations may result in increased liabilities and increased capital expenditures may adversely affect its cash flows, business results of operations and financial condition.
- Risks Relating to the Business: The company may need to raise additional capital in the future for working capital and the company may not be able to do so on favourable terms or at all, which would impair its ability to operate the company's business or achieve the company's growth objectives, which may have an adverse effect on its results of operations and business.
- Risks Relating to the Business: The company may not be able to collect receivables due from its clients, in a timely manner, or at all, which may adversely affect the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's operations are subject to risks of mishaps or accidents that could cause damage or loss to life and property and could also result in loss or slowdown in the company's business.
- Risks Relating to the Business: The company appoint contract labour for carrying out certain of its operations and the company may be held responsible for paying the wages of such workers, if the independent contractors through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on its results of operations, cash flows and financial condition.
- Risks Relating to the Business: If the company is unable to source business opportunities effectively, the company may not achieve its financial objectives.
- Risks Relating to the Business: The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Risks Relating to the Business: the company's management will have broad discretion in how the company apply the Net Proceeds of the Issue and there is no assurance that the Objects of the Offer will be achieved within the time frame expected, or at all, or that the deployment of Net Proceeds in the manner intended by the company will result in an increase in the value of your investment.
- Risks Relating to the Business: The Company may faces risks associated with business transactions with Government Entities.
- Risks Relating to the Business: In addition to the company's existing indebtedness for its operations, the company may be required to obtain further loan during the course of business. There can be no assurance that the company would be able to service its existing and/or additional indebtedness.
- Risks Relating to the Business: The company's debt financing agreements contain certain restrictive covenants that may adversely affect the Company's business, credit ratings, prospects, results of operations and financial condition.
- Risks Relating to the Business: The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.
- Risks Relating to the Business: The company's lenders have charge over its movable properties, book debts, stocks in respect of finance availed by the company .
- Risks Relating to the Business: Portion of the company's Issue Proceeds are proposed to be utilized for general corporate purposes which constitute [?]% of the Issue Proceed.
- Risks Relating to the Business: Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- Risks Relating to the Business: The company is subject to risks arising from interest rate fluctuations, which could adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company faces competition in the company's business from organized and unorganized players, which may adversely affect its business operation and financial condition.
- Risks Relating to the Business: The company may not be successful in implementing its business strategies.
- Risks Relating to the Business: Industry information included in this Red Herring Prospectus has been derived from www.ibef.org and other publicly available sources There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.
- Risks Relating to the Business: An inability to renew quality accreditations in a timely manner or at all, or any deficiencies in the quality of the company's products may adversely affect its business prospects and financial performance.
- Risks Relating to the Business: The company is subject to risks resulting from foreign exchange rate fluctuations, which could adversely affect its results of operations.
- Risks Relating to the Business: Some of the KMPs is associated with the company for less than one year.
- Risks Relating to the Business: Upon completion of the Issue, the company's Promoters may continue to retain significant control, which will allow them to influence the outcome of matters submitted to the shareholders for approval.
- Risks Relating to the Business: In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
- Risks Relating to the Business: While the Company will receive proceeds from the Fresh Issue, it will not receive any proceeds from the Offer for Sale portion, and the Selling Shareholders, shall be entitled to the Offer Proceeds to the extent of the Equity Shares offered by them in the Offer for Sale.
- Risks Relating to the Business: There is no guarantee that the company's Equity Shares will be listed on the SME Platform of BSE Limited in a timely manner or at all.
- Risks Relating to the Business: The requirements of being a public listed company may strain its resources and impose additional requirements.
- Risks Relating to the Business: Some of the approvals are required to be updated consequent to the change in the name of the Company.
- Risks Relating to the Business: The Issue Price of its Equity Shares may not be indicative of the market price of the company's Equity Shares after the Issue.
- Risks Relating to the Business: After this Issue, the price of the company's Equity Shares may be volatile, or an active trading market for its Equity Shares may not be sustained.
- Risks Relating to the Business: The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- Risks Relating to the Business: There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- Risks Relating to the Business: Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of its Equity Shares by the company's Promoters or Promoter Group may adversely affect the trading price of its Equity Shares.
- Risks Relating to the Business: The Company has not paid any dividends till now and there can be no assurance that the company will pay dividends in future.
- Risks Relating to the Business: The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
- Risks Relating to the Business: The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by future dilution of their ownership position.
- Risks Relating to the Business: You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- Risks Relating to the Business: Applicants to this Issue are not allowed to withdraw their Applications after the Issue Closing Date.
- Risks Relating to the Business: Foreign investors may be restricted in their ability to purchase or sell Equity Shares.
- Risks Relating to the Business: Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- Risks Relating to the Business: The company's Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.
- Risks Relating to the Business: The Company, Directors, Promoters and Group Companies is parties to certain legal proceedings. Any adverse decision in such proceedings may has a material adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: Dependence on Leased Premises for Business Operations.
- Risks Relating to the Business: The company may faces several risks associated with the object of the issue of setting up of proposed Assembling Unit, which could hamper its growth prospects, cash flows and business and financial condition.
- Risks Relating to the Business: The company cannot assure you that the proposed assembling unit will become operational as scheduled, or at all, or operates as efficiently as planned. If the company is unable to commission its new facility in a timely manner or without cost overruns, it may adversely affect the company business, results of operations and financial condition.
- Risks Relating to the Business: The cost estimates for the proposed assembling unit at Site No. 11 & 12, Akshya Nagar, Yelenahalli, Begur, Bengaluru - 560068, Karnataka has been derived from management estimates and quotations received from third parties and may not be accurate.
- Risks Relating to the Business: The Company is yet to place orders for civil work and plant & machineries for the proposed assembling unit. Any delay in placing orders or completion of civil works or procurement of such machinery may delay the schedule of implementation and possibly increase the cost of commencing operations.
- Risks Relating to the Business: EPCC projects is typically awarded to its on satisfaction of prescribed pre-qualification criteria and following a competitive bidding process. The company business and its financial condition may be adversely affected if new infrastructure projects is not awarded to the company or if contracts awarded to its is prematurely terminated.
- Risks Relating to the Business: Dependence on Middle Eastern Markets for Export Revenue.
- Risks Relating to the Business: The company business is substantially dependent on certain key customers, from whom its derives a significant portion of the company revenues. The loss of any significant customer may has a material and adverse effect on the company business and results of operations.
- Risks Relating to the Business: The Company had negative cash flow in recent fiscals, details of which is given below. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.
- Risks Relating to the Business: The company's business is dependent on certain suppliers and the loss of one or more of them would has a material adverse effect on the business.
- Risks Relating to the Business: The company Order Book may not be representative of its future results and the company actual income may be significantly less than the estimates reflected in its Order Book, which could adversely affect the company results of operations.
- Risks Relating to the Business: There is certain discrepancies noticed in some of the company corporate records relating to forms filed with the Registrar of Companies.
- Risks Relating to the Business: There has been some instances of delayed filing of returns and depositing of statutory dues with regulatory authorities.
- Risks Relating to the Business: The company's clientele comes from various Industrial Segments, such as, Power and Telecommunication, Oil and Gas, Food processing, Pharma, Metals, Minerals, Railways, Refineries, Mining etc. and therefore any downturn in these industries may adversely affect the revenue and operating profit of its company.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company Promoters is lower than the Issue Price.
- Risks Relating to the Business: The company has certain contingent liabilities, which, if materialized, may affect its financial condition and results of operations.
- Risks Relating to the Business: The company ability to protect or use intellectual property right may adversely affect its business.
- Risks Relating to the Business: The Company has in the past entered into related party transactions and may continue to does so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not has an adverse effect on its financial condition and results of operations.
- Risks Relating to the Business: Potential Financial Impact of Collateral Forfeiture on Business Stability.
- Risks Relating to the Business: The company projects is exposed to various implementation and other risks, including risks of time and cost overruns, and uncertainties, which may adversely affect its business, financial condition, results of operations, and prospects.
- Risks Relating to the Business: The company business requires its to obtain and renew certain licenses and permits from government, regulatory authorities and the failures to obtain or renew them in a timely manner may adversely affect its business operations.
- Risks Relating to the Business: The company industry is labour intensive, and its business operations may be materially adversely affected by strikes, work stoppages or increased wages demands by its employees or those of the company suppliers.
- Risks Relating to the Business: The company has substantial working capital requirements. Its inability to obtain and / or maintain sufficient cash flow, credit facilities and other sources of funding in a timely manner to meet the company requirements of working capital or payment of its debts, could adversely affect the company operations.
- Risks Relating to the Business: The company is dependent on Promoters, directors and key managerial personnel of its Company for success whose loss could seriously impair the ability to continue to manage and expand business efficiently.
- Risks Relating to the Business: Disruptions or failures in the company information technology systems may affect its operations. Further, Changes in technology may render the company current technologies obsolete or requires its to make substantial capital investments.
- Risks Relating to the Business: The company actual cost in executing a work order or in constructing a project may vary substantially from the assumptions underlying its bid. The company may be unable to recover all or some of the additional expenses, which may has a material adverse effect on the company results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company insurance coverage may not be adequate to protect its against certain losses and this may has a material adverse effect on the company business.
- Risks Relating to the Business: The company is required to furnish financial and performance bank guarantees and letter of credits as part of its business. The company inability to arrange such guarantees and/or letters of credit may adversely affect its cash flows and financial condition.
- Risks Relating to the Business: The company cannot assure that the construction of its projects will be free from any or all defects, which may adversely affect the company business, financial condition, results of operations and prospects.
- Risks Relating to the Business: Compliance with, and changes in, environmental, health and safety laws and regulations or stringent enforcement of existing environmental, health and safety laws and regulations may result in increased liabilities and increased capital expenditures may adversely affect the company cash flows, business results of operations and financial condition.
- Risks Relating to the Business: The company may need to raise additional capital in the future for working capital and its may not be able to does so on favourable terms or at all, which would impair the company ability to operates its business or achieve the company growth objectives, which may has an adverse effect on its results of operations and business.
- Risks Relating to the Business: The company may not be able to collect receivables dues from its clients, in a timely manner, or at all, which may adversely affect the company business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company operations is subject to risks of mishaps or accidents that could cause damage or loss to life and property and could also result in loss or slowdown in its business.
- Risks Relating to the Business: The company appoint contract labour for carrying out certain of its operations and the company may be held responsible for paying the wages of such workers, if the independent contractors through whom such workers is hired default on their obligations, and such obligations could has an adverse effect on the company results of operations, cash flows and financial condition.
- Risks Relating to the Business: If the company is unable to source business opportunities effectively, its may not achieve the company financial objectives.
- Risks Relating to the Business: The company could be harmed by employee misconduct or errors that is difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Risks Relating to the Business: The company management will has broad discretion in how its apply the Net Proceeds of the Issue and there is no assurance that the Objects of the Offer will be achieved within the time frame expected, or at all, or that the deployment of Net Proceeds in the manner intended by the company will result in an increase in the value of your investment.
- Risks Relating to the Business: The Company may faces risks associated with business transactions with Government Entities.
- Risks Relating to the Business: In addition to the company existing indebtedness for its operations, the company may be required to obtain further loan during the course of business. There can be no assurance that its would be able to service the company existing and/or additional indebtedness.
- Risks Relating to the Business: The company debt financing agreements contain certain restrictive covenants that may adversely affect its Company's business, credit ratings, prospects, results of operations and financial condition.
- Risks Relating to the Business: The future operating results is difficult to predict and may fluctuate or adversely vary from the past performance.
- Risks Relating to the Business: The company lenders has charge over its movable properties, book debts, stocks in respect of finance availed by the company.
- Risks Relating to the Business: Portion of the company Issue Proceeds is proposed to be utilized for general corporate purposes which constitute [?]% of the Issue Proceed.
- Risks Relating to the Business: Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus has been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- Risks Relating to the Business: The company is subject to risks arising from interest rate fluctuations, which could adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company faces competition in its business from organized and unorganized players, which may adversely affect the company business operation and financial condition.
- Risks Relating to the Business: The company may not be successful in implementing its business strategies.
- Risks Relating to the Business: Industry information included in this Red Herring Prospectus has been derived from www.ibef.org and other publicly available sources There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.
- Risks Relating to the Business: An inability to renew quality accreditations in a timely manner or at all, or any deficiencies in the quality of the company products may adversely affect its business prospects and financial performance.
- Risks Relating to the Business: The company is subject to risks resulting from foreign exchange rate fluctuations, which could adversely affect its results of operations.
- Risks Relating to the Business: Some of the KMPs is associated with the company for less than one year.
- Risks Relating to the Business: Upon completion of the Issue, the company Promoters may continue to retain significant control, which will allow them to influence the outcome of matters submitted to the shareholders for approval.
- Risks Relating to the Business: In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect the company revenues and results of operations.
- Risks Relating to the Business: While the Company will receive proceeds from the Fresh Issue, it will not receive any proceeds from the Offer for Sale portion, and the Selling Shareholders, shall be entitled to the Offer Proceeds to the extent of the Equity Shares offered by them in the Offer for Sale.
- Risks Relating to the Business: There is no guarantee that the company Equity Shares will be listed on the SME Platform of BSE Limited in a timely manner or at all.
- Risks Relating to the Business: The requirements of being a public listed company may strain the company resources and impose additional requirements.
- Risks Relating to the Business: Some of the approvals is required to be updated consequent to the change in the name of the Company.
- Risks Relating to the Business: The Issue Price of the company Equity Shares may not be indicative of the market price of its Equity Shares after the Issue.
- Risks Relating to the Business: After this Issue, the price of the company Equity Shares may be volatile, or an active trading market for its Equity Shares may not be sustained.
- Risks Relating to the Business: The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- Risks Relating to the Business: There is restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- Risks Relating to the Business: Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of the company Equity Shares by its Promoters or Promoter Group may adversely affect the trading price of the company Equity Shares.
- Risks Relating to the Business: The Company has not paid any dividends till now and there can be no assurance that its will pay dividends in future.
- Risks Relating to the Business: The company ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company financing arrangements.
- Risks Relating to the Business: The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by future dilution of their ownership position.
- Risks Relating to the Business: You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- Risks Relating to the Business: Applicants to this Issue is not allowed to withdraw their Applications after the Issue Closing Date.
- Risks Relating to the Business: Foreign investors may be restricted in their ability to purchase or sell Equity Shares.
- Risks Relating to the Business: Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- Risks Relating to the Business: The company Equity Shares is quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.
