Without a point heading into the final group stage match, the Foxes youngsters came from behind to go 2-1 in front at LCFC Training Ground, before a stoppage-time equaliser cruelly denied the side coached by Leon McSweeney a first victory in Group B.
Goalless at the break in Seagrave, the visitors broke the deadlock through Issaka Seidu just after the hour mark, but a superb individual goal from substitute Riley Carr got City back on level terms.
Carr equalising for the young Foxes.
Just five minutes after coming off the bench, he carried the ball from inside his own half before planting a composed finish past William Lykke.
Michael Golding then picked out Kirsten Otchere, who made no mistake from just outside the area, shifting the ball onto his right foot and finding the top corner emphatically with a quarter of an hour to play, turning the game on its head.
Four minutes past the 90, Daniel Ingi Johannesson restored parity for the Danish side and ensured they took a point back to Denmark, while Leicester finish eighth on one point.
Premier League Cup action comes next.
Attention turns to the Premier League Cup next week, facing Charlton Athletic away on Tuesday 16 December, before hosting Preston North End three days later (7pm GMT kick-offs).
The details
City: Marson, Amartey, Khela, Gray, Ali; Onanaye, Neale (Donnelly 46’); Richards, Golding (de Lisle 75’), Briggs (Carr 60’); Otchere (Popov 82’).
Unused subs: H. Lawrence, Toko, Akolbire.
Goals: Carr 65’, Otchere 74’.