Adcounty Media India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Jun 2025 – 01 Jul 2025
- Listing date
- 04 Jul 2025
- Face value
- ₹10 per share
- Issue price
- ₹85 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹50.69 Cr
- Market cap at offer price
- ₹191 Cr
- Promoter holding
- 89.14% → 65.51% pre-issue → post-issue
- ISIN
- INE0W1601012
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- First Floor, D-41, Patrakar Colony, Near Jawahar Nagar Moti Dungri Vistar Yojna, Raja Park, Rajasthan
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 16,86,400 | — | — |
| Market maker | 3,36,000 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹85
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,36,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,72,000 |
| S-HNI (max) | 7 | 11,200 | ₹9,52,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,88,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.37 | 6.11 |
| P/E (×) | 10.16 | 13.91 |
| Price to book (×) | 3.71 | — |
| Market cap | — | ₹191 Cr |
Key performance indicators
- Return on net worth
- 47.28%
- ROCE
- 47.27%
- PAT margin
- 19.96%
- EBITDA margin
- 26.49%
- NAV per share
- ₹22.92
- Price to book
- 3.71
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Adcounty Media India
AdCounty Media India Limited was incorporated as a Private Limited Company on May 03, 2017, and converted to a Public Limited Company on May 28, 2024. The company operates as a BrandTech firm offering comprehensive solutions from branding to performance optimization for clients. It operates multiple websites across verticals, offers mobile apps, websites, and a proprietary programmatic tool called BidCounty. The company's service portfolio includes programmatic advertising for optimal conversion ratios, SEO for organic traffic amplification, social media marketing for brand awareness, and performance-based campaigns (PPC, CPA, CPS, CPL, CPI). Revenue for FY 2025 was ₹6,889.51 lakhs with a profit after tax of ₹1,375.01 lakhs.
Company Analysis
from RHPAdCounty Media India Limited is a BrandTech company providing end-to-end digital marketing and advertising technology solutions spanning programmatic advertising, SEO, PPC, social media marketing, and related digital services.
AdCounty Media India Limited was incorporated as a Private Limited Company on May 03, 2017, and converted to a Public Limited Company on May 28, 2024. The company operates as a BrandTech firm offering comprehensive solutions from branding to performance optimization for clients. It operates multiple websites across verticals, offers mobile apps, websites, and a proprietary programmatic tool called BidCounty. The company's service portfolio includes programmatic advertising for optimal conversion ratios, SEO for organic traffic amplification, social media marketing for brand awareness, and performance-based campaigns (PPC, CPA, CPS, CPL, CPI). Revenue for FY 2025 was ₹6,889.51 lakhs with a profit after tax of ₹1,375.01 lakhs.
Objects of the Issue
- Capital Expenditure ₹1,400.00 lakhs p.25
- Working Capital Requirement ₹2,500.00 lakhs p.25
- Unidentified Acquisitions and General Corporate Purpose [●] p.25
- Capital Expenditure ₹1,400.00 Lakhs p.90
- Working Capital Requirement ₹2,500.00 Lakhs p.108
- Unidentified Acquisition and General Corporate Purposes [●] Lakhs (not to exceed 35% of gross proceeds) p.111
- Not specified in this document portion
Issue Structure
- Total Issue
- 59,63,200 Equity Shares of face value of ₹10/- each aggregating to Rs. [●] Lakhs
- Fresh Issue
- 59,63,200 Equity Shares of Face Value of Rs. 10/- each aggregating up to Rs. [●] in Lakhs
- Offer for Sale
- NIL
- Price Band
- Floor Price: ₹80 per Equity Share; Cap Price: ₹85 per Equity Share
- Lot Size
- 1,600 Equity Shares (minimum bid lot)
- Face Value
- ₹10/- per Equity Share
Business Model
The company generates revenue through digital marketing services including programmatic advertising, cost-per-performance models (CPA, CPA, CPS, CPL, CPI), SEO services, social media marketing, and PPC campaigns. As of March 31, 2025, the top 10 customers accounted for 76.94% of revenue from operations. The company operates through multiple websites, mobile applications, and its proprietary programmatic platform BidCounty to deliver client campaigns.
Business Segments
SWOT Analysis
- • Rapid revenue growth with strong CAGR(p.139)
- • Diverse global customer base across 47 countries(p.169)
- • Experienced management team with deep domain expertise(p.169)
- • Strong partnerships with leading media agencies and brands(p.150)
- • Established market position as performance marketing leader(p.150)
- • Technology-driven solutions including proprietary tools(p.157)
- • First generation entrepreneurs with limited experience in managing company growth(p.33)
- • Negative cash flows from investing and financing activities in current and previous years(p.33)
- • Dependence on limited number of customers for majority of revenue(p.36)
- • Revenue decline experienced in previous fiscal year(p.36)
- • Leased premises not owned by company with risk of non-renewal(p.34)
- • Pending legal proceedings against corporate promoter and individual promoters(p.34)
- • Delays in statutory compliance filings and regulatory violations(p.42)
- • Contingent GST liabilities of Rs. 51.24 lakhs pending resolution(p.27)
- • High employee attrition in IT sector impacting retention(p.169)
- • Continuous need for innovation to keep pace with competition(p.169)
- • Heavy dependence on expensive third-party tools consuming working capital(p.169)
- • High customer concentration with top 10 customers representing 76.94% of revenue(p.168)
- • Significant revenue concentration from single largest customer(p.168)
- • Promoter faces multiple GST/indirect tax demands totaling ~₹5.5 crores across multiple financial years(p.291)
- • Promoter (Innovana Thinklabs Limited) faces CBI/ED criminal investigation related to alleged Microsoft software piracy and money laundering(p.292)
- • Director/Promoter Chandan Garg faces ongoing ED appeal in High Court regarding PMLA seizure of assets(p.293)
- • Promoter faces Income Tax reassessment demand of ₹32.2 lakhs for FY 2019-20(p.291)
- • Global digital advertising and marketing market growing at 11% CAGR to reach $1.1 Trillion by 2030(p.24)
- • India AdTech market expanding rapidly at 24.20% CAGR to reach $238.40 Million by 2033(p.25)
- • India becoming world's second-biggest online market with 900 million active internet users by 2025(p.24)
- • India's e-commerce market projected to reach US$ 200 billion by 2027(p.24)
- • Global AdTech market projected to grow from USD 986.87 billion in 2025 to USD 2,547.17 billion by 2032 at 14.5% CAGR(p.24)
- • Planned capital expenditure for development of websites, applications and software tools(p.39)
- • Phenomenal rise in global advertising spend creating growth potential(p.169)
- • India's rapidly growing digital advertising market with 24.20% CAGR(p.146)
- • AI and ML adoption revolutionizing advertising targeting and personalization(p.147)
- • Explosive growth in Connected TV and OTT platforms(p.147)
- • Rising smartphone penetration and internet user base expansion(p.140)
- • Shift in advertising budgets from traditional to digital channels(p.140)
- • Growing e-commerce sector driving higher ad spend(p.146)
- • Companies may reduce marketing spending during periods of economic uncertainty(p.33)
- • Highly competitive digital marketing market with numerous players(p.40)
- • Dependence on third-party platforms and media spaces with no long-term contracts(p.47)
- • Risk of technology obsolescence and need for continuous software upgrades(p.49)
- • Regulatory compliance requirements for advertising and data protection(p.48)
- • Geographic concentration of revenue in Haryana, Karnataka and Maharashtra(p.37)
- • Economic slowdown in India could adversely affect business(p.56)
- • Inflation could increase costs and reduce profitability(p.56)
- • Data privacy regulations limiting data collection and targeting capabilities(p.142)
- • Risk of phishing attacks and data breaches compromising sensitive information(p.169)
- • Payment defaults by startups and failing companies(p.169)
- • Intense fragmented competition from local and international players(p.173)
- • Market consolidation reducing competition and innovation(p.144)
- • Slowdown in digital advertising growth impacting revenue(p.139)
- • Regulatory and litigation risks affecting corporate promoter(p.289)
- • GST compliance and demand notices(p.287)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| M/s Innovana Thinklabs Limited | Corporate Promoter | 40,02,500 shares (24.20%) | 40,02,500 shares (17.79%) |
| Mr. Chandan Garg | Promoter | 14,40,900 shares (8.71%) | 14,40,900 shares (6.41%) |
| Mr. Aditya Jangid | Promoter | 28,93,007 shares (17.49%) | 28,93,007 shares (12.86%) |
| Mr. Abbhinav Rajendra Jain | Promoter | 28,93,007 shares (17.49%) | 28,93,007 shares (12.86%) |
| Mr. Delphin Varghese | Promoter | 28,91,406 shares (17.48%) | 28,91,406 shares (12.85%) |
| Ms. Vartika Dangayach | Promoter | 6,06,779 shares (3.67%) | 6,06,779 shares (2.70%) |
| M/s Innovana Thinklabs Limited | Promoter | 24.20% | 17.79% |
| Mr. Aditya Jangid | Promoter | 17.49% | 12.86% |
| Mr. Abbhinav Rajendra Jain | Promoter | 17.49% | 12.86% |
| Mr. Delphin Varghese | Promoter | 17.48% | 12.85% |
| Mr. Chandan Garg | Promoter | 8.71% | 6.41% |
| Ms. Vartika Dangayach | Promoter | 3.67% | 2.70% |
| Mr. Kapil Garg | Promoter Group | 0.06% | 0.04% |
| Mr. Himanshu Jangid | Promoter Group | 0.03% | 0.02% |
| Mr. Chandan Garg | Promoter | 8.71% | — |
| Mr. Aditya Jangid | Promoter | 17.49% | — |
| Mr. Abbhinav Rajendra Jain | Promoter | 17.49% | — |
| Mr. Delphin Varghese | Promoter | 17.48% | — |
| Ms. Vartika Dangayach | Promoter | 3.67% | — |
| M/s Innovana Thinklabs Limited | Corporate Promoter/Promoter Group | 24.20% | — |
| M/s Innovana Thinklabs Limited | Corporate Promoter | 24.20% | — |
| Mr. Aditya Jangid | Individual Promoter | 17.49% | — |
| Mr. Abbhinav Rajendra Jain | Individual Promoter | 17.49% | — |
| Mr. Delphin Varghese | Individual Promoter | 17.48% | — |
| Mr. Chandan Garg | Individual Promoter | 8.71% | — |
| Ms. Vartika Dangayach | Individual Promoter | 3.67% | — |
| Innovana Thinklabs Limited | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.