Cash UR Drive Marketing Limited
Book Building issueSME₹60.79 Cr issue
+19.23%
Listing gain over issue price
Issue size
₹60.79 Cr
1 lot at cut-off
₹1,30,000
Lot size
1,000shares
Open
31 Jul 2025
Close
04 Aug 2025
Allotment
05 Aug 2025
Listing
07 Aug 2025
Listing performance
Issue price
₹130
Listed at
₹155
Listing-day close
₹157.45
Latest price
₹92.50
Close on 23 Oct 2026
Listing gain
+19.23%
Return since issue
-28.85%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 31 Jul 2025 – 04 Aug 2025
- Listing date
- 07 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹130 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹60.79 Cr
- Market cap at offer price
- ₹229 Cr
- Promoter holding
- 78.21% → 57.23% pre-issue → post-issue
- ISIN
- INE0WL201014
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- 4 th Floor, SCO0032, Sector17C, Chandigarh
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 | 13,22,000 | — | — |
| Market maker | 2,59,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹130
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,30,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,60,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,10,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,40,000 |
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.
Shares allocated
13,22,000
Anchor portion
₹17.19 Cr
at ₹130 per share
Valuation and performance
Valuation at offer price
₹130 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.41 | 10.02 |
| P/E (×) | 9.69 | 12.97 |
| Price to book (×) | 6.61 | — |
| Market cap | — | ₹229 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 44.43%
- ROCE
- 41.55%
- PAT margin
- 12.69%
- EBITDA margin
- 14.84%
- NAV per share
- ₹42.48
- Price to book
- 6.61
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Cash UR Drive Marketing Limited
Cash Ur Drive Marketing Limited, incorporated as a private company in July 2009 and converted to a public company in November 2023, is an Out of Home (OOH) advertising company. The company offers diverse advertising solutions including transit media (cab advertising, auto hood advertising), outdoor media (bus branding, billboards), print media, and digital media services. Initially focused on commercial vehicle advertising, the company has expanded to include Electric Vehicle (EV) advertising and EV charging station advertisements. The company provides end-to-end services including media channel selection within client budgets and regional preferences, advertisement design, booking negotiations, and acting as an intermediary connecting clients with media outlets. Revenue for FY2025 was ₹13,932.39 lakhs with profit after tax of ₹1,767.60 lakhs.
Company Analysis
from RHPCash Ur Drive Marketing Limited is an Out of Home (OOH) advertising company offering transit media, outdoor media, print media, and digital media advertising services across India.
Cash Ur Drive Marketing Limited, incorporated as a private company in July 2009 and converted to a public company in November 2023, is an Out of Home (OOH) advertising company. The company offers diverse advertising solutions including transit media (cab advertising, auto hood advertising), outdoor media (bus branding, billboards), print media, and digital media services. Initially focused on commercial vehicle advertising, the company has expanded to include Electric Vehicle (EV) advertising and EV charging station advertisements. The company provides end-to-end services including media channel selection within client budgets and regional preferences, advertisement design, booking negotiations, and acting as an intermediary connecting clients with media outlets. Revenue for FY2025 was ₹13,932.39 lakhs with profit after tax of ₹1,767.60 lakhs.
Out of Home AdvertisingTransit Media AdvertisingOutdoor AdvertisingDigital Media ServicesPrint Media AdvertisingElectric Vehicle Advertising
Objects of the Issue
- Investment in Technology ₹531.00 lakhs p.25
- Capital expenditure ₹597.49 lakhs p.25
- Funding the Working Capital requirement ₹3,300.00 lakhs p.25
- General Corporate Purposes p.25
- Investment in Technology - Development of Media Planning Platform, Transit Media App and Inventory Management Platform ₹531.00 lakhs p.123
- Capital expenditure - Setting up in-house Printing facility ₹597.49 lakhs p.125
- Funding the Working Capital requirement ₹3,300.00 lakhs p.127
- General Corporate Purposes [●] (not to exceed 15% of gross proceeds or ₹10 crores, whichever is lower) p.132
- Setting up of in-house printing facility p.188
- Acquisition of long-term media rights p.188
- Working Capital Requirement p.189
Issue Structure
- Total Issue
- Up to 46,76,000 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 44,69,000 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] Lakhs
- Offer for Sale
- Up to 2,07,000 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] Lakhs by Ms. Parveen K Khanna
- Price Band
- Floor Price: ₹117 per share (11.7 times face value); Cap Price: ₹123 per share (12.3 times face value)
- Lot Size
- Bid Lot: 1000 Equity Shares and in multiples of 1000 Equity Shares thereafter; Minimum application size for Individual Investors: Two lots (₹2 lakhs at cap price)
- Face Value
- ₹10.00 per Equity Share
Business Model
Cash Ur Drive Marketing Limited earns revenue by providing advertising solutions across multiple media platforms. The company procures advertising rights (through long-term agreements, leases, or tenders) on transit media like cabs and buses, outdoor media like billboards, and EV charging stations. It then sells these advertising spaces to clients and provides end-to-end services including media planning, design, booking management, and placement. Revenue is generated from Transit Media (37.20% of FY2025 revenue), Outdoor Media (55.52% of FY2025 revenue), and other services.
Business Segments
Advertising on commercial vehicles including cabs, auto hoods, and buses. The company has secured 13,575 cab branding rights, 1,100 electric bus branding rights, and 150 bus branding rights.
Billboard campaigns, unipole advertisements, and other outdoor advertising solutions including public toilet advertising.
Advertisement rights on Electric Vehicle charging stations and battery swapping stations. The company has secured 87 EV charging/battery swapping station branding rights.
Company acts as intermediary between media space owners and advertisers
Company acquires exclusive rights to media spaces and monetizes them by selling advertising; includes e-buses, buses, cabs, EV charging stations, unipoles, public toilets
Advertising on public transportation vehicles including cab branding (interior and exterior), bus branding (including e-buses), and auto hood advertising. Services include in-cab advertising displays, cab/taxi wraps (full and partial), roadshows through cab fleets, and bus exterior branding.
Out-of-home advertising in physical spaces including billboards/hoardings, digital wall paintings, free-standing panels, digital screens, and branding on EV charging stations. Includes 360-degree campaigns combining multiple formats.
Advertisements in printed formats such as newspapers, magazines and trade journals, offering comprehensive range of advertising services across diverse publications.
Digital marketing services including social media marketing management, SEO and website management, online reputation management, influencer outreach and engagement, paid marketing campaigns, and analytics and reporting.
Setup of electric vehicle charging stations and battery swapping stations with exclusive advertising rights on these stations. Subcontracted to promoter group company Cash UR Drive Electric Vehicles Private Limited on a revenue-sharing basis (70% to subcontractor, 30% retained).
Provision of advertising and media placement services through secured rights on cabs, buses, EV charging stations, and public infrastructure platforms
Includes Outdoor Media and Transit Media advertising services, representing the core branding segments
Billboard campaigns and outdoor advertising placements
Advertising on commercial vehicles including cabs and buses
Premium advertising solutions with higher margin realizations
Print advertising services
Digital advertising and marketing services, newly introduced in FY 2025
SWOT Analysis
Strengths
- • Established presence in high-growth OOH advertising segment with diverse service offerings(p.24)
- • Strong revenue growth trajectory across fiscal years(p.27)
- • Profitability improvement with PAT growing significantly(p.27)
- • Diversified revenue streams across transit and outdoor media(p.41)
- • Increasing proportion of repeat customers indicating customer retention(p.66)
- • Secured long-term advertisement rights agreements across multiple platforms(p.59)
- • Established market presence with diverse advertising solutions across multiple media platforms(p.72)
- • Strong revenue growth trajectory with 48.61% growth in FY2025(p.140)
- • High return on net worth of 44.43% in FY2025, demonstrating capital efficiency(p.140)
- • Significant expansion of exclusive media rights portfolio with growing revenue contribution(p.130)
- • DAVP & INS accreditation generates customer confidence(p.187)
- • Experienced promoters with 15-38 years in industry(p.187)
- • Comprehensive end-to-end service offerings and client-centric approach(p.187)
- • Strong revenue growth: 48.61% YoY growth to ₹13,932.39 Lakhs in FY25(p.143)
- • High ROCE of 41.55% and ROE of 44.43% in FY25(p.143)
- • Shift to exclusive media model reduces intermediary costs(p.174)
- • Diversified advertising rights portfolio across multiple platforms(p.216)
- • Strong revenue growth trajectory(p.276)
- • Healthy profitability with improving margins(p.276)
- • Experienced promoter with 15 years in media and advertising(p.240)
- • No debt burden - fully repaid long-term borrowings(p.275)
Weaknesses
- • Significant contingent liabilities that could materially impact financial condition(p.40)
- • Heavy dependence on limited customer base for significant revenue portion(p.42)
- • Negative cash flows from operating activities in past years(p.41)
- • History of delayed statutory compliance and regulatory filings(p.51)
- • High employee attrition rates impacting operational stability(p.66)
- • Restated financial statements prepared by peer-reviewed auditors rather than statutory auditors(p.42)
- • Reliance on leased premises with no ownership of operational properties(p.62)
- • Multiple ongoing tax litigations with uncertain outcomes(p.40)
- • Conflicts of interest with promoter group companies engaged in similar advertising business(p.43)
- • Substantial losses incurred by group companies impacting overall group stability(p.68)
- • Heavy dependence on purchase orders rather than long-term contracts with customers(p.73)
- • Significant reliance on promoter management, particularly marketing leadership by Mr. Raghu Khanna(p.72)
- • Limited experience among board members with listed companies creating governance risks(p.73)
- • Lack of formal data security policy despite IT system dependence(p.73)
- • Working capital intensity of business model requiring performance bank guarantees(p.71)
- • Risk of accounts receivable collection delays impacting cash flows(p.74)
- • Director experience documentation gap with untraceable experience certificates(p.74)
- • High employee attrition: 51.61% in FY25, 48.12% in FY24, 66.15% in FY23(p.192)
- • Dependence on top 10 customers: 61.34% of FY25 revenue(p.196)
- • Heavy reliance on third-party printing vendors without in-house capacity(p.192)
- • Manual processes for media monitoring, planning and inventory management(p.188)
- • CSR shortfall of ₹9.50 Lakhs cumulative balance as of March 31, 2025(p.194)
- • EV charging station business not yet operational; no revenue generated(p.176)
- • Heavy reliance on service cost vendors for advertising platform access(p.286)
- • Concentration of shareholding among two promoters(p.281)
- • Limited board independence and governance(p.219)
- • Aging trade receivables(p.284)
- • High financial leverage of promoters through group entities(p.248)
- • High contingent liabilities including GST and income tax disputes(p.296)
- • Significant unresolved GST and income tax liabilities(p.296)
- • CSR spending shortfall and cumulative unspent obligations(p.292)
- • Rising gratuity and employee benefit obligations(p.292)
- • Negative free cash flow to equity in FY 2024-25(p.350)
- • Significant negative operating cash flow(p.350)
Opportunities
- • Rapid growth of Indian advertising market projected at 9.37% CAGR(p.24)
- • Expansion into electric vehicle advertising as EV industry grows(p.24)
- • Investment in technology to enhance operational efficiency and real-time engagement(p.25)
- • Geographic expansion within India with existing operations across multiple states(p.60)
- • Strategic deployment of working capital to fund growth and expand market presence(p.25)
- • Growth in global advertising market at 4.4% CAGR offering long-term industry tailwinds(p.24)
- • Transition to exclusive media model with higher margins and recurring revenue potential(p.124)
- • Development of proprietary technology platform for media planning and inventory management(p.123)
- • Establishment of in-house printing facility to reduce costs and improve margins(p.125)
- • Geographic expansion beyond current presence with northern India focus(p.126)
- • Automation of media monitoring and planning processes to enhance operational efficiency(p.124)
- • EV charging and battery swapping station expansion with 98 stations across 4 cities(p.181)
- • India advertising market growing at 9.37% CAGR to reach ₹2.11 trillion by 2033(p.164)
- • Global advertising market forecast at USD 995 billion by 2033 (4.4% CAGR)(p.158)
- • Digital advertising growing at 7.9% with 68.4% of total spend(p.160)
- • India fastest-growing advertising market in Asia-Pacific at 7.9%(p.160)
- • In-house printing facility establishment to reduce costs and improve efficiency(p.188)
- • Repeated customer revenue growing to 73.67% of operations(p.195)
- • Growth in electric vehicle infrastructure - secured EV charging station advertisement rights(p.217)
- • Expansion of cab advertising network with letter of intent pipeline(p.217)
- • Growth potential in public infrastructure advertising(p.217)
- • Strategic expansion through non-competence agreements limiting group entity conflicts(p.245)
- • Strong growth in Exclusive Media segment(p.307)
- • Expansion into new business verticals including Digital Marketing(p.307)
- • Healthy growth in core Transit and Outdoor Media segments(p.307)
- • Improved working capital position and liquidity(p.293)
- • Strengthened capital structure with reduced debt(p.293)
Threats
- • Downturn in customer industries could directly reduce demand for advertising services(p.64)
- • Intense competition in advertising industry from larger established players(p.22)
- • Volatility in interest rates affecting borrowing costs and profitability(p.22)
- • Disruption in availability of advertisement spaces and sites due to external factors(p.59)
- • Regulatory changes affecting advertising content and government advertising budgets(p.22)
- • Risk of customers internalizing advertising functions reducing demand for external services(p.66)
- • Dependence on third-party printing facilities could disrupt service delivery(p.70)
- • Economic downturn and reduced consumer spending impacting customer advertising budgets(p.22)
- • Rapid changes in consumer preferences and market trends requiring constant adaptation(p.66)
- • Low entry barriers in marketing and advertising industry attracting new competitors(p.75)
- • Quarterly variations in business results due to demand and market conditions(p.74)
- • Slowdown in Indian economic growth affecting business and demand(p.79)
- • Global financial instability and volatility impacting Indian financial markets(p.79)
- • Natural disasters and external events disrupting business operations(p.81)
- • Stringent environmental, health, safety and labor law compliance requirements(p.75)
- • Changes in government policies and regulations affecting business viability(p.79)
- • Risk of potential surveillance measures restricting trading post-listing(p.83)
- • Global growth declining to 2.8% in 2025; trade tensions and tariff escalations(p.150)
- • Policy uncertainty driving market volatility and cautious investment behavior(p.151)
- • Highly competitive OOH advertising market with major competitors(p.194)
- • Regulatory complexities in digital content and data privacy laws(p.172)
- • Digital disruption and competition from global digital giants(p.172)
- • Dependence on third-party bus operators and cab operators for advertising rights(p.174)
- • Economic fluctuations impact advertising spend and consumer disposable income(p.172)
- • Dependency on third-party advertising platforms and operators(p.216)
- • Regulatory changes in outdoor advertising and transport sector(p.216)
- • Competition from established advertising agencies and digital media platforms(p.249)
- • Litigation risk involving multiple promoter group entities(p.244)
- • Significant related party transaction exposure(p.290)
- • Significant GST compliance matters and potential demands(p.326)
- • Material income tax demands and ongoing assessments(p.322)
- • Pending litigation with multiple stakeholders(p.319)
- • Industry exposure to regulatory and policy changes(p.304)
- • Competition and market cyclicality risks(p.315)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Raghu Khanna | Promoter | 35.12% | 26.23% |
| Parveen K Khanna | Promoter/Selling Shareholder | 42.33% | 30.44% |
| Bhupinder Kumar Khanna | Promoter | Negligible | Negligible |
| Raghu Khanna | Promoter | 35.12% | 26.23% |
| Parveen K Khanna | Promoter/Selling Shareholder | 42.33% | 30.44% |
| Bhupinder Kumar Khanna | Promoter | Negligible | Negligible |
| Raghu Khanna | Promoter | — | — |
| Parveen K Khanna | Promoter | — | — |
| Bhupinder Kumar Khanna | Promoter | — | — |
| Raghu Khanna | Promoter/Managing Director | 35.12% | — |
| Parveen K Khanna | Promoter/Whole Time Director | 42.33% | — |
| Bhupinder Kumar Khanna | Promoter/Non-Executive Director | 0.00% | — |
| Parveen K Khanna | Promoter/Whole Time Director | — | — |
| Raghu Khanna | Promoter/Managing Director | — | — |
| Mrs. Parveen K Khanna | Selling Shareholder/Promoter | — | — |
Leadership
Raghu Khanna · Promoter/Managing Director
Parveen K Khanna · Promoter/Director
Bhupinder Kumar Khanna · Promoter
Gagan Mahajan · Company Secretary & Compliance Officer
Rajat Singhal · Chief Financial Officer
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.
Cash UR Drive Marketing Limited IPO FAQs
What is the lot size of Cash UR Drive Marketing Limited IPO?
The minimum lot size of Cash UR Drive Marketing Limited IPO is 1,000 shares. One lot costs ₹1,30,000 at the cut-off price.
When does Cash UR Drive Marketing Limited IPO open and close?
Cash UR Drive Marketing Limited IPO opened for subscription on 31 Jul 2025 and closed on 04 Aug 2025.
What is the listing date of Cash UR Drive Marketing Limited IPO?
Cash UR Drive Marketing Limited IPO listed on 07 Aug 2025.