Century Business Media
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 47.53×
- Big non-institutionalbNII · above ₹10 lakh
- 142.25×
- Small non-institutionalsNII · ₹2–10 lakh
- 57.16×
- Retail individualRII · up to ₹2 lakh
- 39.81×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 4,38,400 | 2,08,35,200 | ₹154 Cr | 47.53× |
| Non-institutional | 3,31,200 | 3,77,18,400 | ₹279 Cr | 113.88× |
| Big non-institutionalwithin NII | 2,20,800 | 3,14,08,000 | ₹232 Cr | 142.25× |
| Small non-institutionalwithin NII | 1,10,400 | 63,10,400 | ₹46.70 Cr | 57.16× |
| Retail individual | 7,71,200 | 3,07,00,800 | ₹227 Cr | 39.81× |
| Total | 15,40,800 | 8,92,54,400 | ₹660 Cr | 57.93× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 16 Sept, 05:51 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 11 Sep 2026 – 16 Sep 2026
- Listing date
- 21 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹70 – ₹74
- Issue price
- ₹74 per share
- Lot size
- 1,600 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹17.11 Cr
- Fresh issue
- ₹16.24 Cr 21,95,200 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹64.83 Cr
- Promoter holding
- 100.00% → 73.61% pre-issue → post-issue
- ISIN
- INE16VF01010
- CIN
- U73100BR1999PLC009001
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- 107, Emarat Firdaus Exhibition Road, Patna, Bihar, India, 800001
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 4,38,400 | 28.45% | 26.45% |
| Anchor investor · within QIB | 6,54,400 | — | 39.48% |
| NII (HNI) | 3,31,200 | 21.50% | 19.98% |
| bNII > ₹10L · within NII | 2,20,800 | — | 13.32% |
| sNII < ₹10L · within NII | 1,10,400 | — | 6.66% |
| Retail (RII) | 7,71,200 | 50.05% | 46.53% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,16,800 | — | 7.05% |
| Total issue | 16,57,600 | — | 100.00% |
Net offer to the public of 15,40,800 shares, out of a total issue of 16,57,600. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,600 shares per lot, in multiples, at ₹74
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,18,400 |
| S-HNI (min) | 2 | 3,200 | ₹2,36,800 |
| S-HNI (max) | 8 | 12,800 | ₹9,47,200 |
| B-HNI (min) | 9 | 14,400 | ₹10,65,600 |
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
₹74 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.61 | 6.34 |
| P/E (×) | 8.59 | 11.67 |
| Price to book (×) | 2.65 | — |
| Market cap | — | ₹64.83 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 30.83%
- ROCE
- 30.06%
- Debt / equity
- 0.44
- PAT margin
- 11.96%
- EBITDA margin
- 18.47%
- NAV per share
- ₹27.94
- Price to book
- 2.65
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 46.76 | 36.91 | 32.27 |
| Revenue from operations | 46.43 | 36.65 | 32.03 |
| Other income | 0.32 | 0.26 | 0.23 |
| Total expenses | 39.29 | 30.55 | 27.38 |
| Operating profit | 7.47 | 6.36 | 4.89 |
| Operating margin | 15.98% | 17.23% | 15.15% |
| Profit before tax | 7.46 | 6.37 | 4.89 |
| Profit after tax | 5.56 | 4.71 | 3.69 |
| PAT margin | 11.89% | 12.76% | 11.43% |
| Balance sheet | |||
| Total assets | 31.28 | 22.37 | 21.24 |
| Current assets | 19.41 | 14.05 | 13.95 |
| Current liabilities | 7.42 | 6.72 | 8.45 |
| Total liabilities | 13.25 | 9.9 | 12.85 |
| Net worth | 18.02 | 12.47 | 8.38 |
| Current ratio | 2.62× | 2.09× | 1.65× |
| Return on equity | 30.85% | 37.77% | 44.03% |
| Cash flow | |||
| Operating cash flow | 6.05 | 5.4 | 0.16 |
| Investing cash flow | -4.31 | -2.35 | -1.52 |
| Financing cash flow | 1.62 | -3.25 | 1.65 |
| Net cash flow | 3.35 | -0.2 | 0.29 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding Capital Expenditure towards Purchase of Media Assets ₹4.21 Cr
The company proposes to utilize proceeds for acquisition and deployment of static and digital outdoor media assets across railway stations, airports, and city-based locations including hoardings, unipoles, lollypop, LED screens, and other display formats.
2 Payment of Security Deposit for advertising rights at Patna Airport ₹3.77 Cr
The company intends to utilize proceeds towards payment of future tranches of security deposits to the Airports Authority of India in connection with the award of advertising rights at Patna Airport.
3 Repayment of certain borrowing availed by the Company ₹1.45 Cr
The company proposes to utilize proceeds towards full or partial repayment or pre-payment of certain borrowings availed from UCO Bank, which include term loans facility to reduce interest burden and overall indebtedness.
4 To meet Working Capital requirements ₹3.25 Cr
The company intends to utilize proceeds to meet working capital requirements as the business is working capital intensive, with the company funding majority of working capital requirements from internal accruals.
5 General Corporate Purpose —
The company's management will have flexibility in utilizing proceeds for general corporate purposes including meeting operating expenses, initial development costs for projects, and strengthening business development and marketing capabilities.
1 of 5 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Century Business Media
Century Business Media Limited (formerly Century Business Private Limited) was incorporated on September 23, 1999 and converted into a public limited company on September 16, 2024. The company operates in the out-of-home (OOH) advertising segment, providing advertising solutions at airports, railway stations, metro stations, and city-based locations across Indian states including Bihar, Jharkhand, West Bengal, Delhi, and other regions. The company earns revenue from concession and licensing agreements granted by government authorities such as the Airports Authority of India (AAI) and Indian Railways, as well as from city-based advertising formats through third-party site procurement. The company's business model depends on securing and managing advertising rights at high-traffic locations and delivering advertising campaigns to clients across various industries.
Management
Shashi Kumar Chaudhary
MD
Seema Chaudhary
CEO
Strengths
As stated in the offer document
Diversified revenue from clients at multiple locations and geographies in India
The company serves clients across Bihar, Delhi, Jharkhand, West Bengal, Maharashtra, Uttar Pradesh, Karnataka and other states with ability to offer multiple OOH formats to address market-specific demands.
Access to Strategic Advertising Rights Across Multiple Media Assets
The company holds exclusive advertising rights at five airports and covers 714 railway stations under Eastern Central Railway zone, with multi-format approach providing flexibility and wider market reach.
Experience of our Promoters and senior management team
The company is led by Shashi Kumar Chaudhary with approximately 26 years of experience including 16 years in outdoor advertising industry, supported by experienced management team.
Focus on Customer Satisfaction and Execution Capabilities
The company emphasizes meeting client-specific advertising requirements through effective media planning, timely execution, and creative support with ability to deliver campaigns as per client expectations.
Strong Client Retention and Repeat Business
The company has developed repeat business with clients across various sectors through client engagement process involving target audience identification, location preferences, and suitable advertising formats.
Risk factors
As stated in the offer document
Dependence on Government Concession and Licensing Agreements
The company derives a significant portion of revenues from concession, licensing, and marketing agreements granted by government authorities including AAI, Indian Railways, and Metro authorities. These agreements are typically awarded through competitive bidding for fixed terms of 3-10 years, and renewal is not automatic but subject to re-bidding where competitors may offer more favorable terms.
Geographic Concentration Risk
The company's operations are predominantly concentrated in Bihar (35.56% of revenue), Jharkhand (21.19%), Delhi (15.43%), and West Bengal (9.16%) for FY 2025-26. This geographic concentration exposes the company to region-specific economic, political, regulatory risks, and operational challenges that cannot be offset elsewhere.
Minimum Monthly Guarantee Payment Obligations
Certain concession agreements require the company to pay fixed Minimum Monthly Guarantees (MMG) to granting authorities regardless of actual revenue generated. If actual revenue falls short of MMG, the company must fund shortfalls from internal resources or borrowings, putting pressure on liquidity and profitability.
Substantial Security Deposit Requirements
The company's concession agreements require substantial non-interest bearing security deposits held by granting authorities as performance security. Failure to perform obligations or delays in payment could result in forfeiture of deposits, materially reducing cash reserves and adversely affecting liquidity and reputation with authorities.
High Working Capital Requirements and Receivables Risk
The company requires significant working capital with trade receivables of ₹1415.80 lakhs as of March 31, 2026. The business is exposed to risks of delayed payments, defaults, or disputes with clients, which could negatively impact liquidity, operational efficiency, and ability to meet financial obligations.
Dependence on Limited High-Revenue Contracts
A significant portion of revenue is derived from a limited number of high-value advertising rights and concession contracts at key airports and railway zones. Any inability to retain, renew, or secure these contracts could materially reduce revenue and adversely affect financial condition and results of operations.
Company Analysis
from RHPCentury Business Media Limited is an out-of-home advertising company operating across railway stations, airports, metro stations, and city-based locations in India.
Century Business Media Limited (formerly Century Business Private Limited) was incorporated on September 23, 1999 and converted into a public limited company on September 16, 2024. The company operates in the out-of-home (OOH) advertising segment, providing advertising solutions at airports, railway stations, metro stations, and city-based locations across Indian states including Bihar, Jharkhand, West Bengal, Delhi, and other regions. The company earns revenue from concession and licensing agreements granted by government authorities such as the Airports Authority of India (AAI) and Indian Railways, as well as from city-based advertising formats through third-party site procurement. The company's business model depends on securing and managing advertising rights at high-traffic locations and delivering advertising campaigns to clients across various industries.
Objects of the Issue
- Working Capital requirements p.40
- General corporate purposes p.40
- Funding Capital Expenditure towards Purchase of Media Assets ₹421.27 lakhs p.79
- Payment of Security Deposit for advertising rights at Patna Airport ₹376.59 lakhs p.79
- Repayment of certain borrowing availed by the Company ₹145.00 lakhs p.79
- To meet Working Capital requirements ₹325.00 lakhs p.79
- General Corporate Purpose [●] p.79
- Funding capex for the new terminal at Patna Airport and purchase of static media at various railway stations in Bihar and Jharkhand p.111
- Not specified in this document section
Issue Structure
- Total Issue
- up to ₹[●] lakhs
- Fresh Issue
- up to 23,12,000 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●]
- Face Value
- ₹10
Business Model
The company operates through concession and licensing agreements with government authorities (airports, railways, metro corporations) and through procurement of city-based advertising sites from third-party owners. Revenue is generated by leasing these advertising spaces to clients and executing advertising campaigns. The company pays Minimum Monthly Guarantees (MMG) to authorities regardless of actual revenue and maintains security deposits to secure rights at various locations.
Business Segments
SWOT Analysis
- • No independent monitoring required for fund deployment(p.41)
- • Diversified revenue from multiple locations and geographies(p.88)
- • Access to strategic advertising rights across multiple media assets(p.88)
- • Strong experienced management team(p.88)
- • Focus on customer satisfaction and execution capabilities(p.88)
- • Strong client retention and repeat business(p.88)
- • Diversified geographic reach across multiple states with revenue concentration improving(p.109)
- • Exclusive advertising rights at five major airports and extensive railway network coverage(p.110)
- • Established management team with significant experience in outdoor media advertising(p.110)
- • Strong client retention and repeat business model(p.111)
- • Multi-format service portfolio enabling market-specific demand fulfillment(p.109)
- • Established market presence with exclusive advertising rights at multiple key airports(p.203)
- • Extensive railway advertising network with rights across 714 stations(p.203)
- • Experienced and stable promoter leadership with significant industry tenure(p.151)
- • Strong financial performance with consistent revenue growth over three years(p.203)
- • Dominant promoter shareholding provides governance stability(p.148)
- • Diversified revenue streams across multiple media formats and geographical regions(p.203)
- • Dependent on limited high-value concession contracts at select airports and railway zones(p.29)
- • Required to provide substantial security deposits under concession agreements(p.26)
- • Liable for Minimum Monthly Guarantees regardless of revenue generated(p.26)
- • Geographically concentrated operations in few Indian states(p.27)
- • Dependent on limited number of high-revenue customers(p.34)
- • Dependent on third-party vendors for critical services(p.33)
- • Involved in multiple pending legal proceedings(p.23)
- • Company logo not registered as trademark(p.29)
- • Risk of equity dilution from future share issuances(p.41)
- • Inability to guarantee accuracy of third-party market information(p.42)
- • Restriction on fund utilization variation without shareholder approval(p.41)
- • No appraisal of fund deployment by independent financial institutions(p.42)
- • Dependence on dividend discretion; no guaranteed dividend payments(p.43)
- • Risk of equity share price decline post-listing(p.42)
- • High concentration risk with top customer representing 11.07% of revenue in FY2026(p.117)
- • High supplier concentration with top supplier representing only 10.53% in FY2026 but historically dominant(p.117)
- • Limited insurance coverage without key man insurance for executives(p.119)
- • Reliance on third-party media assets for fulfilling client requirements(p.113)
- • Incomplete documentation of registered office changes affecting corporate history verification(p.129)
- • Significant dependence on few key promoters for operational and strategic decisions(p.203)
- • High leverage through unsecured loans from promoters and related parties(p.202)
- • Material litigation involving promoter with alleged criminal charges in multiple cases(p.211)
- • Company has not paid dividends for three consecutive years(p.154)
- • Significant trade receivables aging with disputed amounts outstanding(p.181)
- • Multiple pending litigation against promoters for cheating, breach of trust, and property disputes involving significant amounts(p.216)
- • Promoter involvement in land/property disputes with allegations of fraudulent claims and encroachment(p.216)
- • Group company (Century Ventures Pvt. Ltd.) listed as EPFO defaulter(p.219)
- • Group company (Raunak Vatika Pvt. Ltd.) facing multiple GST and TDS demands with pending assessments(p.219)
- • Group company (Raunak Vatika Pvt. Ltd.) with pending real estate regulatory and land possession disputes(p.220)
- • Expansion into new geographies and OOH advertising segments(p.39)
- • Procurement of static and digital media assets across railway and airport locations(p.27)
- • Strengthening existing portfolio of advertising rights at government facilities(p.39)
- • Expansion of media asset portfolio and deployment in high-footfall locations(p.79)
- • Growth through airport advertising rights at Patna Airport(p.82)
- • Digital media expansion across Bihar and Jharkhand(p.81)
- • Revenue growth from increased working capital and expansion(p.84)
- • Enhancement of operational processes and asset maintenance capabilities(p.79)
- • Improved financial flexibility and reduced debt burden(p.82)
- • Expansion of airport advertising portfolio with new terminal at Patna Airport(p.111)
- • Growth in railway advertising through planned static media purchases in Bihar and Jharkhand(p.111)
- • Expansion into Digital Out-of-Home (DOOH) advertising solutions(p.111)
- • Consolidation opportunity through acquisition of advertising assets from smaller holders(p.111)
- • Indian M&E sector projected to grow at 5.8% CAGR reaching Rs. 3,30,000 crore by 2028(p.101)
- • Digital advertising projected to grow at 9.4% CAGR reaching Rs. 1,58,000 crore by FY28(p.101)
- • Geographic expansion beyond current five-state presence across India(p.203)
- • Growth in emerging Metro Out-of-Home segment with Platform Screen Door advertising(p.203)
- • Expansion into new advertising verticals including in-shop branding and digital solutions(p.203)
- • Increase in non-exclusive media rights acquisitions for campaign-specific requirements(p.203)
- • Sector diversification across multiple industry verticals including government and NGOs(p.203)
- • Failure to renew or retain concession agreements with government authorities(p.26)
- • Regional economic, political and regulatory risks in concentrated geographies(p.28)
- • Shortage or price escalation in availability of suitable media sites(p.28)
- • Environmental and weather-related deterioration of outdoor media assets(p.32)
- • Reduction in passenger footfall at airports, railway stations and metro stations(p.36)
- • Intense competition from organized and unorganized players in OOH industry(p.38)
- • Downturn in industries of customers reducing advertising budgets(p.37)
- • Privatization or transfer of management rights of airports and railway facilities(p.36)
- • Economic slowdown in India affecting business performance(p.43)
- • Global financial instability impact on Indian economy(p.43)
- • Foreign investment restrictions limiting investor base(p.44)
- • Retrospective tax law changes affecting investor returns(p.44)
- • Changing labour laws and employment regulations(p.44)
- • Government regulation of foreign securities ownership(p.44)
- • Natural disasters and epidemics disrupting operations(p.45)
- • Risk of listing delays affecting investor ability to trade(p.41)
- • Surveillance measures restricting trading activity and market price(p.43)
- • Highly fragmented and competitive OOH advertising market with well-resourced national and regional players(p.119)
- • Risk of regulatory changes impacting digital media operations and advertising standards(p.122)
- • Dependence on government regulatory approvals and rights continuation(p.121)
- • Global economic slowdown projections impacting advertising spend(p.99)
- • Dependency on renewable media rights which could be lost or not renewed(p.204)
- • Intense competition from alternative advertising platforms and traditional OOH competitors(p.204)
- • Regulatory and policy changes affecting outdoor advertising industry(p.204)
- • Material ongoing civil litigation with Railways for Rs. 8.74 crore compensation claim(p.214)
- • Customer concentration risk with advertising spend decline during economic slowdowns(p.204)
- • Exposure to infrastructure and external event disruptions affecting asset operations(p.204)
- • Pending criminal breach of trust and cheating cases against group companies with large outstanding amounts(p.217)
- • Outstanding collection disputes from customers including defaulting on advertising service payments(p.218)
- • Group company facing regulatory action and land encroachment removal orders from authorities(p.218)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Shashi Kumar Chaudhary | Individual Promoter | — | — |
| Seema Chaudhary | Individual Promoter | — | — |
| Sangita Dokania | Individual Promoter | — | — |
| Shreya Chaudhary | Individual Promoter | — | — |
| Shashi Kumar Chaudhary | Promoter | 80.93% | 59.58% |
| Seema Chaudhary | Promoter | 3.88% | 2.85% |
| Sangita Dokania | Promoter | 10.04% | 7.39% |
| Shreyash Dokania | Promoter Group | 2.48% | 1.83% |
| Shivangi Dokania | Promoter Group | 2.48% | 1.83% |
| Shashi Kumar Chaudhary | Promoter | 80.93% | — |
| Seema Chaudhary | Promoter | 3.88% | — |
| Sangita Dokania | Promoter | 10.04% | — |
| Shashi Kumar Chaudhary | Promoter/Chairman & Managing Director | 47,57,120 shares (73.76%) | — |
| Seema Chaudhary | Promoter/Whole Time Director | 2,51,920 shares (3.91%) | — |
| Sangita Dokania | Promoter/Non-Executive Director | 11,20,000 shares (17.37%) | — |
| Shreya Chaudhary | Promoter/Chief Financial Officer | 80 shares (0.00%) | — |
| Ravindra Kumar Chaudhary | Promoter | — | — |
| Shashi Kumar Chaudhary | Promoter/Director | — | — |
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.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Century Business Media THIS ISSUE | 8.61 | 27.94 | 11.67, computed at the offer price | 2.65, computed at the offer price | 30.83% |
| 12.26 | 85.03 | 29.48 | 4.25 | 12.96% | |
| 13.14 | 54.44 | 20.55 | 5.00 | 24.13% | |
Simca Advertising Limited | 18.88 | 24.24 | 12.75 | 10.00 | 57.24% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.