Cyber Media Research & Services SME
SME₹14.04 Cr issue
+36.25%
Listing gain over issue price
Issue size
₹14.04 Cr
1 lot at cut-off
₹1,44,000
Lot size
800shares
Open
27 Sep 2022
Close
29 Sep 2022
Allotment
04 Oct 2022
Listing
10 Oct 2022
Listing performance
Issue price
₹180
Listed at
₹245.25
Listing-day close
₹257.50
Latest price
₹75.40
Close on 23 Oct 2026
Listing gain
+36.25%
Return since issue
-58.11%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Sep 2022 – 29 Sep 2022
- Listing date
- 10 Oct 2022
- Face value
- ₹10 per share
- Issue price
- ₹180 per share
- Lot size
- 800 shares
- Total issue size
- ₹14.04 Cr
- Market cap at offer price
- ₹52.70 Cr
- Promoter holding
- 63.16% → 41.66% pre-issue → post-issue
- ISIN
- INE075Z01011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Swastika Investmart Ltd.
- Registered office
- D-74, Panchsheel, Enclave, New Delhi
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 | 2,20,800 | — | — |
| Market maker | 39,200 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹180
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,44,000 |
| S-HNI (min) | 2 | 1,600 | ₹2,88,000 |
| S-HNI (max) | 6 | 4,800 | ₹8,64,000 |
| B-HNI (min) | 7 | 5,600 | ₹10,08,000 |
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
2,20,800
Anchor portion
₹3.97 Cr
at ₹180 per share
Valuation and performance
Valuation at offer price
₹180 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.01 | — |
| P/E (×) | 35.93 | — |
| Market cap | — | ₹52.70 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 41.04%
- ROCE
- 25.53%
- Debt / equity
- 2.65
- PAT margin
- 2.68%
- NAV per share
- ₹12.20
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Cyber Media Research & Services SME
CMRSL, originally incorporated as IDC (India) Limited in 1996 and renamed to its current name in 2014, operates in the digital marketing and ad tech space. The company has four primary revenue streams: Digital Marketing, Programmatic Media Buying, Publisher Monetization, and Data Analytics. Through its subsidiary Cyber Media Services Pte Limited in Singapore, it has established a long-term partnership with Google Asia Pacific Pte Ltd as a Google Publishing Partner. The company provides proprietary platforms and solutions enabling advertisers and publishers to match ads with users, helping drive conversions and sales for advertisers while enabling publishers to earn more. The company has experienced sustainable growth and is positioning itself for continued expansion in India's rapidly evolving digital advertising landscape.
Company Analysis
from RHPCyber Media Research & Services Limited is an ad tech and data analytics company providing digital marketing, programmatic media buying, publisher monetization, and data analytics solutions across the digital advertising ecosystem.
CMRSL, originally incorporated as IDC (India) Limited in 1996 and renamed to its current name in 2014, operates in the digital marketing and ad tech space. The company has four primary revenue streams: Digital Marketing, Programmatic Media Buying, Publisher Monetization, and Data Analytics. Through its subsidiary Cyber Media Services Pte Limited in Singapore, it has established a long-term partnership with Google Asia Pacific Pte Ltd as a Google Publishing Partner. The company provides proprietary platforms and solutions enabling advertisers and publishers to match ads with users, helping drive conversions and sales for advertisers while enabling publishers to earn more. The company has experienced sustainable growth and is positioning itself for continued expansion in India's rapidly evolving digital advertising landscape.
Digital MarketingAd TechData AnalyticsProgrammatic Media BuyingPublisher Monetization
Objects of the Issue
- Funding the working capital requirements ₹400.00 Lakhs p.20
- Funding investments in new projects and general corporate purposes [●] p.20
- To Meet the Offer Expenses [●] p.20
- Funding the working capital requirements ₹400.00 Lakhs p.89
- Funding investments in new projects and general corporate purposes [●] p.89
- To Meet the Offer Expenses p.89
- Working capital requirement, general corporate purpose and offer expenses p.284
Issue Structure
- Total Issue
- Up to 7,80,000 Equity Shares aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 4,08,000 Equity Shares aggregating up to ₹[●] Lakhs
- Offer for Sale
- Up to 3,72,000 Equity Shares aggregating up to ₹[●] Lakhs by M/s Cyber Media (India) Limited
- Price Band
- ₹171.00 to ₹180.00 per Equity Share
- Lot Size
- 800 Equity Shares and in multiples of 800 Equity Shares thereafter (Bid Lot)
- Face Value
- ₹10.00 each
Business Model
The company earns revenue through Management and Consulting charges on digital marketing services across four segments: Digital Marketing (generating management and consulting fees from advertising campaigns), Programmatic Media Buying (high-margin programmatic solutions), Publisher Monetization (revenue through advertising networks), and Data Analytics (high-margin data analytics services). As of March 31, 2022, Google represented 49.28% of total income, with the company serving a diversified customer base including large MNCs and advertising agencies.
Business Segments
Provides management and consulting charges for digital marketing campaigns to advertisers
High-margin programmatic digital solutions for advertising
Enables publishers to earn revenue through advertising networks
High-margin data analytics services and solutions
Ties up with web channels & publishers to monetize their ad inventory through demand platforms such as Google. Company is a Google Publishing Partner on GAM360, AdSense and AdX products. Auxo Ads platform allows publishers to optimize revenues and manage traffic more effectively by competing multiple demand sources for premium inventory.
Signs directly with brands for digital marketing campaigns that are performance-based and involve campaign management, app installs, advisory services, creative services, social media planning, and social media execution. CMGalaxy is a customized market intelligence tool that allows advertisers to map their entire marketing funnel.
CyberAds platform provides automated, AI/ML based programmatic and media buying solutions. The targeting engine provides brands and agencies end-to-end media buying creating better targeting and ROI across campaigns. Enables real-time ad match for relevant audiences across multiple publishers.
Premier research and consulting firm offering customers strategic and tactical insights including market intelligence, market sizing, market ecosystem mapping and go-to-market services. Provides customers with ability to collect, process, visualize, and effectively deliver insights against large data sets through custom data and custom dashboards.
The Company is engaged in the business of 'Market research and management Consultancy' which is identified as the only and primary business segment of the Company
The Company is engaged in the business of 'Market research and management Consultancy' which is identified as the only and primary business segment of the Company. All operating facilities are located in India.
SWOT Analysis
Strengths
- • Diversified revenue streams across digital marketing, programmatic media buying, publisher monetization, and data analytics(p.20)
- • AI/ML-driven solutions positioning for sustainable growth(p.20)
- • Strong revenue growth with 88% CAGR from FY2019 to FY2022(p.21)
- • Established partnership with Google as Publishing Partner through Singapore subsidiary(p.30)
- • High percentage of repeat customers indicating strong client relationships(p.30)
- • Experienced Promoters and Management Expertise(p.94)
- • Scalable Business Model(p.94)
- • Long standing customer relationships(p.94)
- • Focused on driving innovation(p.94)
- • Long-standing customer relationships with multi-layered engagement(p.113)
- • Experienced promoters with 45+ years combined industry expertise(p.113)
- • Promoter founded major technology media company establishing ICT media in India(p.114)
- • Scalable, order-driven business model with diversified revenue streams(p.114)
- • Culture of innovation enabling competitive differentiation(p.114)
- • Diversified customer base across multiple segments reducing concentration risk(p.115)
- • Established software/intangible assets with capitalized development(p.217)
- • Diversified revenue streams across service, event, and research segments(p.179)
- • Strong profitability growth with improving margins(p.202)
- • Diversified revenue streams in high-growth digital sector(p.245)
- • AI/ML-driven proprietary solutions with competitive positioning(p.245)
- • Strong revenue growth trajectory(p.251)
- • Improved profitability and margins(p.251)
- • Established customer base with international reach(p.228)
Weaknesses
- • High concentration of revenue from top 10 customers at 85.58%(p.34)
- • Significant dependence on Google platform at 49.28% of total income(p.30)
- • Outstanding DRT litigation with Rs. 1,425 Lakhs exposure against company, promoters, and directors(p.30)
- • Significant total borrowings of Rs. 971.45 Lakhs as of March 31, 2022(p.37)
- • Negative cash flows from standalone operations in FY2022 of Rs. (154.58) Lakhs(p.36)
- • Corporate office and registered office located on leased/MOU premises from promoters with short-term security(p.33)
- • Trademark not registered as of RHP date(p.38)
- • Past statutory filing non-compliances with RoC including delayed DPT-3, MGT-14, and incorrect annual returns(p.34)
- • High leverage and significant debt burden(p.51)
- • Rising employee benefits expenses relative to revenue(p.52)
- • Concentrated promoter shareholding at 63.16% pre-offer(p.78)
- • Finance cost burden remains substantial(p.52)
- • High customer revenue concentration with top 5 customers representing 76.81% of FY2022 revenue(p.115)
- • Small employee base of 48 persons may limit scalability(p.117)
- • Significant debt burden with borrowings of Rs 971.45 Lakhs against equity of Rs 366.70 Lakhs(p.156)
- • High dependence on few customers for revenue(p.182)
- • Significant debt burden relative to equity(p.185)
- • Promoter company under insolvency proceedings(p.189)
- • Rising receivables aging and credit risk(p.172)
- • Heavy customer concentration risk(p.254)
- • High leverage and debt burden(p.255)
- • Significant accumulated trade receivable aging issues(p.219)
- • Persistent litigation and guarantee obligations impacting cash flow(p.235)
- • Group company negative net-worth and losses(p.281)
Opportunities
- • High-growth digital advertising sector expanding at 14.75% CAGR expected to reach Rs. 93,119 crore by 2023(p.20)
- • Digital media segment growing at 29.5% CAGR to reach Rs. 5,809 crore by 2023(p.20)
- • Digital advertising subsector witnessing 35.3% growth from Rs. 15,782 crore in 2020 to Rs. 21,353 crore in 2021(p.20)
- • Pandemic-accelerated digital transformation creating tailwinds for ad tech services(p.33)
- • Expansion into high-margin programmatic and data analytics businesses(p.30)
- • Growing customer base and multiple revenue streams positioning for diversified growth(p.20)
- • Listing will enhance corporate image and brand visibility(p.90)
- • Benefits from listing on SME Platform of NSE (NSE EMERGE)(p.90)
- • Liquidity for existing shareholders and public trading market creation(p.90)
- • Revenue growth from FY22 (₹5,642.46L) vs FY21 (₹2,971.38L)(p.52)
- • Significant profit improvement - FY22 PAT of ₹151.30L vs FY21 of ₹66.29L(p.52)
- • Rapid growth in Indian digital advertising market projected at 29% CAGR to Rs 35,809 crore by 2023(p.107)
- • Strong government support through PLI schemes and Make in India initiatives(p.105)
- • Expansion of existing customer relationships into new service lines and geographies(p.114)
- • Large untapped industry sectors with significant growth potential(p.114)
- • India positioned as third-largest consumer economy with consumption tripling to US$ 4 trillion by 2025(p.106)
- • Massive growth in mobile device advertising spend projected at 32.06% CAGR(p.108)
- • Expansion of digital services revenue stream(p.179)
- • International market expansion(p.182)
- • Capital investment for infrastructure and technology(p.171)
- • Post-pandemic digital ecosystem acceleration and market expansion(p.245)
- • Strategic positioning in data enrichment and AI-driven marketing(p.245)
- • International market penetration in high-growth markets(p.245)
- • Technology-driven solution development and market share gain(p.245)
Threats
- • Rapid technological change and disruption in digital ecosystem by platforms like Google, Facebook, Amazon(p.30)
- • Dependency on Google partnership subject to termination risk(p.30)
- • Cyclical nature of advertising industry with seasonal fluctuations(p.33)
- • Intense competitive pressure and risk of pricing pressure from competitors(p.34)
- • Economic uncertainty and potential recession affecting corporate advertising spend(p.40)
- • Dependence on Indian economic conditions and vulnerability to policy changes(p.35)
- • Foreign exchange rate volatility affecting international operations(p.42)
- • Risk of regulatory changes affecting tax incentives and compliance costs(p.41)
- • Inflation pressures potentially increasing employee and operational costs(p.45)
- • Natural and man-made disasters could adversely affect operations(p.46)
- • Competition Act violations could materially adversely affect business(p.46)
- • Indian tax regime changes including GST and GAAR implementation(p.46)
- • Economic downturn and slowdown in Indian economy(p.47)
- • Global financial instability affecting Indian securities markets(p.48)
- • Government policy changes in economic liberalization(p.48)
- • Dependency on India's economy and IT industry(p.47)
- • Highly competitive and rapidly evolving digital marketing services market(p.117)
- • Competition from established ad tech, data analytics, and digital marketing agencies globally(p.117)
- • Rapid technological changes requiring continuous innovation investment(p.117)
- • Currency and foreign exchange volatility affecting export revenue at 51.44% of FY2022 sales(p.116)
- • Data protection and privacy regulation risks from Personal Data Protection Bill and IT Act(p.121)
- • Customer concentration risk and revenue volatility(p.182)
- • Holding company guarantor obligations(p.189)
- • Foreign exchange and currency volatility exposure(p.179)
- • Interest rate risk on variable-rate borrowings(p.177)
- • Uncertainty in continuing effects of COVID-19 pandemic on operations(p.246)
- • Intense competitive conditions in ad-tech and digital marketing(p.254)
- • Regulatory compliance risks in multiple jurisdictions(p.246)
- • Technology disruption and obsolescence risk(p.246)
- • Foreign exchange volatility and interest rate fluctuation(p.246)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Pradeep Gupta | Promoter | 4.05% | 3.49% |
| M/s Cyber Media (India) Limited | Promoter | 59.11% | 38.17% |
| Mr. Pradeep Gupta | Promoter | 4.05% | 3.49% |
| M/s Cyber Media (India) Limited | Promoter | 59.11% | 38.17% |
| Cyber Media (India) Limited | Corporate Promoter | 63.16% (15,91,660 shares) | — |
| Mr. Pradeep Gupta | Individual Promoter | 4.05% (1,02,060 shares) | — |
| Cyber Media (India) Limited | Holding Company / Promoter | 59.11% | — |
| Pradeep Gupta | Promoter / Personal Guarantor | 4.05% | — |
| Cyber Media (India) Limited | Holding Company / Promoter Group | 59.11% | — |
| Pradeep Gupta | Promoter | 4.05% | — |
| Cyber Media (India) Limited | Promoter | — | — |
| Cyber Media (India) Limited | Selling Shareholder | — | — |
Leadership
Mr. Pradeep Gupta · Chairman
Mr. Dhaval Gupta · Managing Director
Mrs. Savita Rana · Company Secretary & Compliance Officer
Mr. Sankaranarayanan Valiyaveetil Vellopulli · 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.
Cyber Media Research & Services SME IPO FAQs
What is the lot size of Cyber Media Research & Services SME IPO?
The minimum lot size of Cyber Media Research & Services SME IPO is 800 shares. One lot costs ₹1,44,000 at the cut-off price.
When does Cyber Media Research & Services SME IPO open and close?
Cyber Media Research & Services SME IPO opened for subscription on 27 Sep 2022 and closed on 29 Sep 2022.
What is the listing date of Cyber Media Research & Services SME IPO?
Cyber Media Research & Services SME IPO listed on 10 Oct 2022.