Liqvd Digital
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.00×
- Big non-institutionalbNII · above ₹10 lakh
- 34.75×
- Small non-institutionalsNII · ₹2–10 lakh
- 1.40×
- Retail individualRII · up to ₹2 lakh
- 1.02×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 10 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 29 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 28 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 27 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 26 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 25 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 24 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 23 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 22 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 21 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
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 | 21,62,000 | 21,62,000 | ₹11.67 Cr | 1.00× |
| Non-institutional | 14,64,000 | 3,07,70,000 | ₹166 Cr | 21.02× |
| Big non-institutionalwithin NII | 11,04,000 | 2,99,30,000 | ₹162 Cr | 27.11× |
| Small non-institutionalwithin NII | 3,60,000 | 8,40,000 | ₹4.54 Cr | 2.33× |
| Retail individual | 39,68,000 | 56,80,000 | ₹30.67 Cr | 1.43× |
| Total | 75,94,000 | 3,86,12,000 | ₹209 Cr | 5.08× |
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 25 Sept, 05:20 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 23 Sep 2026 – 25 Sep 2026
- Listing date
- 30 Sep 2026
- Face value
- ₹5 per share
- Price band
- ₹51 – ₹54
- Lot size
- 2,000 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹39.01 Cr
- Fresh issue
- ₹32.17 Cr 59,58,000 shares
- Offer for sale
- ₹4.87 Cr 9,02,000 shares
- Market cap at offer price
- ₹120 Cr
- Promoter holding
- 78.04% → 51.83% pre-issue → post-issue
- ISIN
- INE0CJT01025
- CIN
- U74999MH2013PLC242904
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Indorient Financial Services Ltd.
- Registered office
- B - 206, Second Avenue CTS No 17/2A/1 Subhash Nagar, Village Vyarvail MIDC, Andheri East, Chakala MIDC, Mumbai - 400093, Maharashtra, India
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 | 21,62,000 | 29.98% | 28.54% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 10,82,000 | 15.00% | 14.28% |
| bNII > ₹10L · within NII | 7,22,000 | — | 9.53% |
| sNII < ₹10L · within NII | 3,60,000 | — | 4.75% |
| Retail (RII) | 39,68,000 | 55.02% | 52.38% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,64,000 | — | 4.80% |
| Total issue | 75,76,000 | — | 100.00% |
Net offer to the public of 72,12,000 shares, out of a total issue of 75,76,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 2,000 shares per lot, in multiples, at ₹54
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,08,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,80,000 |
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
₹54 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.03 | 3.61 |
| P/E (×) | 10.74 | 14.96 |
| Price to book (×) | 2.52 | — |
| Market cap | — | ₹120 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 25.36%
- ROCE
- 23.00%
- Debt / equity
- 0.29
- PAT margin
- 13.32%
- EBITDA margin
- 18.69%
- NAV per share
- ₹21.45
- Price to book
- 2.52
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 | 60.89 | 25.03 | 18.28 |
| Revenue from operations | 60.24 | 24.87 | 18.05 |
| Other income | 0.65 | 0.16 | 0.23 |
| Total expenses | 50.38 | 21.82 | 15.07 |
| Operating profit | 10.51 | 3.21 | 3.21 |
| Operating margin | 17.26% | 12.82% | 17.56% |
| Profit before tax | 10.51 | 3.21 | 3.21 |
| Profit after tax | 6.79 | 2.25 | 1.9 |
| PAT margin | 11.15% | 8.99% | 10.39% |
| Balance sheet | |||
| Total assets | 57.83 | 33.33 | 13.83 |
| Current assets | 34.03 | 28.86 | 13.15 |
| Current liabilities | 20.56 | 13.79 | 11.58 |
| Total liabilities | 21.45 | 13.94 | 11.73 |
| Net worth | 36.38 | 19.39 | 2.1 |
| Current ratio | 1.66× | 2.09× | 1.14× |
| Return on equity | 18.66% | 11.60% | 90.48% |
| Cash flow | |||
| Operating cash flow | 1.52 | -0.46 | 1.4 |
| Investing cash flow | -12.64 | -0.55 | 0.04 |
| Financing cash flow | -2.28 | 13.87 | 0.97 |
| Net cash flow | -13.41 | 12.87 | 2.41 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding of Purchase Consideration for Acquisition of 23.21% Stake in AdLift Marketing Private Limited ₹9 Cr
The company proposes to utilize a portion of the Net Proceeds to acquire the remaining 23.21% equity stake in AdLift Marketing Private Limited (Tranche 4), which would convert AdLift Marketing into a wholly-owned subsidiary, strengthening the company's full-funnel digital marketing capabilities.
2 Funding Capital Expenditure, Operating Expenditure and Other Expenditure for Establishment of a Full Scale Video Content Production Hub (Full Scale VCP Hub) ₹10.59 Cr
The company intends to establish a Full Scale Video Content Production Hub across Mumbai and Gurgaon, combining AI-driven automation with human creativity to deliver scalable, platform-optimized content, reducing external dependencies and improving operational efficiency.
3 Funding Incremental Working Capital Requirements ₹6.57 Cr
The company proposes to utilize a portion of the Net Proceeds to meet incremental working capital requirements arising from business expansion, supporting day-to-day operations, scaling of business, and timely payments to vendors and platforms.
4 Funding Inorganic Growth through Unidentified Acquisitions and General Corporate Purposes —
The company proposes to deploy the balance Net Proceeds towards strategic unidentified acquisitions aligned with its growth strategy and general corporate purposes including meeting ongoing expenses, business requirements, and repayment of borrowings; subject to a cumulative cap not exceeding a certain percentage of Gross Proceeds.
1 of 4 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 Liqvd Digital
Liqvd Digital India Limited (formerly Liqvd Digital India Private Limited) is a digital marketing and advertising agency incorporated in May 2013 in Mumbai, Maharashtra. The Company was converted to a public limited company in February 2025. It operates as a full-service digital marketing agency providing services including performance marketing, SEO/SEM, social media management, influencer campaigns, content creation, branding and strategic services. The Company derives revenue from retainer-based contracts and project-based engagements with clients across sectors including IT & Communication, FMCG, and Financial Services. The Company expanded its service portfolio through the acquisition of AdLift Marketing Private Limited (a performance marketing and SEO specialist) starting in March 2025. The Company is headquartered in Andheri East, Mumbai.
Management
Mr. Arnab Mitra
MD
Mr. Monish Suresh Sanghavi
COO
Strengths
As stated in the offer document
Full Service Digital Marketing Solutions
The company offers end-to-end digital marketing services including content creation, media buying, social media management, influencer marketing, SEO, and AI-driven content creation, further expanded through the acquisition of AdLift Marketing to become a one-stop solution for clients.
Experienced Promoters and Management Team with Strong Domain Expertise
The company's promoters bring over 38, 17, and 21 years of industry experience respectively, supported by a qualified senior management team with a combined 82 years of experience in advertising and marketing services, providing strong corporate governance and competitive advantage.
Diversified and Loyal Client Portfolio Spanning Multiple Industries
The company has served 85 clients over the last 3 years across sectors including IT, FMCG, logistics, financial services, and healthcare, with repeat business contributing 91.73% and 76.53% of revenue in Fiscal 2025 and Fiscal 2024 respectively on a standalone basis.
In-House Technology and Optimized Operational Workflows
The company has developed proprietary platforms — 'iManage' for workflow and campaign management, and 'Tesseract' (an AI lab by AdLift Marketing) — enabling scalable, data-driven campaigns with real-time tracking across AI search platforms like ChatGPT, Perplexity, and Gemini.
Risk factors
As stated in the offer document
Revenue Concentration from Corporate Promoter – Concept Communication Limited
The company derives a material portion of revenues from its Corporate Promoter, Concept Communication Limited, accounting for 12.62% (consolidated) in Fiscal 2026, 44.12% (standalone) in Fiscal 2025, and 14.48% (standalone) in Fiscal 2024. Any deterioration in Concept Communication's business or reduction in dealings could materially and adversely affect the company's revenues, cash flows, and financial condition.
High Dependence on Top 10 Clients
The company derived 52.12%, 85.95%, and 73.46% of its revenue from its top 10 clients in Fiscal 2026, 2025, and 2024 respectively, exposing it to significant customer concentration risk. Loss of one or more major clients or a substantial reduction in business from them could result in material revenue decline and liquidity pressure.
Negative Cash Flows from Operating and Investing Activities
The company recorded negative cash flows from operating activities (₹(45.95) lakhs in Fiscal 2025) and from investing activities (₹(1,264.50) lakhs in Fiscal 2026, primarily due to the ₹1,400 lakhs AdLift acquisition payment). Sustained negative cash flows could materially impair the company's ability to operate and execute its growth plans.
Delays and Non-Payment of Statutory Dues
The company has a history of delays in payment of statutory dues including GST, TDS, PF, ESIC, and Professional Tax across multiple fiscal years, with total delayed amounts aggregating ₹1,073.94 lakhs. These delays have attracted regulatory notices and could result in financial penalties, adversely impacting the company's financial condition and cash flows.
High Employee Attrition Rate
The company's attrition rate stood at 44.24% in Fiscal 2026, significantly above the industry average of 30–35%, with employee costs representing 46.13% of total expenses (₹2,324.07 lakhs) in Fiscal 2026. Elevated attrition could lead to higher recruitment and training costs, loss of experienced personnel, and disruption of client engagements, adversely affecting financial performance.
Company Analysis
from RHPLiqvd Digital India Limited is a digital marketing and advertising agency providing performance marketing, content creation, and branding services across creative media and digital channels.
Liqvd Digital India Limited (formerly Liqvd Digital India Private Limited) is a digital marketing and advertising agency incorporated in May 2013 in Mumbai, Maharashtra. The Company was converted to a public limited company in February 2025. It operates as a full-service digital marketing agency providing services including performance marketing, SEO/SEM, social media management, influencer campaigns, content creation, branding and strategic services. The Company derives revenue from retainer-based contracts and project-based engagements with clients across sectors including IT & Communication, FMCG, and Financial Services. The Company expanded its service portfolio through the acquisition of AdLift Marketing Private Limited (a performance marketing and SEO specialist) starting in March 2025. The Company is headquartered in Andheri East, Mumbai.
Objects of the Issue
- Acquisition of remaining shareholding of AdLift Marketing Private Limited ₹900.02 Lakhs p.36
- Establishment of Full Scale Video Content Production Hub ₹156.36 Lakhs (equipment procurement) p.39
- Incremental working capital requirements ₹657.00 Lakhs p.40
- Studio setups and expansion p.41
- Funding of purchase consideration for part acquisition of AdLift Marketing Private Limited (23.21% stake) p.55
- Funding capital expenditure, operating expenditure and other expenditure for establishment of Full Scale Video Content Production Hub (Full Scale VCP Hub) p.55
- Funding incremental working capital requirements p.55
- General corporate purposes and inorganic growth through unidentified acquisitions p.55
- Funding of purchase consideration for acquisition of 23.21% stake in AdLift Marketing Private Limited ₹900.02 lakhs p.106
- Funding capital expenditure, operating expenditure and other expenditure to be incurred for establishment of a Full-Scale Video Content Production Hub ₹1,058.52 lakhs p.111
- Funding incremental working capital requirements ₹657.00 lakhs p.122
- Funding inorganic growth through unidentified acquisitions and general corporate purposes [●] p.124
- —
- Acquisition of remaining 23.21% equity interest in Adlift Digital Marketing Limited p.349
- Fresh Issue for funding capex and general corporate purposes ₹3,413.88 lakhs p.445
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to [●] Equity Shares of the face value of ₹ 5/- each aggregating up to ₹3,413.88 Lakhs
- Offer for Sale
- Up to 9,02,000 Equity Shares of the face value of ₹ 5/- each aggregating up to ₹ [●] Lakhs by Mr. Arnab Mitra
- Price Band
- Price Band of a minimum price (Floor Price) of ₹ [●] and the maximum price (Cap Price) of ₹ [●]
- Lot Size
- [●] equity shares and in multiples of [●] equity shares thereafter
- Face Value
- ₹ 5/- per Equity Share
Business Model
The Company operates a service-based digital marketing business model generating revenue through: (1) Retainer business where clients contract for 1-3 years for ongoing services like website management and social media management (36.86% of revenue in Fiscal 2026); (2) Project-based campaigns where clients pay for specific marketing initiatives; and (3) Performance-based services where clients pay based on results achieved. Revenue is earned from clients across multiple industry verticals with significant concentration in IT & Communication, FMCG, and Financial Services sectors.
Business Segments
SWOT Analysis
- • Comprehensive full-service digital marketing platform with integrated service offerings(p.133)
- • Experienced management team with domain expertise and skilled workforce(p.133)
- • Diversified and loyal client portfolio spanning multiple industries(p.133)
- • Strong in-house technology and optimized operational workflows for scalable campaigns(p.133)
- • AdLift's proprietary AI technology (Tesseract) for AI-driven organic search visibility(p.109)
- • Positioned as creative-first agency with end-to-end integrated marketing solutions(p.220)
- • Expanded capabilities through AdLift acquisition into SEO and performance marketing(p.220)
- • Strong EBITDA margin of 18.69% in FY'26(p.224)
- • High Return on Capital Employed of 44.05% in FY'26(p.224)
- • Significant repeat business with 54.21% on standalone basis for FY'26(p.225)
- • Strong revenue growth with CAGR of 82.66% over three years (standalone basis)(p.222)
- • Full-service digital marketing platform from creative content to performance media(p.231)
- • Experienced promoter and management team with strong domain expertise(p.231)
- • Diversified and loyal client portfolio across multiple industries(p.232)
- • In-house proprietary technology platforms for scalable campaign delivery(p.232)
- • Strategic partnership with Concept Communication Limited for IPO-related digital mandates(p.232)
- • Recent acquisition of AdLift Marketing enabling global expansion and service offerings(p.233)
- • Acquired material digital marketing subsidiary with established operations and international presence(p.348)
- • Experienced key managerial personnel with deep digital marketing expertise and long tenure(p.280)
- • Revenue growth demonstrated in FY 2025-26 with significant contribution from acquired subsidiary(p.323)
- • Substantial step-down foreign subsidiary generating international revenue stream(p.308)
- • Significant revenue growth and profitability improvement(p.419)
- • High-margin project business vertical driving cost efficiency(p.419)
- • Strong integration with high-growth advertising market segment(p.420)
- • Strategic acquisition expanding digital marketing capabilities(p.422)
- • High customer concentration – 52.12% of FY2026 revenue from top 10 clients(p.30)
- • Dependence on Corporate Promoter – 12.62% of consolidated FY2026 revenue from Concept Communication(p.30)
- • Geographic concentration – 29.58% of FY2026 revenue from Maharashtra(p.31)
- • Negative operating cash flows in past – FY2025 showed negative cash flow from operations(p.32)
- • Statutory payment delays – total delays of ₹1,073.94 lakhs across multiple years with ongoing show cause notice(p.33)
- • High employee attrition – 44.24% attrition rate in FY2026, above 30-35% industry average(p.44)
- • Director disqualification violation – Managing Director signed financials during section 164 disqualification period(p.42)
- • High supplier concentration – 62.88% of FY2026 cost of services from top 10 suppliers(p.35)
- • High dependence on unsecured promoter loans that are repayable on demand(p.48)
- • Significant related party transactions creating potential conflicts of interest(p.48)
- • Lack of formal information security framework and disaster recovery system(p.49)
- • No comprehensive insurance coverage for business operations(p.52)
- • Board lacks listed company governance experience(p.53)
- • No credit rating obtained(p.52)
- • Outstanding contingent liabilities of ₹30.38 lakhs(p.50)
- • Significant outstanding borrowings of ₹1,031.8 lakhs requiring substantial cash flows for debt service(p.51)
- • High employee benefit expenses relative to revenue (38.58% in Fiscal 2026)(p.122)
- • Significant working capital facility dependence (₹363.45 Lakhs outstanding as of July 31, 2026)(p.123)
- • High concentration of revenue in Q4 (53% of total revenue in Fiscal 2026)(p.125)
- • Recent acquisition dependence: 60% of Fiscal 2026 revenue attributable to AdLift consolidated contribution(p.136)
- • Limited standalone repeat business (54.21% for Liqvd standalone in Fiscal 2026)(p.136)
- • Dependence on Concept Communication Limited for significant revenue portion(p.221)
- • Limited geographical presence with operations in only two Indian cities(p.221)
- • Repeat business metric distorted by AdLift consolidation, showing only 22.77% on consolidated basis for FY'26(p.225)
- • In-house production capacity is limited with compact studio in Mumbai(p.221)
- • High customer concentration risk with top 10 customers generating over half of revenues(p.228)
- • Significant revenue concentration from single customer Concept Communication(p.229)
- • Rapid decline in repeat customer revenue contribution in consolidated FY2026(p.232)
- • High employee attrition rates indicating workforce retention challenges(p.239)
- • Geographic revenue concentration within India with limited international presence pre-acquisition(p.234)
- • Revenue concentration within limited Indian states with underpenetrated presence elsewhere(p.235)
- • High short-term debt burden relative to equity, indicating reliance on near-term debt financing(p.332)
- • Significant unsecured related party borrowings creating potential conflicts of interest(p.336)
- • Recent acquisition creating integration risks and consolidation complexity(p.348)
- • Minority interest of ₹219.62 lakhs in subsidiary reflects incomplete ownership control(p.305)
- • Significant goodwill impairment risk from recent acquisition recorded at ₹2,009.88 lakhs(p.320)
- • Heavy dependence on a small customer base(p.422)
- • Significant debt burden relative to equity(p.424)
- • Litigation involving promoter and subsidiaries in multiple jurisdictions(p.432)
- • Outstanding tax litigation with substantial exposure(p.434)
- • Expansion through AdLift Marketing acquisition – acquiring remaining shareholding to expand service portfolio and capabilities(p.35)
- • Full Scale Video Content Production Hub – establish in-house capabilities to reduce third-party dependence(p.38)
- • Diversification of revenue sources – actively expanding client base beyond top clients and geographic regions(p.30)
- • Working capital funding – utilizing IPO proceeds to fund incremental working capital requirements for expansion(p.40)
- • Massive growth in India's short-form video consumption (200M to 600-650M daily consumers, 2020-2025)(p.109)
- • Expansion of creator economy: India's creator economy expected to reach ₹336.5 thousand crores by FY'25(p.109)
- • High adoption of AI in marketing: India's AI market expected to reach ₹14.4 thousand crore by FY'27 at 25-30% CAGR(p.109)
- • Gen Z demographic dominance in social media (70.8% of users aged 18-34) driving video-first content demand(p.109)
- • Strategic expansion of Full-Scale VCP Hub to capture video production market in multiple cities(p.110)
- • Acquisition strategy to consolidate boutique firms for sector expertise and geographic expansion(p.127)
- • Significant addressable market with India digital advertising projected to reach INR 1,43,500 crore by FY'30F(p.210)
- • Strong growth in Performance Marketing segment projected to reach INR 50,223 crore by FY'30(p.210)
- • Expansion opportunity in US market with total digital advertising spend projected at INR 39,00,720 crore by FY'30(p.210)
- • Growing demand for AI-driven hyper-personalized advertising with 40% of Indian organizations already using AI at scale(p.189)
- • Expansion into Tier 2/3 cities with rising vernacular content and digital consumption(p.196)
- • Opportunity to expand production capabilities through setup of production studios(p.211)
- • India's digital advertising market growing at 18.8% CAGR with shift from traditional media(p.226)
- • Rising internet penetration across India enabling digital marketing expansion(p.226)
- • Growing demand for AI-driven personalized campaigns and content localization(p.226)
- • Expansion into underpenetrated Indian states and geographies(p.235)
- • Investment in technology and AI automation to enhance operational efficiency and margins(p.233)
- • Scaled content production through in-house studio capabilities(p.233)
- • Expansion of digital marketing service offerings through subsidiary's complementary capabilities(p.308)
- • International growth through step-down US subsidiary operations and foreign revenue generation(p.340)
- • Potential acquisition of remaining 23.21% stake in subsidiary to achieve full control(p.348)
- • Digital marketing services tailored to reality, social media marketing, and localized consumer engagement(p.308)
- • Expansion into higher-margin retainer and project-based service models(p.419)
- • Growing digital advertising demand from IPO-bound companies(p.420)
- • Seasonal peaks in key customer segments like insurance and logistics(p.423)
- • Post-IPO capital access for organic and inorganic growth(p.422)
- • High industry competition with low barriers to entry from new market participants(p.43)
- • Sector concentration risk – 66.85% of FY2026 revenue from IT, FMCG, and Financial Services(p.34)
- • Risk of client internalization of marketing functions – clients moving functions in-house(p.37)
- • Reputational risk from negative public reaction to content created for clients(p.37)
- • Dependence on digital advertising spend trends – any decrease in client digital ad spend would reduce revenues(p.28)
- • Intellectual property protection challenges – unpatented in-house technology at risk of unauthorized disclosure(p.43)
- • Rapid technological change and evolving industry trends could render services obsolete(p.48)
- • Intense competition from established agencies and unorganized players(p.49)
- • Complex and evolving data privacy regulations globally(p.60)
- • Leased registered office may be difficult to renew or relocate on favorable terms(p.50)
- • Foreign exchange rate fluctuations impact profitability(p.55)
- • Rising employee compensation in India eroding competitive advantage(p.54)
- • Global economic instability and geopolitical risks affecting demand(p.58)
- • Restrictive covenants in loan agreements limiting operational flexibility(p.51)
- • Digital marketing industry cyclicality and sensitivity to macroeconomic conditions and customer spending(p.123)
- • Regulatory risks in content creation, influencer marketing, and advertising compliance(p.122)
- • Intense competition in digital marketing and advertising from larger established firms(p.134)
- • Dependency on technology platforms (Instagram, YouTube, TikTok) and algorithm changes(p.109)
- • Acquisition integration risks and uncertainty in completing acquisition of remaining AdLift stake(p.109)
- • Intense competition with over 500 agencies operating in India's digital marketing sector(p.204)
- • Commoditization of services with low-cost digital tools reducing barriers to entry(p.198)
- • Heavy dependence on Meta and Google platforms accounting for ~85% of digital advertising spend(p.188)
- • High client turnover with majority preferring short-term 3-6 month performance-linked retainers(p.199)
- • Significant ad fraud losses estimated at INR 4,245 crore till October 2025(p.198)
- • Rising ad blocking adoption affecting advertising reach with 25% of Indian internet users using ad-blocking tools(p.199)
- • Shortage of skilled digital talent with attrition rates at 30-35%(p.199)
- • Data privacy regulations including DPDPA Act with penalties up to INR 250 crore per violation(p.199)
- • Fragmented and competitive advertising market with over 500 agencies in India(p.238)
- • Traditional advertising market declining with media format substitution(p.227)
- • Revenue dependence on Concept Communication Limited creates concentration risk(p.229)
- • Complex regulatory environment governing digital advertising and data protection(p.243)
- • Regulatory compliance requirements for advertising and content standards(p.242)
- • Unhedged foreign currency exposure creates volatility risk in international operations(p.340)
- • Significant receivable aging with portions outstanding beyond 2-3 years indicates collection challenges(p.337)
- • Charge registration failure for vehicle loan creates legal compliance risk(p.343)
- • Finance cost burden increasing due to higher borrowings reducing profitability(p.324)
- • Media business operates in commoditized low-margin segment(p.421)
- • Regulatory and compliance risks from tax authorities(p.434)
- • Intense competition in digital marketing industry(p.422)
- • Business subject to seasonal revenue fluctuations(p.422)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Arnab Mitra | Individual Promoter | — | — |
| Mr. Ashish Motilal Jalan | Individual Promoter | — | — |
| Mr. Vivek Suchanti | Individual Promoter | — | — |
| Concept Communication Limited | Corporate Promoter | — | — |
| Arnab Mitra | Promoter/Chairman and Managing Director | 12,184,584 shares (76.40% of pre-offer capital) | — |
| Concept Communication Limited | Promoter Group/Corporate Promoter | 35,377,882 shares as per bonus issue note | — |
| Ashish Motilal Jalan | Promoter/Non-Executive Non Independent Director | 7,182,500 shares (4.50% approximately) | — |
| Mr. Arnab Mitra | Promoter | 24.33% | [●] |
| Mr. Ashish Motilal Jalan | Promoter | 9.01% | [●] |
| M/s. Concept Communication Limited | Promoter | 44.39% | [●] |
| Mr. Vivek Suchanti | Promoter | — | [●] |
| Mr. Saket Motilal Jalan | Promoter Group | 0.31% | [●] |
| Concept Communication Limited | Corporate Promoter | — | — |
| Concept Communication Limited | Corporate Promoter | — | — |
| Mr. Vivek Suchanti | Promoter | — | — |
| Mr. Arnab Mitra | Promoter | 24.33% | — |
| Mr. Ashish Motilal Jalan | Promoter | 9.01% | — |
| Mr. Arnab Mitra | Promoter | 24.33% | — |
| Mr. Ashish Motilal Jalan | Promoter | 9.01% | — |
| Mr. Vivek Suchanti | Promoter | 0% | — |
| M/s Concept Communication Limited | Promoter Group | 44.39% | — |
| Liqvd Digital India Limited | Holding Company | — | — |
| Arnab Mitra | Promoter | — | — |
| Concept Communication Limited | Promoter/Corporate Promoter | — | — |
| Mr. Arnab Mitra | Promoter Selling Shareholder | — | — |
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 30 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Liqvd Digital India Limited THIS ISSUE | — | 21.45 | 14.96, computed at the offer price | 2.52, computed at the offer price | 25.36% |
| — | 104.71 | 22.37 | 0.66 | 8.60% | |
| — | 27.35 | 11.75 | 1.30 | 12.31% | |
| — | 47.53 | 8.08 | 1.64 | 27.96% | |
| — | 51.82 | 11.40 | 2.71 | 28.25% |
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.