Maagh Advertising & Marketing Services
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Sep 2022 – 04 Oct 2022
- Listing date
- 13 Oct 2022
- Face value
- ₹10 per share
- Issue price
- ₹60 per share
- Lot size
- 2,000 shares
- Total issue size
- ₹9.12 Cr
- Market cap at offer price
- ₹19.68 Cr
- Promoter holding
- 99.95% → 53.63% pre-issue → post-issue
- ISIN
- INE0KY201021
- Registrar
- Satellite Corporate Services Pvt.Ltd.
- Lead managers
- Inventure Merchant Banker Services Pvt.Ltd.
- Registered office
- 302, 3rd Floor, Kuber Complex, Opp.Laxmi Industrial Estate, New Link Road, Andheri (west), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 76,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹60
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 18,000 | ₹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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.99 | — |
| P/E (×) | 20.07 | — |
| Market cap | — | ₹19.68 Cr |
Key performance indicators
- Return on net worth
- 12.36%
- PAT margin
- 2.41%
- EBITDA margin
- 6.49%
- NAV per share
- ₹24.17
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Maagh Advertising & Marketing Services
Maagh Advertising And Marketing Services Limited, incorporated on June 17, 2013 and converted to public company status on October 20, 2021, is an advertising agency headquartered in Mumbai. The company provides a complete range of creative and media services, including design, printing, media planning and buying, social media advertising, public relations, and product launch campaigns. Its business model revolves around media buying optimization—understanding client marketing objectives and deploying the right media mix at competitive prices. The company operates on a campaign-by-campaign basis without long-term client contracts. In FY 2022, revenue was ₹2,179.90 lakhs with profit after tax of ₹52.58 lakhs. Revenue declined from ₹5,261.00 lakhs in FY 2020, attributed partly to COVID-19 disruption in FY 2021. The company has historically derived significant revenue concentration from its top customers, with top 5 customers representing 100% of FY 2022 revenue.
Company Analysis
from RHPMaagh is an advertising agency offering creative, media, and digital marketing services across print, outdoor, radio, social media, and online channels.
Maagh Advertising And Marketing Services Limited, incorporated on June 17, 2013 and converted to public company status on October 20, 2021, is an advertising agency headquartered in Mumbai. The company provides a complete range of creative and media services, including design, printing, media planning and buying, social media advertising, public relations, and product launch campaigns. Its business model revolves around media buying optimization—understanding client marketing objectives and deploying the right media mix at competitive prices. The company operates on a campaign-by-campaign basis without long-term client contracts. In FY 2022, revenue was ₹2,179.90 lakhs with profit after tax of ₹52.58 lakhs. Revenue declined from ₹5,261.00 lakhs in FY 2020, attributed partly to COVID-19 disruption in FY 2021. The company has historically derived significant revenue concentration from its top customers, with top 5 customers representing 100% of FY 2022 revenue.
Objects of the Issue
- Funding capital expenditure requirements of the Company ₹336.30 lakhs p.17
- Purchase of Media Inventory ₹300.00 lakhs p.17
- General Corporate Purposes ₹195.70 lakhs p.17
- Issue Related Expenses ₹80.00 lakhs p.17
- Funding for investment in Social Media Monitoring Software (SMMS) ₹336.30 lakhs p.66
Issue Structure
- Total Issue
- ₹912.00 lakhs
- Fresh Issue
- 15,20,000 Equity Shares at ₹60 per share aggregating ₹912.00 lakhs
- Price Band
- ₹60.00 per Equity Share (Fixed Price Issue)
- Lot Size
- Minimum application: ₹2,00,000 for Retail Individual Investors; above ₹2,00,000 for Other than Retail Investors
- Face Value
- ₹10.00 per Equity Share
Business Model
Revenue generation through advertising services: media planning and buying across print, outdoor, radio, and digital channels; creative services including concept development, ad design, and campaign execution; social media advertising and SEO services; and ancillary services such as public relations and product launch campaigns. The company does not own media inventory but books or purchases media from vendors based on client timing requirements.
Business Segments
SWOT Analysis
- • Complete range of advertising services across multiple media channels(p.16)
- • Diversified service portfolio spanning creative, media, and digital offerings(p.16)
- • Strong media buying expertise and capability(p.16)
- • Growing Indian advertising market with supportive government policies(p.16)
- • Projected as second fastest growing advertising market in Asia after China(p.16)
- • Strength in media buying and understanding client objectives(p.65)
- • Expertise in social media and digital marketing(p.66)
- • Ability to achieve client expectations through research and strategic planning(p.66)
- • Full range of integrated services from media to creative to printing(p.65)
- • First-time public offering with clean capital structure(p.138)
- • 100% underwritten issue reducing subscription risk(p.145)
- • Mandatory market maker support for liquidity(p.146)
- • No investor complaints or grievances pre-IPO(p.142)
- • No long-term contracts with clients creating revenue vulnerability(p.19)
- • Heavy dependence on top 5 customers for revenue generation(p.23)
- • Dependence on few suppliers for operating requirements(p.23)
- • Geographic concentration of business in Mumbai region(p.21)
- • Operating expenses constitute significant portion of total expenses(p.22)
- • Dependence on third parties for service delivery and media procurement(p.24)
- • No ownership of office premises creates operational vulnerability(p.24)
- • Conflict of interest with promoter group entities in similar business(p.24)
- • Dependence on small number of customers(p.124)
- • Significant revenue concentration in top customers(p.123)
- • No insurance policies in place(p.69)
- • No intellectual property ownership(p.69)
- • Reliance on third-party service providers(p.65)
- • Restriction to SME Platform for minimum two years(p.146)
- • Limited liquidity with high minimum trading lot requirement(p.144)
- • Post-issue paid-up capital below ₹10 crores threshold(p.148)
- • Expansion of digital marketing and social media advertising services(p.22)
- • Development of outdoor media inventory business to improve margins(p.54)
- • Favorable market conditions with new bank licenses and improved sentiment(p.16)
- • Print media maintains significant share of advertising revenue(p.16)
- • Geographic expansion beyond Mumbai through listing and capital access(p.49)
- • Growth in digital advertising market projected to reach Rs 35,809 crore by 2023(p.62)
- • Expansion through social media monitoring software investment(p.66)
- • Strategy to increase number of client relationships(p.66)
- • Growing advertising industry with strong growth trajectory(p.62)
- • M&E sector projected to grow at 17% CAGR between 2020-2023(p.63)
- • Digital media growth opportunity with 29.5% CAGR(p.62)
- • Opportunity for competitive pricing strategy(p.66)
- • Potential migration to Main Board after two years(p.146)
- • Access to capital markets for future growth funding(p.173)
- • Ability to raise additional capital through various instruments(p.183)
- • Intense competition from larger and well-established advertising agencies(p.20)
- • Competitors with greater financial and marketing resources(p.20)
- • Industry consolidation may exacerbate competitive risks(p.20)
- • Rapid technological changes requiring continuous adaptation(p.23)
- • Macroeconomic downturn could reduce advertising spend(p.26)
- • COVID-19 pandemic impacts on business operations and revenues(p.21)
- • Natural disasters and civil unrest risks in operating locations(p.21)
- • Regulatory changes and compliance requirements affecting business(p.26)
- • Highly competitive market with quality-based competition(p.69)
- • Need to maintain competitive strengths against emerging trends(p.69)
- • Evolution of OOH advertising with new technologies(p.69)
- • COVID-19 pandemic impact on business operations(p.117)
- • Economic downturn risk affecting advertising spend(p.118)
- • Regulatory and compliance risks(p.118)
- • Track record of poor SME IPO performance by merchant banker(p.139)
- • Regulatory risk from FDI restrictions on land-border countries(p.171)
- • Risk of delayed refunds with interest compensation obligations(p.168)
- • Listing not guaranteed despite IPO completion(p.136)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Miniboss Consultancy Private Limited | Promoter | 97.11% | 52.11% |
| Azharuddin R. Mulla | Promoter | 2.84% | 1.52% |
| Azharuddin R. Mulla | Individual Promoter | 2.84% | — |
| Miniboss Consultancy Private Limited | Corporate Promoter | 97.11% | — |
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.