Value 360 Communications
Book Building issueSMENSE₹41.69 Cr issue
-20.00%
Listing gain over issue price
Price band
₹95 – ₹98
Issue size
₹41.69 Cr
1 lot at cut-off
₹1,17,600
Lot size
1,200shares
Open
04 May 2026
Close
06 May 2026
Allotment
07 May 2026
Listing
11 May 2026
Listing performance
Issue price
₹98
Listed at
₹78.40
Listing-day close
₹82.30
Latest price
₹87.70
Listing gain
-20.00%
Return since listing
-10.51%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 11 May 2026 | ₹0 | 0.00% | ₹0 | ₹98 | ₹0 |
| 10 May 2026 | ₹0 | 0.00% | ₹0 | ₹98 | ₹0 |
| 09 May 2026 | ₹0 | 0.00% | ₹0 | ₹98 | ₹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.
Issue details
- IPO date
- 04 May 2026 – 06 May 2026
- Listing date
- 11 May 2026
- Face value
- ₹10 per share
- Price band
- ₹95 – ₹98
- Issue price
- ₹98 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹41.69 Cr
- Market cap at offer price
- ₹158 Cr
- Promoter holding
- 81.56% → 59.51% pre-issue → post-issue
- ISIN
- INE1E7Y01018
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- 43A, Okhla Industrial Estate, Phase III, 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 | 0 | — | — |
| Market maker | 2,13,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹98
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,17,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,35,200 |
| S-HNI (max) | 8 | 9,600 | ₹9,40,800 |
| B-HNI (min) | 9 | 10,800 | ₹10,58,400 |
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
0
Anchor portion
₹0 Cr
at ₹98 per share
Valuation and performance
Valuation at offer price
₹98 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.72 | 5.68 |
| P/E (×) | 20.76 | 17.25 |
| Price to book (×) | 4.17 | — |
| Market cap | — | ₹158 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 23.01%
- ROCE
- 34.21%
- Debt / equity
- 0.42
- PAT margin
- 10.58%
- EBITDA margin
- 21.59%
- NAV per share
- ₹23.49
- Price to book
- 4.17
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Value 360 Communications
Value 360 Communications Limited (formerly Value 360 Communications Private Limited) was founded in 2007 and incorporated as a private limited company in 2009, converting to public limited in January 2025. The company operates through two synergistic business segments: (1) Value 360 Communications, a PR communications vertical offering investor relations, crisis communication, reputation management, digital PR solutions, and campaign management; and (2) Popkorn, a digital ads and content solutions business providing brand strategy, social media management, content creation, influencer marketing, digital advertising, performance marketing, and website/app development. The company operates on an asset-light, scalable business model combining recurring retainer-based revenue with project-based fees. As of January 31, 2026, it had net worth of ₹3,532.36 lakhs, revenue from operations of ₹5,471.26 lakhs, and profit after tax of ₹761.88 lakhs.
Company Analysis
from RHPValue 360 Communications Limited is a media and marketing communications company providing public relations, digital advertising, content solutions, and influencer marketing services across India and internationally.
Value 360 Communications Limited (formerly Value 360 Communications Private Limited) was founded in 2007 and incorporated as a private limited company in 2009, converting to public limited in January 2025. The company operates through two synergistic business segments: (1) Value 360 Communications, a PR communications vertical offering investor relations, crisis communication, reputation management, digital PR solutions, and campaign management; and (2) Popkorn, a digital ads and content solutions business providing brand strategy, social media management, content creation, influencer marketing, digital advertising, performance marketing, and website/app development. The company operates on an asset-light, scalable business model combining recurring retainer-based revenue with project-based fees. As of January 31, 2026, it had net worth of ₹3,532.36 lakhs, revenue from operations of ₹5,471.26 lakhs, and profit after tax of ₹761.88 lakhs.
Public Relations (PR) CommunicationsDigital Advertising and MarketingMedia and Marketing TechnologyInfluencer MarketingContent Creation and ProductionDigital Media Solutions
Objects of the Issue
- Funding the working capital requirements towards enabling the strategic growth initiatives ₹1,270.60 lakhs p.24
- Funding the capital expenditure towards infrastructure and cutting-edge technology for expansion into content production verticals ₹465.00 lakhs p.24
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company ₹400.00 lakhs p.24
- Investment in influencer marketing platform, Irida Interactive Private Limited (ClanConnect) and expanding ownership to fulfil potential acquisition in the near future ₹700.00 lakhs p.24
- General corporate purposes p.24
- Not specified in this section p.48
- Funding the working capital requirements towards enabling the strategic growth initiatives ₹1,270.60 lakhs p.107
- Funding the capital expenditure towards infrastructure and cutting-edge technology for expansion into content production verticals ₹465.00 lakhs p.107
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company ₹450.00 lakhs p.107
- Investment in influencer marketing platform, Irida Interactive Private Limited (ClanConnect) and expanding ownership to fulfil potential acquisition in the near future ₹700.00 lakhs p.107
- General Corporate Purposes p.107
- Not specified in this part of the document
Issue Structure
- Total Issue
- Up to 42,54,000 Equity Shares aggregating to ₹[●] lakhs
- Fresh Issue
- Up to 38,29,200 Equity Shares of face value of ₹10 each aggregating to ₹[●] lakhs
- Offer for Sale
- Up to 4,24,800 Equity Shares by Mr. Gaurav Patra (Promoter Selling Shareholder) aggregating to ₹[●] lakhs
- Price Band
- To be decided by the Company in consultation with the BRLM and advertised at least 2 working days prior to Bid/Issue Opening Date
- Lot Size
- Bid Lot of 1200 Equity Shares and in multiples of 1200 Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company operates a highly scalable, asset-light model combining recurring retainer-based revenue through long-term client relationships in PR, crisis communication, investor relations, and digital PR solutions, with project-based fees for specialized campaigns. It also generates revenue from digital advertising, social media management, influencer marketing, content production, and performance marketing services.
Business Segments
Public Relations communications vertical offering Investor Relations, Crisis Communication, Reputation Management, Digital PR Solutions, and End-to-End Campaign Management to help brands build credibility, manage stakeholder perception, and maintain strong media presence
Digital advertising and content solutions business including brand strategy and positioning, social media strategy and management, content creation and production, influencer marketing and collaborations, digital advertising and performance marketing, website and app development
Provides PR services, digital advertising, content creation solutions, and marketing technology services including media tracking, social listening, and digital media buying
Offers comprehensive suite of strategic communication services including Investor Relations, Crisis Communication, Reputation Management, Digital PR Solutions, and End-to-End Campaign Management. Helps brands build credibility, manage stakeholder perception, and maintain strong media presence.
Serves as digital marketing and content creation hub providing digital advertising and content production services as part of the company's two synergistic business verticals.
Full-service creative agency with digital-first approach offering crisis communication, public relations, content creation and management, investor relations, digital communications and digital PR, event management, and strategic communication and branding
End-to-end PR agency with cross-sector expertise offering brand strategy and positioning, social media strategy and management, content creation and production, influencer marketing and collaborations, digital advertising and performance marketing, website and app development, experiential marketing, on-ground activations, retail and packaging design, and media planning and buying
Public relations, reputation management, crisis communications, media relations, digital communications, and creative advisory services delivered through dedicated client teams offering bespoke communication strategies. Services include investor relations, crisis communication, reputation management, digital PR solutions, and end-to-end campaign management.
Digital advertising and content-based solutions including influencer marketing through Irida Interactive Private Limited (ClanConnect platform) and content publishing and monetization through Hubscribe platform.
Public relations services
Digital advertising content services
SWOT Analysis
Strengths
- • Established PR communications vertical with comprehensive strategic services(p.22)
- • Scalable asset-light business model with recurring retainer-based revenue(p.22)
- • Dual revenue streams combining PR and digital advertising/content solutions(p.22)
- • Strong revenue generation with consistent growth trajectory(p.24)
- • Substantial repeat customer base demonstrating loyalty(p.34)
- • 18-year legacy brand reputation built over time(p.47)
- • Integrated tech-driven business model enabling cross-selling opportunities(p.48)
- • AI and automation investments for workflow automation(p.48)
- • Strategic geographic expansion into high-growth South India region(p.49)
- • Recognized among top 250 global PR firms(p.127)
- • Second-largest Indian promoter-driven PR-first digital communications company(p.154)
- • Strong marquee client portfolio across sectors(p.154)
- • Established international partnerships for global growth(p.127)
- • Scalable business model with synergistic service offerings(p.127)
- • Early mover in influencer marketing with proprietary platform(p.127)
- • Strong financial performance with growing profitability(p.131)
- • Experienced and dedicated management team(p.127)
- • Established industry reputation and top-global recognition(p.160)
- • Highly skilled workforce with deep industry expertise(p.160)
- • Scalable asset-light business model(p.155)
- • Synergistic integrated service offerings across PR and digital(p.161)
- • International partnerships for cross-border capability(p.161)
- • Early-mover advantage in AI-powered marketing platforms(p.161)
- • Diverse and geographically expansive client portfolio(p.156)
- • Strong revenue growth and profitability metrics(p.167)
- • Experienced leadership with deep industry expertise across PR, digital communications, and content licensing(p.202)
- • Strong track record of managing major brand campaigns and crisis management across diverse industries(p.202)
- • Established relationships with multinational networks and Fortune 100 brands(p.202)
- • Substantial financial performance with consistent revenue growth and improving margins(p.272)
- • Strategic investments in complementary, high-growth ventures with similar profit-margin structures(p.266)
- • Established promoter group with stable, long-term control since inception(p.205)
- • Significant profit improvement and strong operational leverage(p.275)
- • Substantially improved cost management and operational efficiencies(p.275)
- • Strong improvement in Return on Net Worth(p.275)
- • Robust operating profit growth trajectory(p.290)
- • Strong net worth growth indicating solid balance sheet strengthening(p.290)
Weaknesses
- • Heavy dependence on PR services for revenue generation(p.30)
- • Negative cash flows from operations and investing activities(p.34)
- • Significant contingent liabilities including tax disputes(p.40)
- • Non-operational subsidiary with stranded capital investment(p.40)
- • Historical delays in statutory filings and compliance lapses(p.41)
- • High employee attrition rates historically(p.37)
- • Revenue concentration among top 5 customers increasing(p.36)
- • Non-operational subsidiary with unrecovered business loan outstanding(p.47)
- • Potential inefficiencies from complex multi-service delivery to same clients(p.48)
- • Heavy dependence on third-party vendors for critical services(p.50)
- • Administrative complexities from recent private to public conversion with unflagged agreements(p.51)
- • No dividend payment history and uncertain dividend payment capacity(p.51)
- • Deficient insurance coverage against business operating hazards(p.52)
- • Dependence on few marquee clients(p.127)
- • High debt levels compared to equity(p.131)
- • Concentrated regional presence(p.154)
- • Invested company (ClanConnect) showing negative profitability(p.122)
- • Small scale compared to global competitors(p.131)
- • High customer concentration among top clients(p.157)
- • Revenue concentration in domestic market and key states(p.159)
- • Geographic concentration in Delhi NCR region(p.169)
- • Declining export operations(p.158)
- • Nascent technology platform businesses with uncertain commercialization(p.164)
- • High dependence on employee salaries as largest cost component at 45.85% of revenue(p.269)
- • Significant reliance on core PR services which contributed 86.53% of total revenue from operations(p.269)
- • Rising finance costs with debt obligations, increasing 49.13% year-over-year(p.271)
- • Outstanding litigation and contingent liabilities of approximately 613.85 lakhs across income tax and GST disputes(p.248)
- • Personal guarantees and property mortgages by directors securing company borrowings(p.206)
- • Significant portion of intangible assets under development with uncertain timelines (1667.31 lakhs as of Jan 2026)(p.238)
- • High dependence on limited customer base creating revenue concentration risk(p.278)
- • Increasing finance costs and borrowing obligations(p.274)
- • Outstanding tax liabilities and potential further assessments(p.280)
- • Rising cost of services pressuring margins(p.274)
- • Deteriorating current ratio indicating liquidity pressure(p.275)
Opportunities
- • Expansion into AI-powered creative content production(p.30)
- • Strategic growth initiatives into IPO, ESG, and healthcare PR(p.36)
- • Acquisition and expansion of influencer marketing platform (Irida Interactive)(p.24)
- • Rapid expansion of Indian advertising market(p.22)
- • International expansion into MENA markets(p.46)
- • Cross-leveraging of integrated service offerings through technology(p.33)
- • Expansion into AI-powered creative content production(p.49)
- • Exploration of SaaS-based business models for recurring revenue(p.50)
- • Deepening operations in West and South India growth markets(p.49)
- • Growing digital marketing landscape with emerging platforms and channels(p.49)
- • Rapid growth of Indian PR industry projected at 9% CAGR through FY30(p.146)
- • Emerging high-growth PR verticals including IPO advisory and ESG communications(p.111)
- • Expansion into regional markets where digital penetration is growing(p.149)
- • Influencer marketing sector projected to grow from ₹6,700 crore in 2024 to ₹13,800 crore by 2030(p.122)
- • Digital advertising market growing at 14% CAGR through 2028(p.150)
- • AI-powered marketing services market growing at 28.5% CAGR through 2030(p.152)
- • MENA region expansion opportunity with government-led digital initiatives(p.139)
- • Strategy to expand into new verticals including AI Creative content production(p.113)
- • Significant PR market growth at 12.80% CAGR(p.159)
- • Rapid digital advertising and content market expansion at 14% CAGR(p.159)
- • Rising adoption of digital-first PR strategies(p.160)
- • Growing ESG communication demand at 7-8% CAGR(p.162)
- • Healthcare/pharma PR market growth opportunity(p.162)
- • Rising IPO activity and capital market communications need(p.162)
- • Regional expansion in high-growth Southern and Western markets(p.161)
- • Influencer marketing sector growth at 16% CAGR(p.164)
- • Creator economy expansion and content monetization platforms(p.164)
- • MENA region expansion with 7% PR market CAGR and 13.39% advertising growth(p.162)
- • Expansion into emerging digital content market through Hubscribe platform targeting creator economy(p.266)
- • Regional market penetration through Value Bharat initiative for localized market expansion(p.266)
- • Complementary influencer marketing capabilities through ClanConnect platform ownership(p.211)
- • International expansion through existing Lewis Value 360 partnership providing global standards access(p.266)
- • Growing demand for integrated communications with service-intensive, strategic business model(p.211)
- • Rising digital advertising and content solutions revenue segment growing to 13.47% of total revenue(p.269)
- • Continued expansion of digital advertising and content services market(p.278)
- • Potential migration to Main Board with significant market capitalization growth(p.304)
- • Demonstrated capacity for operational scaling with positive cash flow generation(p.276)
Threats
- • Intense competition in marketing and PR services industry(p.45)
- • Delays and defaults in client payments impacting liquidity(p.32)
- • Rapid evolution of digital marketing landscape and emerging technologies(p.32)
- • Regulatory complexity around data protection and privacy (DPDP Act)(p.20)
- • Dependence on third-party technology infrastructure and service providers(p.21)
- • Geographic revenue concentration in five Indian states(p.41)
- • Cybersecurity threats and IT system failures(p.33)
- • Operating lease dependencies without property ownership(p.33)
- • Exposure to economic downturns affecting client marketing budgets(p.21)
- • International payment delays and collection challenges in overseas markets(p.47)
- • Foreign investment restrictions limiting capital raise capacity(p.54)
- • Inadequate intellectual property protections in international markets(p.47)
- • Repatriation restrictions on earnings from international operations(p.47)
- • Intense competitive pressures from established players with better market positioning(p.47)
- • Rapidly evolving digital landscape creating technology and consumer behavior risks(p.49)
- • Influencer reputational risks and platform algorithm changes(p.49)
- • Pricing pressure from competition forcing margin compression(p.52)
- • Economic downturn impact on customer spending and demand(p.53)
- • Global financial and political instability affecting Indian markets(p.53)
- • Natural disasters and catastrophic events disrupting operations(p.54)
- • Indian tax system complexity and regulatory changes(p.54)
- • Competition law risks from adverse application or interpretation(p.53)
- • Rising geopolitical risks affecting trade flows and investment(p.140)
- • Global trade growth expected to slow sharply(p.141)
- • Regulatory risks including data protection and AI governance(p.144)
- • High competition in advertising market with increasing SME participation(p.145)
- • Declining TV advertising as brands shift to digital(p.145)
- • Uneven global inflation and divergent monetary policy approaches(p.138)
- • Economic policy uncertainty particularly in trade and fiscal policy(p.138)
- • Dependence on key client relationships creates revenue concentration risk(p.28)
- • Increasing sophistication and competition among PR agencies(p.160)
- • Rapid adoption of generative AI transforming advertising and campaign management(p.160)
- • Rising demand for district-level and vernacular content targeting(p.160)
- • Challenges in managing misinformation and competitive differentiation(p.160)
- • Gaming sector competition for digital advertising share(p.160)
- • Regulatory compliance and ESG greenwashing risks(p.160)
- • High sensitivity to changes in government policies and regulatory framework affecting PR and communications industry(p.267)
- • Intense competition from established and emerging competitors with improving efficiency and productivity(p.267)
- • Dependency on client retention with potential loss of major customers affecting business continuity(p.267)
- • Technology obsolescence risk requiring continuous adaptation to evolving PR and advertising industry standards(p.267)
- • Significant exposure to volatile capital markets and Indian economic cycles affecting business demand(p.267)
- • Trade receivables ageing with significant portion outstanding beyond 3 years (493.31 lakhs as of Jan 2026)(p.242)
- • Significant capital expenditure requirements and cash flow pressures from investments(p.276)
- • Competitive pressures and market uncertainties in PR and digital services sector(p.278)
- • Regulatory and tax compliance uncertainties affecting profitability(p.280)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Kunal Kishore | Promoter | 27.73% | — |
| Mr. Gaurav Patra | Promoter/Promoter Selling Shareholder | 27.19% | — |
| Mrs. Manisha Chaudhary | Promoter | 26.64% | — |
| Kunal Kishore | Promoter | 27.73% | 21.13% |
| Gaurav Patra | Promoter | 27.19% | 18.08% |
| Manisha Chaudhary | Promoter | 26.64% | 20.30% |
| Gaurav Patra | Promoter | 33,33,333 shares of face value ₹10 each | — |
| Kunal Kishore | Promoter | 27.73% | — |
| Gaurav Patra | Promoter | 27.19% | — |
| Manisha Chaudhary | Promoter | 26.64% | — |
| Kunal Kishore | Co-Founder and Promoter | 27.73% | — |
| Gaurav Patra | Co-Founder and Promoter | 27.19% | — |
| Manisha Chaudhary | Promoter | 26.64% | — |
| Gaurav Patra | Promoter Selling Shareholder | — | — |
Leadership
Mr. Kunal Kishore · Managing Director and Chairman
Mr. Gaurav Patra · Whole-time Director
Mr. Atul Sharma · Chief Executive Officer
Mr. Keshav Kashinath Shanbhag · Chief Financial Officer
Ms. Bhakti Sharma · Company Secretary and Compliance 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.