YD
Yaap Digital
Book Building issueSMENSE₹80.11 Cr issue
-12.41%
Listing gain over issue price
Issue size
₹80.11 Cr
1 lot at cut-off
₹1,45,000
Lot size
1,000shares
Open
25 Feb 2026
Close
27 Feb 2026
Allotment
02 Mar 2026
Listing
05 Mar 2026
Listing performance
Issue price
₹145
Listed at
₹127
Listing-day close
₹133.35
Latest price
₹176.80
Listing gain
-12.41%
Return since listing
+21.93%
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 |
|---|---|---|---|---|---|
| 05 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹145 | ₹0 |
| 04 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹145 | ₹0 |
| 03 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹145 | ₹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
- 25 Feb 2026 – 27 Feb 2026
- Listing date
- 05 Mar 2026
- Face value
- ₹10 per share
- Issue price
- ₹145 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹80.11 Cr
- Market cap at offer price
- ₹304 Cr
- Promoter holding
- 80.19% → 59.02% pre-issue → post-issue
- ISIN
- INE0U0J01015
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Socradamus Capital Pvt.Ltd.
- Registered office
- 802, 8th Floor, Signature by Lotus, Veera Desai 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 |
|---|---|---|---|
| Anchor investor · within QIB | 15,73,000 | — | — |
| Market maker | 2,80,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹145
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,45,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,90,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,70,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,15,000 |
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
15,73,000
Anchor portion
₹22.81 Cr
at ₹145 per share
Valuation and performance
Valuation at offer price
₹145 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.74 | 5.86 |
| P/E (×) | 18.73 | 24.74 |
| Price to book (×) | 9.78 | — |
| Market cap | — | ₹304 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 53.63%
- ROCE
- 45.07%
- Debt / equity
- 1.02
- PAT margin
- 7.82%
- EBITDA margin
- 10.26%
- NAV per share
- ₹14.83
- Price to book
- 9.78
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Yaap Digital
Yaap Digital Limited, incorporated on March 09, 2016 and converted to a public company on January 28, 2025, operates as a purely digital business serving global, multinational, regional, and local clients including influencer-led brands. The company integrates data, AI-powered technology, and content to design campaigns that address audience needs through digital tools and analytics. Its services span digital strategy, content marketing, influencer engagement, and AI-based solutions, enabling brands to manage marketing requirements in line with changing industry trends and audience preferences. The company works with clients concentrated in BFSI (31.62%), Media & Marketing Agencies (22.29%), Travel and Tourism (8.78%), FMCG (7.89%), and other sectors.
Company Analysis
from RHPYaap Digital is a digital marketing, content, and technology services company that integrates data, AI-powered technology, and content to deliver solutions across strategy, content marketing, influencer engagement, and performance marketing.
Yaap Digital Limited, incorporated on March 09, 2016 and converted to a public company on January 28, 2025, operates as a purely digital business serving global, multinational, regional, and local clients including influencer-led brands. The company integrates data, AI-powered technology, and content to design campaigns that address audience needs through digital tools and analytics. Its services span digital strategy, content marketing, influencer engagement, and AI-based solutions, enabling brands to manage marketing requirements in line with changing industry trends and audience preferences. The company works with clients concentrated in BFSI (31.62%), Media & Marketing Agencies (22.29%), Travel and Tourism (8.78%), FMCG (7.89%), and other sectors.
Digital marketingContent marketingInfluencer engagementAI-based marketing solutionsPerformance marketingDigital advertising technology
Objects of the Issue
- Funding part payment of purchase consideration for the proposed acquisition of GoZoop Online Private Limited ₹3,400.00 lakhs p.36
- Funding capital expenditure for establishment of an AI-Led Short-Form Content Production Hub ₹400.75 lakhs p.36
- Funding incremental working capital requirements ₹1,600.00 lakhs p.36
- Funding inorganic growth through unidentified acquisitions and general corporate purposes p.36
- Funding part payment of purchase consideration for the proposed acquisition of GoZoop Online Private Limited ₹3,400.00 lakhs p.110
- Funding capital expenditure to be incurred for establishment of an AI-Led Short-Form Content Production Hub ₹400.75 lakhs p.110
- Funding incremental working capital requirements ₹1,600.00 lakhs p.110
- Funding inorganic growth through unidentified acquisitions and general corporate purposes p.110
- Establishing a Centralized AI-Driven Content Production Hub p.221
- Strategic acquisitions and investments p.221
- General corporate purposes
Issue Structure
- Total Issue
- Up to 55,25,000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 55,25,000 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹ [●] per Equity Share (Floor Price) to ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
The company earns revenue by providing digital marketing services including digital strategy, content marketing, influencer engagement, and AI-based solutions. It generates revenue from global, multinational, regional, and local clients through campaign execution and related services. Revenue for the nine months ended December 31, 2025 was ₹9,018.78 lakhs, with top 10 customers representing 64.51% of revenue.
Business Segments
Banking, Financial Services, and Insurance sector clients
Media and marketing agency clients
Travel and tourism sector clients
Fast-Moving Consumer Goods sector clients
Lifestyle sector clients
Provides digital marketing and related services to government and public sector organizations
Provides integrated digital marketing services including influencer marketing, content creation, performance marketing, UI/UX design, media buying, and marketing analytics to private companies and organizations
Building the brand's digital foundation through UI/UX design, brand-owned IPs, brand strategy and identity framework, and packaging design
Driving attention and engagement through influencer marketing, content creation, integrated social media management, and brand collaborations
Scaling reach and delivering performance through programmatic media, paid social advertising, performance marketing, and AdTech analytics
UI/UX design services, brand strategy and identity, packaging design, and branded intellectual properties for digital engagement.
Influencer marketing, content creation, integrated social media management, and brand collaborations to drive attention and engagement.
Programmatic media buying, paid social advertising, performance marketing, and AdTech analytics to scale reach and deliver performance.
Digital advertising, media marketing services, advertising agency services, digital influencer services, social media management, organizing events and campaigns
Consultancy and advisory services including service agency roles, advertising, media planning, sales promotion activities, event management, market research, technical support, human resource consulting, and executive recruitment
Media planning and buying, execution, optimization, and consulting in the field of paid digital media demand side platform, data management platform, digital media analytics and digital media amplification services
Designing, developing, producing, and distributing software, firmware, and hardware tools, IT and network services, establishing and managing technological and digital service centers, electronics and computer peripherals distribution
End-to-end solutions in media planning, buying, execution, optimization, and consulting in the realm of paid digital media using demand-side platforms, data management platforms, and digital media analytics
Content and influencer marketing company integrating technology, data, and creative content to offer marketing solutions including design, influencer marketing, performance marketing, digital video content, programmatic media, brand strategy, affiliate marketing, Web3 and Metaverse initiatives
Digital content and influencer marketing company providing end-to-end digital marketing services including influencer-led campaigns, digital and social media distribution, creative designing, website designing and content-driven branding
The company is engaged in providing digital advertising and media marketing services, advertising agency services, digital influencer services, social media management, and organizing various events and campaigns. The company does not have separate parts of the business of different nature.
Provides integrated digital marketing services including influencer marketing, content creation and production, performance marketing, UI/UX design, media buying, and marketing analytics. The company engages content creators and influencers to execute campaigns across digital platforms including Facebook, Google, Twitter, LinkedIn and other social media platforms.
SWOT Analysis
Strengths
- • Operates in a growing digital marketing industry with strong market expansion(p.35)
- • Integrated service model combining data, AI-powered technology, and content(p.35)
- • Improved revenue concentration with reduced top-10 customer dependency(p.45)
- • Digital revenue concentration demonstrates strong market positioning(p.47)
- • Multiple acquisitions across geographies and service lines expand platform capabilities(p.48)
- • Return to profitability after investing in capabilities(p.58)
- • Strong promoter track record and industry experience(p.71)
- • Employee retention initiatives through ESOP alignment(p.65)
- • 100% underwritten Issue with strong financial backing(p.92)
- • Experienced promoters with long-standing market presence(p.133)
- • Diversified client base with high repeat business(p.135)
- • Digital-first business model aligned with modern marketing trends(p.133)
- • Strong EBITDA margin improvement trend(p.135)
- • Significant revenue growth trajectory with strong EBITDA margin expansion(p.193)
- • Integrated service model spanning design, discovery, and distribution across digital marketing value chain(p.192)
- • Diverse geographic presence with offices in key Indian metros and international markets(p.191)
- • Strong profitability improvement with PAT margin nearly tripled year-on-year(p.194)
- • High Return on Equity demonstrating superior shareholder value creation(p.194)
- • Digital-native business model built entirely for digital ecosystem(p.216)
- • Integrated unified service model across Design, Discovery, Distribution(p.197)
- • Large influencer database and management capabilities(p.197)
- • Strong content production capabilities for mobile-first short-format ecosystem(p.197)
- • Performance-driven approach with integrated media buying and creative execution(p.197)
- • Agile 'Built for Now' operating model enabling rapid response to market trends(p.198)
- • Experienced promoters with 25+ years advertising/marketing expertise(p.219)
- • Strong repeat client base with 60% revenue from repeat clients(p.220)
- • Diversified subsidiary base across digital marketing services(p.291)
- • 25+ years management experience in digital marketing(p.250)
- • Experienced promoter team with 30+ years in specialty chemicals/business(p.250)
- • Strong financial performance with positive EBITDA(p.279)
- • Global footprint through overseas subsidiaries in UAE and Singapore(p.246)
- • Engaged in digital advertising, media marketing, advertising agency services, digital influencer services, and social media management(p.323)
- • Growing revenue and profitability trajectory with improved EBITDA margins(p.308)
- • Strong return on equity improvement year-over-year(p.308)
- • Improved debt-to-equity ratio indicating financial deleveraging(p.309)
- • Strong debt service coverage ratio(p.309)
- • Expanding subsidiary network across India and international markets(p.323)
- • Unified integrated service model across digital marketing spectrum(p.389)
- • Large-scale influencer management capabilities and creator database(p.389)
- • Specialized content production for mobile-first, short-format ecosystem(p.389)
- • Performance-driven approach with integrated campaign measurement(p.389)
- • Geographical presence across three high-growth digital markets(p.389)
- • High revenue concentration from repeat customers(p.392)
- • Strong profit growth trajectory and operational efficiency improvements(p.407)
Weaknesses
- • High dependence on a concentrated client base(p.44)
- • Promoters involved in substantial ongoing tax litigation with significant financial exposure(p.46)
- • Revenue concentration in specific industry verticals exposes company to sector-specific risks(p.46)
- • Vulnerability to client budget cuts during economic downturns(p.46)
- • Heavy reliance on digital advertising spend which is discretionary and cyclical(p.46)
- • Dependency on short-term project-based revenue model with no long-term commitments(p.49)
- • Past profitability loss and subsidiary losses continue to drag consolidated performance(p.58)
- • High negative operating cash flows in recent period despite profitability(p.59)
- • Significant seasonal revenue concentration with 70% in H2(p.50)
- • Founder education qualification documents not traceable(p.71)
- • Historical ROC filing delays indicate compliance weakness(p.62)
- • High debt-to-equity ratio indicating financial leverage(p.135)
- • Dependency on extended vendor credit terms creating liquidity risk(p.124)
- • High employee attrition rate indicating talent retention challenges(p.121)
- • Concentration risk with significant public sector exposure(p.135)
- • Negative operating cash flow indicating working capital pressures despite profitability(p.194)
- • Significantly smaller scale compared to established competitors in the sector(p.193)
- • Elevated debt-to-equity ratio reflecting higher leverage than some competitors(p.193)
- • High employee attrition rate at 29.15% in nine-month period(p.226)
- • Revenue concentration with limited number of clients (91 clients as of December 2025)(p.204)
- • Significant portion of revenue dependent on public sector clients (42.75% in nine months)(p.220)
- • Extended trade receivables cycle of 153 days creating working capital strain(p.203)
- • High debt-to-equity ratio of 0.81 indicating leverage(p.203)
- • Reliance on external partnerships and acquisitions for service expansion(p.221)
- • High cash burn and negative operating cash flow(p.280)
- • Significant financial indebtedness with promoter loans at 15% interest(p.282)
- • Personal guarantees by two directors on bank borrowings(p.251)
- • Dependence on unaudited financial statements from overseas subsidiaries(p.274)
- • Significant intercompany eliminations indicating high intra-group transactions(p.289)
- • High employee benefits and gratuity liabilities relative to operations(p.306)
- • Slowing trade receivables collection and management deterioration(p.309)
- • Declining working capital utilization efficiency(p.309)
- • Deteriorating trade payables management indicating cash flow stress(p.309)
- • Concentration of debt with related parties(p.313)
- • Significant dependence on top customers for revenue(p.413)
- • High concentration of direct expenses from top suppliers(p.414)
- • Significant increase in trade receivables indicating extended credit terms(p.401)
- • Negative operating cash flow despite profitability(p.410)
- • High employee benefit expenses relative to total expenses(p.393)
- • Dependence on related party transactions and group company dealings(p.270)
- • Outstanding tax demands and pending tax proceedings with uncertain outcomes(p.424)
- • Significant tax intimations received requiring responses(p.425)
- • Multiple pending litigations involving promoters with substantial disputed amounts(p.426)
- • Subsidiary facing copyright infringement allegations(p.429)
Opportunities
- • Significant projected growth in Indian digital marketing market through 2031(p.35)
- • Planned acquisition of GoZoop to expand service offerings(p.35)
- • Investment in AI-Led Short-Form Content Production capability(p.35)
- • Expansion through strategic inorganic growth initiatives(p.36)
- • Rising digital advertising outlay and emerging service verticals(p.47)
- • AI-led short-form content production hub to reduce third-party dependency(p.51)
- • Strategic acquisition of Gozoop to expand service portfolio and diversify revenue(p.51)
- • Expansion into emerging service verticals like AR/VR and metaverse(p.55)
- • Inorganic growth through unidentified acquisitions to build scale(p.52)
- • Rapidly expanding short-form video content market with 40-45% annual growth(p.116)
- • Strong growth in digital advertising driven by AI integration and personalization(p.117)
- • Strategic acquisition of GoZoop to expand service portfolio and geographic reach(p.112)
- • Establishment of AI-led short-form content production hub to capture market demand(p.117)
- • Government digital initiatives accelerating industry growth(p.117)
- • India's digital marketing market projected to grow at 12.8% CAGR through 2031(p.181)
- • Strong expansion in influencer marketing market with 20% CAGR expected through 2026(p.154)
- • Rapid growth in short-form video advertising with 40-45% annual expansion potential(p.139)
- • Rising AI integration in digital marketing creating demand for advanced marketing solutions(p.181)
- • Government initiatives supporting digital ecosystem growth and MSME digitization(p.177)
- • India's digital marketing market projected to grow 12.8% CAGR to ₹1,082.48 Billion by 2031(p.197)
- • Short-form video advertising market to expand at 40-45% annually to USD 3-4 billion by FY 2029(p.197)
- • Influencer marketing industry in India expected to reach ₹3,375 crore by 2025 at 25% CAGR(p.215)
- • Growing demand for AI-powered marketing solutions and personalization(p.214)
- • Expansion into Middle East and Southeast Asia markets with established presence(p.223)
- • Opportunity to deepen relationships with existing large enterprise clients(p.221)
- • Expansion into high-growth sectors including D2C, health tech, edtech(p.221)
- • Growing digital marketing and influencer economy(p.246)
- • Expansion of programmatic media and Web3/Metaverse services(p.246)
- • Geographic expansion through subsidiaries across Middle East, Singapore and India(p.246)
- • Diversification into data analytics and demand-side platforms(p.244)
- • Proposed acquisition of Gozoop Online Private Limited to expand digital marketing capabilities(p.323)
- • Growing digital advertising and media marketing services market(p.305)
- • Expansion through phased acquisition approach with financial flexibility(p.323)
- • Bonus share issuance enhancing market capitalization and investor base(p.307)
- • International revenue generation through foreign subsidiaries(p.305)
- • Rapid growth in India's digital advertising market with projected 8.7% CAGR(p.388)
- • High growth trajectory in digital marketing market segment(p.388)
- • Explosive growth in influencer marketing segment(p.389)
- • Rapid adoption of AI-powered marketing tools and technologies(p.389)
- • Strategic expansion through inorganic growth and acquisitions(p.390)
- • Opportunity to build proprietary IP through branded events and conferences(p.389)
- • Short-form video content emerging as dominant revenue driver(p.388)
Threats
- • Cyclical nature of advertising spend and economic sensitivity(p.46)
- • Sector-specific economic risks affecting major client verticals(p.46)
- • Intense competition from other digital marketing agencies(p.46)
- • Regulatory changes in digital media and advertising sector(p.33)
- • Risk of security breaches and cyber threats compromising client data(p.33)
- • Industry consolidation reducing customer base and increasing competitive pressure(p.33)
- • Intense competition from global and regional digital marketing agencies(p.54)
- • Client internalization of marketing and analytics functions reduces addressable market(p.48)
- • Rapid technological evolution requires continuous investment or risk obsolescence(p.69)
- • Data privacy regulations and compliance restrictions limit targeting and campaign effectiveness(p.56)
- • Economic downturn and inflation reduce client marketing budgets and increase costs(p.47)
- • Foreign exchange volatility affects international operations and profitability(p.59)
- • Ad fraud and lack of transparency undermine advertiser confidence(p.56)
- • Rising labor costs in India erode competitive cost advantage(p.66)
- • Risk of acquisition integration challenges affecting future growth(p.116)
- • Dependency on digital platforms and influencer payment terms(p.124)
- • Unidentified acquisition targets creating execution risk(p.129)
- • Regulatory and compliance risks in evolving digital marketing landscape(p.91)
- • Competition from larger established agencies and emerging digital platforms(p.47)
- • Intense competition from established larger players and proliferating new entrants(p.179)
- • Escalating digital advertising costs reducing ROI for smaller players(p.179)
- • Heavy dependence on third-party platforms exposed to algorithm changes and policy shifts(p.179)
- • Strict data privacy regulations limiting targeting capabilities and raising compliance costs(p.179)
- • Rising ad fraud and engagement manipulation impacting campaign ROI(p.179)
- • Intense competition from domestic and multinational digital marketing agencies(p.225)
- • Rapidly evolving digital landscape requiring continuous innovation and technology investment(p.225)
- • Dependence on platform algorithm changes and policy updates from Meta, Google, YouTube(p.198)
- • Risk of regulatory changes impacting digital advertising and social media operations(p.229)
- • Vulnerability to data privacy and cybersecurity risks with DPDP Act implementation(p.230)
- • Risk of talent acquisition and retention challenges in competitive market(p.222)
- • High customer concentration with largest customers representing significant revenue share(p.287)
- • Significant foreign exchange risk with overseas operations and funding(p.282)
- • Regulatory risks in overseas markets including UAE and Singapore(p.245)
- • Working capital challenges with trade receivables aging(p.287)
- • Dependence on promoter funding for liquidity management(p.283)
- • Dependence on digital marketing industry cyclicality and client concentration risk(p.305)
- • Foreign exchange exposure in unhedged balances(p.305)
- • Regulatory compliance requirements for Corporate Social Responsibility(p.305)
- • Income tax rectification demand pending with tax authorities(p.335)
- • Uncertainty in acquisition completion and integration risks(p.324)
- • Intense competition from larger and well-resourced competitors(p.394)
- • Risk of changes in industry trends and consumer preferences(p.392)
- • Sensitivity to client sector performance and marketing budget fluctuations(p.392)
- • Vulnerability to economic cycles and business cyclicality(p.413)
- • Rapid technological obsolescence and need for continuous innovation(p.393)
- • Dependence on talent retention in competitive labor market(p.393)
- • Regulatory and legal risks from approval requirements(p.59)
- • Promoter group members lacking consent for classification and disclosure(p.66)
- • Subsidiary tax intimation with significant discrepancies(p.430)
- • Company Secretary involved in unrelated regulatory matters(p.431)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Atul Jeevandharkumar Hegde | Promoter | 40.09% | — |
| Sudhir Menon | Promoter | 20.05% | — |
| Subodh Menon | Promoter | 20.05% | — |
| Atul Jeevandharkumar Hegde | Promoter | 40.09% | — |
| Sudhir Menon | Promoter | 20.05% | — |
| Subodh Menon | Promoter | 20.05% | — |
| Atul Jeevandharkumar Hegde | Promoter | — | — |
| Sudhir Menon | Promoter | — | — |
| Subodh Menon | Promoter | — | — |
| Atul Jeevandharkumar Hegde | Promoter | — | — |
| Sudhir Menon | Promoter | — | — |
| Subodh Menon | Promoter | — | — |
| Atul Jeevandharkumar Hegde | Promoter, Chairman and Managing Director | 40.09% | — |
| Sudhir Menon | Promoter, Non-Executive Director | 20.05% | — |
| Subodh Menon | Promoter, Non-Executive Director | 20.05% | — |
| Atul Hegde | Key Managerial Personnel/Partners of erstwhile LLP | — | — |
| Sudhir Menon | Key Managerial Personnel/Partners of erstwhile LLP | — | — |
| Subodh Menon | Key Managerial Personnel/Partners of erstwhile LLP | — | — |
| Rohan Bhansali | Promoter | 27.50% | — |
| Dushyant Bhatia | Promoter | 15.00% | — |
| Inayat Naqvi | Promoter | 42.50% | — |
| Mrs. Rupa Bhansali | Promoter | 15.00% | — |
| Ahmed Naqvi | Promoter | 0.00% | — |
| Atul Jeevandharkumar Hegde | Promoter | — | — |
| Sudhir Menon | Promoter | — | — |
| Subodh Menon | Promoter | — | — |
Leadership
Atul Jeevandharkumar Hegde · Chairman/Managing Director
Shyamal Jitendra Madhvi · Chief Financial Officer
Shivani Shivshankar Tiwari · 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.