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Liqvd Digital India Ltd IPO
Liqvd Digital India Ltd
₹2,04,000 /4000 sharesMinimum investment
IPO listing details
Listed on
30 Sep '26
Issue price
₹54.00
Listing price
₹53.73
Listing gains
-₹0.27 (0.50%)
Exchange
--
IPO details
Minimum investment
₹2,04,000
Price range
₹51 - ₹54
Lot size
2,000
Issue size
39.01 Cr
Face value
5
IPO document
Subscription rate
Qualified Institutional Buyers1.00x
Non-Institutional Investor20.99x
Retail Individual Investor1.38x
Total5.05x
As of 25 Sep'26, 04:55 PM
Schedule
23 Sep 2026
IPO open date
25 Sep 2026
IPO close date
28 Sep 2026
Allotment date
28 Sep 2026
Funds unblock or debit
30 Sep 2026
Tentative listing date
About
Founded in
2013
MD/CEO
Mr Arnab Mitra
Parent organisation
Liqvd Digital India Ltd
Liqvd Digital Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company offers services across multiple areas of digital marketing. Its portfolio covers media buying, content creation, social media management, influencer marketing, SEO, performance marketing, web and application development, and AI-driven content creation following the acquisition of AdLift Marketing.
The company has an experienced promoter and management team. According to the RHP, the promoters have between 17 and 38 years of industry experience, while its whole-time directors have 12 and 13 years of experience in digital marketing. The management and senior management team has a combined 82 years of experience in advertising and marketing services.
The company has served clients across multiple industries. During the last three years, it served 85 clients across sectors including information technology and communication, FMCG, logistics, financial services, manufacturing, and healthcare. In FY26, it had 117 customers on a consolidated basis, including 15 repeat customers.
The company has an established relationship with its corporate promoter, Concept Communication Limited. Liqvd Digital India is a preferred vendor and digital partner for IPO-related digital media engagements and other consolidated contracts initiated by Concept Communication. Concept Communication was established in 1988 and has managed more than 1,600 IPO communications, according to the prospectus.
The company has developed in-house platforms for workflow and campaign management. Its iManage platform centralises project planning, billing, client approvals, vendor management, and performance tracking. Its subsidiary, AdLift Marketing, has also developed Tesseract, an AI lab focused on campaign delivery, content automation, audience insights, and tracking brand presence across AI-driven search platforms.
The acquisition of AdLift Marketing has expanded the company’s digital marketing capabilities. The acquisition added services such as SEO, performance marketing, performance monitoring, and AI-driven content creation. AdLift Marketing operates in India and the United States through its subsidiary, AdLift Inc.
The company has an in-house creator network and production capabilities. It operates a compact studio in Mumbai with a green screen setup for internal content such as founder videos and interviews, along with basic production activities including editing and voiceover coordination. It also operates an in-house creator network for influencer marketing.
The company has shown a consistent increase in revenue from operations and profit after tax. The revenue from operations increased from Rs 18.05 crore to Rs 24.87 crore and then to Rs 60.24 crore in FY24, FY25, and FY26, respectively. The profit after tax increased from Rs 1.90 crore to Rs 2.25 crore and then Rs 6.79 crore during the same period.
A significant portion of the company’s revenue is derived from its corporate promoter, Concept Communication Limited. Revenue from Concept Communication amounted to Rs 7.60 crore (12.62%) in FY26 on a consolidated basis, Rs 10.97 crore (44.12%) in FY25, and Rs 2.61 crore (14.48%) in FY24 on a standalone basis. Any reduction or discontinuation of business from Concept Communication could adversely affect the company’s revenue, profitability, cash flows, and financial condition.
A significant portion of the company’s revenue is concentrated among its top 10 customers. The top 10 customers contributed Rs 31.40 crore (52.12%) of revenue in FY26 on a consolidated basis, Rs 21.37 crore (85.95%) in FY25, and Rs 13.26 crore (73.46%) in FY24 on a standalone basis. Loss of one or more major customers or a significant reduction in business from them could adversely affect the company’s revenue, cash flows, liquidity and financial condition.
A significant portion of the company’s revenue is derived from Maharashtra, creating geographical concentration risk. Revenue from Maharashtra amounted to Rs 17.82 crore (29.58%) in FY26 on a consolidated basis, Rs 20.10 crore (80.82%) in FY25, and Rs 12.78 crore (70.80%) in FY24 on a standalone basis. Any adverse economic, regulatory, political, or other developments in Maharashtra could hurt the company’s revenue and results of operations.
The company has reported negative cash flows from operating, investing, and financing activities in certain periods. Net cash flow from operating activities was negative at Rs 0.46 crore in FY25, mainly due to increasing working capital requirements and trade receivables, while net negative cash outflow from investing activities was Rs 12.64 crore in FY26 and Rs 0.55 crore in FY25, primarily due to the Rs 14.00 crore payment for the acquisition of AdLift in FY26 and purchases of furniture and office equipment and related capital advances in FY25. Net cash outflow from financing activities was Rs 2.28 crore in FY26, mainly due to repayment of borrowings and interest costs. Continued negative cash flows could adversely affect the company’s liquidity, business operations, and ability to implement its growth plans.
A significant portion of the company’s revenue is derived from clients in the IT and communication, FMCG, and financial services sectors. These sectors contributed 66.85% of revenue in FY26 on a consolidated basis, 83.80% in FY25, and 75.82% in FY24 on a standalone basis. Any reduction in marketing and advertising spending by clients in these sectors due to economic slowdowns, regulatory changes, technological changes, or shifts in spending patterns could adversely affect the company’s revenue and financial condition.
The company is dependent on a limited number of suppliers for technology platforms, media inventory, influencer networks, content production, and other outsourced services. Its top 10 suppliers accounted for Rs 11.03 crore (62.88%) of the cost of services in FY26 on a consolidated basis, Rs 8.10 crore (74.47%) in FY25, and Rs 3.85 crore (80.02%) in FY24 on a standalone basis. Any disruption, increase in pricing, change in service terms, or termination of arrangements with these suppliers could increase costs, disrupt service delivery, and adversely affect the company’s business and financial condition.
As of March 31, 2026, the company had total outstanding borrowings of Rs 9.76 crore. Failure to service or repay these borrowings could adversely affect the company’s business, cash flows, and financial condition.
As of March 31, 2026, the company had trade receivables of Rs 23.84 crore. Delay or failure in collecting these receivables could adversely affect the company’s cash flows, working capital position and financial condition.
Application details
For Liqvd Digital IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹51 - ₹54 | ₹2 - ₹5 Lakhs | 2000 |
About
Objectives of Liqvd Digital IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding of purchase consideration for acquisition of 23.21% stake in AdLift Marketing Private Limited |
9.00 |
|
Funding capital expenditure, operating expenditure and other expenditure to be incurred for establishment of a Full-Scale Video Content Production Hub (“Full Scale VCP Hub”) |
10.58 |
|
Funding our incremental working capital requirements; |
6.57 |
|
Funding inorganic growth through unidentified acquisitions |
[.] |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Liqvd Digital IPO
|
Book Running Lead Manager |
Indorient Financial Services Limited |
|
Registrar to the Issue |
Bigshare Services Private Limited |
Key Performance Indicators (KPIs) of Liqvd Digital Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
25.36 |
|
ROCE (%) |
44.05 |
|
EBITDA Margin (%) |
18.69 |
|
PAT Margin (%) |
13.32 |
|
Debt-to-equity Ratio (times) |
0.29 |
|
Return on Net Worth (RoNW) (%) |
25.36 |
|
Net Asset Value (NAV) per Equity Share (₹) |
21.45 |
|
EPS (Pre-IPO) (₹) |
5.03 |
Liqvd Digital IPO Contact Details
|
Company Name |
Liqvd Digital Limited |
|
Registered Office |
B - 206, Second Avenue CTS No 17/2A/1 Subhash Nagar, Village Vyarvail MIDC, Andheri East, Chakala MIDC, Mumbai - 400093, Maharashtra, India. |
|
Phone |
+91 22 4322 6262 |
|
|
|
|
Website |
Liqvd Digital IPO Registrar Contact Details
|
Company Name |
Bigshare Services Private Limited |
|
Phone |
+91 22 6263 8200 |
|
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|
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Website |