Liqvd Digital India IPO
Liqvd Digital India LtdSME
This IPO closed on 25 Sep 2026.
- Open date
- 23 Sep 2026
- Close date
- 25 Sep 2026
- Min. Investment
- ₹2,16,000
- Lot Size
- -
- Fresh Issue
- ₹34.14 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers1.00x
- Non-Institutional Investors21.02x
- Retail-Individual Investors1.43x
- Total5.08x
Schedule
- Completed: IPO open date23 Sep 2026
- Completed: IPO close date25 Sep 2026
- Completed: Allotment date28 Sep 2026
- Current step: Funds unblock or debit29 Sep 2026
- Upcoming: Tentative listing date30 Sep 2026
About
Promoter shareholding in Liqvd Digital India Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Arnab Mitra | 38,77,936 | 24.33% | 29,75,936 | 13.37% |
| Ashish Motilal Jalan | 14,36,500 | 9.01% | 14,36,500 | 6.45% |
| Vivek Suchanti | 0 | 0.00% | 0 | 0.00% |
| Concept Communication Limited | 70,75,764 | 44.39% | 70,75,764 | 31.78% |
| Saket Motilal Jalan | 50,000 | 0.31% | 50,000 | 0.22% |
Financials of Liqvd Digital India IPO
| Key Performance Indicators | Mar 2026 |
|---|---|
| Operating Revenue | - |
| Other Income | - |
| Total Income | 60.24 |
| Total Expenses | 50.37 |
| Profit Before Tax | - |
| Total Profit | 6.79 |
Liqvd Digital India IPO Strengths & Risks
- Full Service digital marketing solutions from performance media buying to creative content creation, influencer marketing, Search Engine Optimization & Performance Marketing.
- Experienced promoters and management team with strong domain expertise, supported by a well-trained and skilled workforce.
- A diversified and loyal client portfolio, spanning multiple industries and verticals.
- In-house technology and optimized operational workflows to deliver scalable, data-driven campaigns with precision and speed.
- Risks Relating to the Business: The company continue to derives a material portion of its revenues from the company's Corporate Promoter - Concept Communication Limited. Its derived 12.62% of the company's revenue (on a consolidated basis) from Concept Communication in Fiscal 2026, and 44.12% and 14.48% of its revenue (on a standalone basis) in Fiscal 2025 and Fiscal 2024, respectively. If Concept Communication were to suffer a deterioration of their business, cease doing business with the company or substantially reduce their dealings with it, the company's revenue could decline, which may have a material adverse effect on its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company continue to derives a material portion of its revenues from the company's top 10 clients by revenue generated in each of the Fiscals 2026, 2025 and 2024 ("Top 10 Clients"). The company derived 52.12%, 85.95%, & 73.46% of its revenue from the company's Top 10 clients in Fiscal 2026, 2025 & 2024 respectively. If any or all of its Top 10 Clients were to suffer a deterioration of their business, cease doing business with the company or substantially reduce their dealings with it, the company's revenue could decline, which may have a material adverse effect on its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's Registered Office is situated in Maharashtra and its derives a significant portion of the company's revenue from state of Maharashtra, making it vulnerable to geographical concentration risk. Any adverse developments affecting the company operations in Maharashtra could have an adverse impact on its revenue and results of operations. The company derived 29.58%, 80.82%, & 70.80% of its revenue from the state of Maharashtra in Fiscal 2026, 2025 & 2024 respectively.
- Risks Relating to the Business: The company has had negative cash flows from operating activities and investing activities in the past and may, in the future, experience similar negative cash flows.
- Risks Relating to the Business: There are certain instances of delays in and non-payment of statutory dues by the company. Any further delay in and non payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have an adverse impact on the company's financial condition and cash flows.
- Risks Relating to the Business: The company's revenue is highly dependent on certain key industries which include IT & Communication, FMCG & Financial Services. Over the last 3 years the company derived 66.85%, 83.80%, & 75.82% for Fiscal 2026, 2025 & 2024 respectively from companies in these industries. Any decrease in demand for marketing services in these industry verticals could reduce the company's revenue and adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The Company proposes to uses a portion of the Net Proceeds from the Fresh Issue to acquire the remaining shareholding of AdLift Marketing. The company may faces difficulties in completing the acquisition of additional stake within the terms mentioned in share purchase agreement, affecting its future plans and prospects.
- Risks Relating to the Business: The company operations are dependent on a limited number of key suppliers. Contribution of its top 10 suppliers was 62.88% (on a consolidated basis), 74.47%, & 80.02% (on a standalone basis) in Fiscal 2026, 2025 & 2024 respectively. Any disruption or change in terms with these suppliers could impact the company's ability to deliver services, affecting its business, financial condition, and results of operations.
- Risks Relating to the Business: Any changes in trends, decrease in digital advertisement-spend by the company's clients could have a material adverse effect on its business, revenue growth and results of operations and financial condition.
- Risks Relating to the Business: Companies may move their advertising projects, market research and data analysis functions inhouse and set up dedicated departments to service their marketing needs, thus reducing the company's prospective customer base. This may adversely affect its revenues and growth prospects.
- Risks Relating to the Business: Negative public reaction to content the company create for its clients which could harm the company's reputation and business.
- Risks Relating to the Business: The company's strategy includes inorganic growth through acquisitions. However, there can be no assurance that its will be able to identify suitable targets, complete such transactions on favorable terms, or successfully integrate acquired businesses. Any failures in these areas could adversely affect the company's business, financial condition, and results of operations.
- Risks Relating to the Business: The company proposed uses of Net Proceeds for establishing the Full Scale Video Content Production Hub is subject to implementation, operational, and market risks.
- Risks Relating to the Business: The company's business is working capital intensive, and its inability to accurately estimate, arrange, or obtain adequate working capital in a timely manner and on favourable terms could materially and adversely affect the company operations, cash flows, profitability, and growth prospects.
- Risks Relating to the Business: The company is yet to identify a final location for its proposed studio set ups. Consequently, there is a risk that the company may not be able to lease the facilities suitable for its needs within the projected timeline and budget. This could lead to delays in the company planned expansion and an increase in expenditure costs, which would adversely affect its business, prospects, and financial results.
- Risks Relating to the Business: There are outstanding legal proceedings involving the Company, Promoters, Senior Management, and its Subsidiaries. Any adverse outcome in such proceedings may adversely affect the company's reputation, business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's Promoter and Managing Director, Arnab Mitra, has signed its financial statements during the period of his disqualification under section 164 of the Companies Act, 2013, for being director of M/s. Binaryedge Education and Research Private Limited, a company which failed to file its Annual returns and Financial Statements for a continuous period of 3 years.
- Risks Relating to the Business: The marketing and advertising industry is characterized by low barriers to entry, resulting in ongoing competition from new market participants, including firms providing boutique and specialized services. There can be no assurance that the company will be able to effectively compete with such entrants. Failures to respond to increased competition could adversely affect its market share, reputation, and revenues.
- Risks Relating to the Business: Any failures to protect the company in-house technologies or information or its intellectual property rights may have an adverse effect on the company's business, financial condition, and results of operations.
- Risks Relating to the Business: The Company's logo is not registered and is in the process of registration with the Registrar of Trademarks; any infringement of its brand name or failures to obtain registration may adversely affect the company's business.
- Risks Relating to the Business: The success of the company's business depends substantially on its Promoters, Directors, Senior Management personnel and operational workforce. The company's inabilty to retain them could adversely affect its business.
- Risks Relating to the Business: The company's employee benefit expense is one of the larger components of its fixed operating costs and for Fiscal 2026, Fiscal 2025 and Fiscal 2024, the company's employee benefit expense was Rs. 2,324.07 lakhs (on consolidated basis), Rs. 449.92 lakhs, and Rs. 540.01 lakhs (on standalone basis) which contributes to 46.13 %, 20.62 %, and 35.83% of its total expenses, respectively. If the company is unable to manage the expenses of its employees it may adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company does not have long-term commitments with its customers (except the retainer business where the company enters into 1- 2 years agreements with customers), and its customers may terminate contracts before completion, negotiate adverse terms of the contract or choose not to renew contracts, which could materially adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: Trade receivables form a part of the company's current assets. Failures to manage its trade receivables could have an adverse effect on the company profitability, cash flow and liquidity. Its may not be able to collect receivables due from the company's customers, in a timely manner, or at all, which may adversely affect its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company trade payables form a part of its current liabilities. Any significant variation in the company trade payable days could have an effect on its working capital, cash flow and liquidity.
- Risks Relating to the Business: The company 's Group Company, members of its Promoter Group, and the Company has common pursuits and any conflicts of interest may affect its business, results of operations and financial condition.
- Risks Relating to the Business: The company does not have long-term contracts with its suppliers i.e. platform owners, website owners, application owners etc., where the company advertise and/or publish its digital marketing campaigns. There is no assurance that the company will get inventory of advertising space and at favourable terms. Unavailability of platforms or spaces where the company advertise its content, which may adversely affect the company's business operations and financial position.
- Risks Relating to the Business: The Unaudited Proforma Consolidated Financial Information included in this Red Herring Prospectus is presented solely for illustrative purposes only and may not accurately reflect the company's future financial condition, financial position and results of operations.
- Risks Relating to the Business: The company's inability to anticipate and respond to evolving industry trends, client requirements, consumer preferences, and technological advancements may adversely affect the demand for its services, revenue, profitability, and financial condition.
- Risks Relating to the Business: The Company and AdLift Marketing have availed unsecured borrowings, certain of which may be recalled by the lender at any time, which may have an adverse impact on its cash flows, business and financial condition.
- Risks Relating to the Business: The Company has entered into related party transactions in the past and may continue to enters into related party transactions in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Risks Relating to the Business: The company operates in highly competitive markets and its inability to compete effectively may lead to lower market share or reduced operating margins, and adversely affect the company's results of operations.
- Risks Relating to the Business: The company's business operations are highly dependent on information technology systems, and cybersecurity breaches or IT system failures could materially and adversely affect its business, financial condition, and reputation.
- Risks Relating to the Business: The company's Registered Office is leased. If the company is unable to renew existing leases or relocate its operations on commercially reasonable terms, there may be an adverse effect on the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's inability to successfully implement its business strategies or effectively manage growth and expansion could materially and adversely affect the company's business, financial performance, and prospects.
- Risks Relating to the Business: The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Offer. Further the company has not identified any alternate source of financing the `Objects of the Offer. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.
- Risks Relating to the Business: Any inability to comply with advertising laws and other regulatory requirements in relation to the company's Digital Marketing offering and other functions may adversely affect its business, financial condition, and results of operations.
- Risks Relating to the Business: The company has contingent liabilities and its financial condition could be adversely affected if any of these contingent liabilities materialize.
- Risks Relating to the Business: The company has indebtedness which requires significant cash flows to service and limits its ability to operates freely. Any breach of terms under the company's financing arrangements or its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business and financial condition.
- Risks Relating to the Business: The company's Promoter, Arnab Mitra has provided personal guarantees to certain loan facilities availed by the company, which if revoked may requires alternative arrangements guarantees, repayments of amounts due or termination of the facilities.
- Risks Relating to the Business: Non-Availability of Credit Rating may influence Financing and Market Standing.
- Risks Relating to the Business: Brand recognition is important to the success of the company's business, and its inability to build and maintain the company's brand names will harm its business, financial condition and results of operation.
- Risks Relating to the Business: Absence of comprehensive insurance coverage for the company operations may expose it to certain risks, which could have a material adverse impact on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Majority of the company's Directors possess experience of being on the board of any listed company.
- Risks Relating to the Business: The company's ability to invest in foreign subsidiaries is constrained by applicable restrictions under Indian overseas investment laws as well as laws of the relevant international jurisdictions, which could adversely affect its business prospects and international growth strategy.
- Risks Relating to the Business: The company funding requirements and proposed deployment of the Net Proceeds are based on management estimates and may be subject to change based on various factors, some of which are beyond its control.
- Risks Relating to the Business: Increasing employee compensation in India may erode some of the company's competitive advantage and may reduce its profit margins, which may have a material adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Employee misconduct could adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and the company's management will have broad discretion over the uses of the Net Proceeds.
- Risks Relating to the Business: The company is exposed to foreign exchange rate fluctuations on account of its export and import transactions as well as consolidation with the company's step down subsidiary, AdLift Inc., which may adversely affect its financial performance.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the Offer price.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus contain information from the Ken Research Report which the company commissioned and purchased and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: The company's future funds requirements, in the form of issue of capital or securities and/or loans taken by the company, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.
- Risks Relating to the Business: The company's ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
- Risks Relating to the Business: The company's Promoters, who also serve as directors, hold Equity Shares in the Company and are therefore interested in its performance in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: The company is subject to transfer pricing regulations in respect of transactions with its foreign Subsidiary.
- Risks Relating to the Business: The Company has issued Equity Shares during the last one year at a price that may be below the Offer Price.
- Risks Relating to the Business: The requirements of being a publicly listed company may strain its resources.
- Risks Relating to the Business: The company's Equity Shares may faces delays in listing or may not be listed on the SME Platform of BSE Limited.
- Risks Relating to the Business: The Company will not receive any proceeds from the Offer for Sale portion of the Offer.
- Risks Relating to the Business: The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Offer.
