In Progress
Valuation
Market Cap
₹120.22 Cr
P/E Ratio
12.30x
P/B Ratio
2.52x
Liqvd Digital IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
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Business Overview
Liqvd Digital India Limited, founded in 2013 and based in Mumbai, is a creative-first digital marketing agency offering end-to-end solutions across media planning and buying, retainer-based brand management, project-based creative work, and production. Following its Fiscal 2026 acquisition of AdLift Marketing Private Limited (with US operations via AdLift Inc.), it expanded into SEO, performance marketing and AI-driven content creation, positioning itself as a one-stop digital marketing partner. It serves large enterprises, mid-sized brands and D2C startups across IT & Communication, FMCG and Financial Services, with Corporate Promoter Concept Communication Limited also a key client.
Lots & IPO Size
Liqvd Digital IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 4,000 | ₹2,16,000 |
| Ind (Max) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,24,000 |
| S-HNI (Max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (Min) | 10 | 20,000 | ₹10,80,000 |
Market Maker
₹3.61 L
Employee
₹0.00
Shareholder
₹0.00
Liqvd Digital IPO Size
Total
₹39 Cr
Fresh Issue
₹34 Cr
(0.63 Cr
Shares)
Offer For Sale
₹5 Cr
(0.09 Cr
Shares)
Promoters₹5 Cr
Objects of the Issue
Funding of purchase consideration for acquisition of 23.21% stake in AdLift Marketing Private Limited
Funding capital expenditure, operating expenditure and other expenditure for establishment of a Full Scale Video Content Production Hub
Funding incremental working capital requirements
General Corporate Purposes
Total
Key Risk Factors
The company derives a material portion of revenue from Corporate Promoter Concept Communication Limited — 12.62% in Fiscal 2026 (consolidated), 44.12% in Fiscal 2025 and 14.48% in Fiscal 2024.
Key Risk Factors
The company derives a material portion of revenue from Corporate Promoter Concept Communication Limited — 12.62% in Fiscal 2026 (consolidated), 44.12% in Fiscal 2025 and 14.48% in Fiscal 2024.
The company derived 52.12%, 85.95% and 73.46% of revenue from its Top 10 clients in Fiscal 2026, 2025 and 2024 respectively; loss of a key client could materially affect revenue.
The company is geographically concentrated in Maharashtra, which contributed 29.58%, 80.82% and 70.80% of revenue in Fiscal 2026, 2025 and 2024, exposing it to regional economic risks.
The company has had negative cash flows from investing and financing activities in recent fiscals, including Rs (1,264.50) lakhs from investing activities in Fiscal 2026, and may again in future.
The company has had delays in statutory dues (GST, TDS, PF, Professional Tax) totalling Rs 1,073.94 lakhs since FY18, and received a show cause notice from the Profession Tax Officer.
The company's revenue is highly dependent on IT & Communication, FMCG and Financial Services clients, which together contributed 66.85%, 83.80% and 75.82% of revenue in Fiscal 2026, 2025 and 2024.
The company plans to use Fresh Issue proceeds of Rs 900.02 lakhs to acquire the remaining 23.21% stake in AdLift Marketing; delays or failure to complete this acquisition could affect its plans.
The company's operations depend on a limited number of key suppliers, whose top 10 accounted for 62.88%, 74.47% and 80.02% of cost of services in Fiscal 2026, 2025 and 2024 respectively.
The company derives 98.93%, 99.38% and 98.74% of revenue from digital operations in Fiscal 2026, 2025 and 2024; any decline in clients' digital ad-spend could materially affect its business.
Clients may increasingly move advertising, market research and data analysis functions in-house, shrinking the company's prospective customer base and adversely affecting its revenue growth.
Liqvd Digital IPO Details Live GMP
GMP
₹0
Est. Price
₹54
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|
Liqvd Digital IPO Peer Comparison
(Rs. in crores)
| Particulars | Liqvd Ditial | R K Swamy | Vertoz | AdCounty Media | Yaap Digital |
|---|---|---|---|---|---|
| Revenue | 60.24 | 340.75 | 291.86 | 86.11 | 184.89 |
| PAT | 8.03 | 22.11 | 26.12 | 20.25 | 22.20 |
| EPS (₹) | 4.39 | 4.38 | 3.06 | 9.65 | 12.10 |
| NAV (₹) | 21.45 | 104.71 | 27.35 | 47.53 | 51.82 |
| RONW | 25.36% | 8.60% | 12.31% | 27.96% | 28.25% |
| EBITDA | 18.69% | 12.77% | 16.71% | 28.66% | 15.09% |
| PAT Mrgn | 13.32% | 6.49% | 8.95% | 23.52% | 12.01% |
| PE Ratio | 12.30 | 22.37 | 11.75 | 8.08 | 11.40 |
| Debt to Equity | 0.29 | 0.16 | 0.38 | 0.03 | 0.29 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of August 17, 2026 for Peers
Liqvd Digital IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 60.24 | 24.87 | 18.05 |
| Profit | 8.03 | 2.25 | 1.90 |
| Net Worth | 34.19 | 19.39 | 2.10 |
| Borrowings | 9.79 | 8.82 | 6.16 |
| Assets | 57.83 | 33.33 | 13.83 |
| NAV (₹) | 21.45 | 12.93 | 1.75 |
| EPS (₹) | 4.39 | 1.84 | 2.23 |
Key Performance Indicators (KPIs)
Debt to Equity
0.29
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Liqvd Digital IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 60.24 | 24.87 | 18.05 |
| Other Income | 0.65 | 0.16 | 0.23 |
| Total Income | 60.89 | 25.03 | 18.28 |
| Cost of Services | 17.54 | 10.87 | 4.81 |
| Employee Expense | 23.24 | 4.50 | 5.40 |
| Finance Costs | 1.09 | 0.97 | 0.74 |
| Depreciation | 0.43 | 0.12 | 0.15 |
| Other Expenses | 8.07 | 5.36 | 3.98 |
| Total Expenses | 50.38 | 21.82 | 15.07 |
| Profit Before Tax | 10.51 | 3.21 | 3.21 |
| Tax Expense | 2.49 | 0.96 | 1.31 |
| Profit After Tax | 8.03 | 2.25 | 1.90 |
| EPS — Basic (₹) | 4.39 | 1.84 | 2.23 |
| EPS — Diluted (₹) | 4.39 | 1.84 | 2.23 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 7.97 | 3.75 | 3.00 |
| Reserves & Surplus | 28.41 | 15.64 | -0.90 |
| Total Equity | 36.38 | 19.39 | 2.10 |
| Total Borrowings | 9.79 | 8.82 | 6.16 |
| Trade Payables | 4.85 | 2.86 | 3.43 |
| Other Current Liab | 4.71 | 2.11 | 1.99 |
| Other Liabilities | 2.10 | 0.15 | 0.15 |
| Total Equity & Liab | 57.83 | 33.33 | 13.83 |
| Fixed Assets | 20.93 | 0.63 | 0.24 |
| Other Current Assets | 7.37 | 2.89 | 1.68 |
| Trade Receivables | 23.84 | 9.49 | 6.73 |
| Cash & Bank Balances | 2.63 | 16.04 | 3.18 |
| Other Assets | 3.05 | 4.28 | 2.00 |
| Total Assets | 57.83 | 33.33 | 13.83 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | 1.52 | -0.46 | 1.40 |
| Cash Flow from Investing Activities | -12.65 | -0.55 | 0.04 |
| Cash Flow from Financing Activities | -2.28 | 13.87 | 0.97 |
| Net Change in Cash & Equivalents | -13.41 | 12.87 | 2.41 |
| Cash & Equivalents at End of Period | 2.63 | 16.04 | 3.18 |
Promoter Holding
Promoter
78.04%
Public
21.96%
Arnab Mitra
24.33%
Ashish Motilal Jalan
9.01%
Concept Communication Ltd
44.39%
Saket Motilal Jalan
0.31%
Management
Arnab Mitra
Age: 44
MD
Remuneration
₹Rs. 14.00 lakhs p.m. fixed (revised vide Shareholders' resolution dated Aug 26, 2025), plus health insurance, PF/superannuation and other benefits per company policy.
Education
B.Tech (Information Technology), Asansol Engineering College, West Bengal University of Technology
Prior Experience
16+ years in digital marketing; Head-Strategy at MPG; National Director-Digital at Starcom MediaVest (TLG India).
Monish Suresh Sanghavi
Age: 40
WTD
Remuneration
₹Rs. 40.00 lakhs p.a. fixed + performance-linked bonus up to Rs. 4.00 lakhs p.a., plus health insurance, PF/superannuation and other benefits per company policy.
Education
M.Sc. (Marketing Management), University of Southampton
Prior Experience
13+ years in digital marketing; Senior Digital Marketing Manager at Interface Business Solutions; Brand Manager at Makani Creatives.
Sunil Jagdish Gangras
Age: 48
WTD
Remuneration
₹Rs. 54.00 lakhs p.a. fixed + performance-linked bonus up to Rs. 6.00 lakhs p.a., plus health insurance, PF/superannuation and other benefits per company policy.
Education
B.Sc. (Chemistry), K.V. Pendharkar College, Mumbai University; PG Diploma in Advertising & PR
Prior Experience
12+ years in digital marketing; Creative Director at Orchard Advertising; Creative Consultant at Scarecrow Communications.
Kondiram Rajendra Narayankar
Age: 39
CFO
Remuneration
₹Rs. 5.52 lakhs p.a. (as paid in FY 2025-26; no separate appointment terms disclosed in the RHP).
Education
B.Com, University of Mumbai
Prior Experience
9+ years in accounts & finance; Finance Manager at Scarecrows M&C Saatchi; Accounts Manager at Frameboxx Animation & VFX.
Registrar & Lead Managers
Registrar
Bigshare Services
Lead Managers (1)
Company Details
Name: Liqvd Digital India Limited
Address: B-206, Second Avenue, CTS No 17/2A/1, Subhash Nagar, Village Vyarvail MIDC, Andheri East, Chakala MIDC, Mumbai - 400093, Maharashtra, India
Number: +91 22 4322 6262
Email: compliance@liqvd.asia
Website: https://liqvd.asia
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Frequently Asked Questions (FAQs)
What is Liqvd Digital IPO?
Liqvd Digital IPO is a SME IPO having an issue size of
₹39 Crs.
Liqvd Digital IPO is priced at
₹51 - ₹54 per
share.
The
issue opens on 23 Sep 26
and
closes on 25 Sep 26.
When will Liqvd Digital IPO open?
Liqvd Digital IPO opens on
23 Sep 26 and closes on
25 Sep 26.
What is the GMP of Liqvd Digital IPO?
The estimated Grey Market Premium of Liqvd Digital IPO is
₹0 per share (0.00%).
What is the lot size of Liqvd Digital IPO?
The minimum lot size of Liqvd Digital IPO is
2000 shares & the minimum application amount
is
Rs.
108000.
When is the allotment of Liqvd Digital IPO?
The allotment date of Liqvd Digital IPO is
28 Sep 26.
What is the listing date of Liqvd Digital IPO?
The listing date of Liqvd Digital IPO is
30 Sep 26.
What is the subscription of Liqvd Digital IPO?
Liqvd Digital IPO is subscribed
-.
What is the price band of Liqvd Digital IPO?
Liqvd Digital IPO is priced at
₹51 - ₹54 per
share.
How to check allotment status of Liqvd Digital IPO?
Click the allotment link on Liqvd Digital IPO page of IPO360.
How to apply Liqvd Digital IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Liqvd Digital IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Liqvd Digital IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Liqvd Digital IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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