Liqvd Digital IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 1x |
| NII | 21.02x |
| sNII (₹2L–₹10L) | 2.33x |
| bNII (above ₹10L) | 27.11x |
| Retail (RII) | 1.43x |
| Total | 5.08x |
Bidding day 3 · final figures at close of bidding: 30 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 23 Sept 2026
- Close Date
- 25 Sept 2026
- Listing Date
- 30 Sept 2026
- Face Value
- ₹5
- Fresh Issue
- ₹32.17 Cr
- OFS
- ₹4.87 Cr
- Listing On
- BSE
- Registrar
- Bigshare Services
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 4,000 | ₹2,16,000 |
| HNI (Min) | 3 | 6,000 | ₹3,24,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| QIB (ex-anchor) | 20,54,000 | 29.94% |
| NII | 10,30,000 | 15.01% |
| — sNII (< ₹10L) | 3,42,000 | 4.99% |
| — bNII (> ₹10L) | 6,88,000 | 10.03% |
| Retail | 37,76,000 | 55.04% |
| Total | 68,60,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2026 | 60.89 | 8.03 | 11.26 | 34.19 | 57.83 | 9.79 | 5.03 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 10.74x
- P/E (post-issue)
- 14.96x
- RoNW
- 25.36%
- RoE
- 25.36%
- RoCE
- 44.05%
- Debt / Equity
- 0.29
- EPS (pre-issue)
- ₹5.03
- EPS (post-issue)
- ₹3.61
- EBITDA Margin
- 18.69%
- PAT Margin
- 13.32%
- P/BV
- 2.52x
- NAV / share
- ₹21.45
- Market Cap
- ₹120.22 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding of purchase consideration for acquisition of stake in AdLift Marketing Pvt.Ltd. | ₹9 Cr |
| Funding capital expenditure to be incurred for establishment of a Full Scale Video Content Production Hub | ₹10.59 Cr |
| Funding incremental working capital requirements | ₹6.57 Cr |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes | ₹4.63 Cr |
| Issue Expenses | ₹3.83 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Managers Fees | ₹0.3 Cr |
| Underwriting Fees | ₹2.51 Cr |
| Selling commission/processing fee for SCSBs, Sponsor Banks and fee payable to the Sponsor Banks for Bids made by Individual Investors, brokerage and selling commission and bidding/uploading charges for members of the Syndicate (including their subSyndicate Members), Registered Brokers, RTAs and CDPs | ₹0.04 Cr |
| Fees to the legal advisor, audit / chartered accountant fees and other professionals/intermediaries | ₹0.78 Cr |
| Fees Payable for Advertising, Marketing Expenses and Publishing Expenses | ₹0.05 Cr |
| Fees payable to the Registrar to the Offer | ₹0.01 Cr |
| Fees Payable to Regulators including Stock Exchanges and depositories | ₹0.13 Cr |
| Printing and stationery expenses | ₹0.01 Cr |
| Miscellaneous | ₹0.01 Cr |
Promoters & Shareholding
Promoters: <p>Arnab Mitra, Ashish Motilal Jalan, Vivek Suchanti, Concept Communication Ltd.</p>
- Holding (pre-issue)
- 78.04%
- Holding (post-issue)
- 51.83%
- Dilution
- 26.21%
Documents
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Liqvd Digital | — | 21.45 | — | 25.36% | — | Restated |
| Adcounty Media India Ltd. | — | 47.53 | 8.08x | 27.96% | 1.64x | — |
| R K Swamy Ltd. | — | 104.71 | 22.37x | 8.6% | 0.66x | — |
| Vertoz Ltd. | — | 27.35 | 11.75x | 12.31% | 1.3x | — |
| Yaap Digital Ltd. | — | 51.82 | 11.4x | 28.25% | 2.71x | — |
Peer group as disclosed in the offer document, figures as of 30 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Liqvd Digital IPO
The Liqvd Digital SME IPO opens for subscription on 23 Sept 2026 and closes on 25 Sept 2026, offered at a price band of ₹51–54 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹39.01 crore. Retail investors bid in lots of 2000 shares, a minimum application of ₹2,16,000.
Issue structure
The offer combines a fresh issue of ₹32.17 crore with an offer for sale (OFS) of ₹4.87 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding capital expenditure to be incurred for establishment of a full scale video content production hub (₹10.59 crore), alongside funding of purchase consideration for acquisition of stake in adlift marketing pvt.ltd. (₹9 crore). In all, 5 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Liqvd Digital reported revenue of ₹60.89 crore and a net profit of ₹8.03 crore. Net worth stood at ₹34.19 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 14.96× post-issue earnings and 2.52× book value, against a return on net worth of 25.36% and a debt-to-equity ratio of 0.29. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Adcounty Media India Ltd. and R K Swamy Ltd., with a median peer P/E of about 11.6×. The issue's own post-issue P/E works out to 14.96×.
Promoters
The promoters of the company are <p>Arnab Mitra, Ashish Motilal Jalan, Vivek Suchanti, Concept Communication Ltd.</p>. Promoter holding stands at 78.04% before the issue and comes down to 51.83% after listing.
Grey market premium (GMP)
In the unofficial grey market, Liqvd Digital shares are quoted at a premium of ₹0 implying an expected listing around ₹54, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Liqvd Digital IPO was subscribed 5.08 times overall. The strongest demand came from non-institutional investors (NII) at 21.02 times, with qualified institutional buyers (QIB) at 1× and retail investors at 1.43×.
Listing performance
Liqvd Digital listed on 30 Sept 2026 at ₹53.73, a discount of -0.5% over the issue price of ₹54.
What to weigh
When evaluating the Liqvd Digital IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Liqvd Digital
Incorporated in 2013, our Company is positioned within the digital marketing landscape as a creative-first agency offering end-to-end marketing and communication solutions. Its services include content creation and production, media planning and buying, social media management, influencer marketing, SEO, and AI-driven content development. The Company’s focus lies in helping brands and businesses identify, target, and engage their audiences through data-driven strategies and technology-enabled platforms. Following the acquisition of AdLift Marketing in April 2025, the Company has significantly expanded its capabilities in performance marketing, SEO, and analytics, enhancing its positioning as a one-stop integrated digital solutions partner. AdLift operates in India and the United States through its subsidiary, AdLift Inc., strengthening the Company’s international presence. The Company operates across four verticals — Media, Retainer, Project, and Production — offering customized marketing solutions that range from long-term brand retainers to one-time campaign executions and multimedia production. It serves a diverse client base, including large enterprises, mid-sized brands, and D2C startups, primarily across Maharashtra and Gujarat. Headquartered in Mumbai, with offices in Gurgaon and an in-house content production studio in Mumbai, the Company derives a significant portion of its revenue from its Corporate Promoter, Concept Communication Limited , a leading integrated communication agency.
Liqvd Digital — Contact Details
- Registered office
- B - 206, Second Avenue, CTS No 17/2A/1 Subhash Nagar,, Village Vyarvail MIDC, Andheri East, Chakala MIDC,, Mumbai, Maharashtra, 400093
- Phone
- +91 22 4322 6262
- Website
- liqvd.asia/
- Registrar (IPO queries)
- ipo@bigshareonline.com
Frequently asked questions
- What is the Liqvd Digital IPO price band?
- The Liqvd Digital IPO price band is ₹51 to ₹54 per share, with a lot size of 2000 shares.
- What was the Liqvd Digital IPO GMP before listing?
- The final grey market premium recorded before the Liqvd Digital IPO listed was ₹0. The IPO listed on 30 Sept 2026 at ₹53.73, -0.5% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Liqvd Digital IPO open and close?
- The Liqvd Digital IPO opens on 23 Sept 2026 and closes on 25 Sept 2026.
- When is the Liqvd Digital IPO allotment and listing date?
- Allotment is expected on 28 Sept 2026. The shares are scheduled to list on 30 Sept 2026 on BSE.
- How many times was the Liqvd Digital IPO subscribed?
- The Liqvd Digital IPO was subscribed 5.08 times in total across all investor categories.
- What is the reservation split in the Liqvd Digital IPO?
- Of the total shares offered, retail investors get 55.04%, QIBs 29.94%, non-institutional investors 15.01%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Liqvd Digital and what is their holding?
- The promoters are <p>Arnab Mitra, Ashish Motilal Jalan, Vivek Suchanti, Concept Communication Ltd.</p>. Promoter holding is 78.04% before the issue and 51.83% after listing.
- What is the P/E ratio of the Liqvd Digital IPO?
- At the upper price band, the Liqvd Digital IPO is valued at 10.74× pre-issue earnings and 14.96× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Liqvd Digital IPO?
- The net proceeds go primarily toward funding capital expenditure to be incurred for establishment of a full scale video content production hub, among 5 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Liqvd Digital IPO?
- The book-running lead manager is Indorient Financial Services Ltd.. Bigshare Services is the registrar to the issue.
- Is Liqvd Digital a Mainboard or SME IPO?
- Liqvd Digital is an SME IPO, listing on BSE (SME platform).