IPO Overview
Founded in 2013 and headquartered in Mumbai, Liqvd Digital India Limited is a creative-first, full-service digital marketing agency providing end-to-end marketing solutions to enterprises and direct-to-consumer brands across India and internationally. The company offers a comprehensive suite of services including content creation and production, media planning and buying, social media management, online reputation management, influencer marketing through an in-house creator network, SEO, performance marketing, and web and app development. Liqvd operates proprietary AI platforms — including iManage and AiKonic Studios — that support campaign execution, analytics, and AI-search visibility tracking. A significant business inflection came in FY2025 when the company acquired a majority stake in AdLift Marketing Private Limited, a Gurgaon-based performance marketing and SEO agency with an international presence through AdLift Inc. in the United States, substantially expanding the group’s scale and capabilities.
The company is now launching its SME IPO on the BSE SME platform. The ₹39-crore IPO comprises a fresh issue of ₹34.14 crore and an offer-for-sale of 9.02 lakh equity shares worth approximately ₹4.87 crore at the upper end, by promoter Arnab Mitra. The price band has been fixed at ₹51–₹54 per share, and the issue opens on 23 September 2026 and closes on 25 September 2026, with shares proposed to be listed on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| Allotment Date | 28 September 2026 (Expected) |
| Refund Initiation | 29 September 2026 |
| Credit to Demat | 29 September 2026 |
| Listing Date | 30 September 2026 (Tentative) |
| Price Band | ₹51 – ₹54 per share |
| Face Value | ₹5 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹1,08,000 (approx.) |
| Issue Size | ₹39.01 crore (approx.) |
| Fresh Issue | ₹34.14 crore |
| Offer For Sale (OFS) | 9,02,000 shares (~₹4.87 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~30% |
| Non-Institutional Investors (NII/HNI) | ~35% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
Promoter Arnab Mitra is selling 9,02,000 shares through the offer-for-sale component. The fresh issue proceeds — ₹34.14 crore — will go directly to the company for business use as outlined below.
Objects of the Issue (Fund Utilization)
The company proposes to use the net IPO proceeds as follows:
- Acquisition of an additional 23.21% stake in AdLift Marketing Private Limited — ₹9.00 crore
- Setting up a Full-Scale Video Content Production Hub (VCP Hub) — ₹10.59 crore
- Incremental working capital requirements — ₹6.57 crore
- Inorganic growth through unidentified acquisitions and general corporate purposes — ₹10.98 crore
Lead Managers & Registrar
- Book Running Lead Manager: Indorient Financial Services Limited
- Registrar to the Issue: Bigshare Services Pvt.Ltd.
Promoters & Management
The promoters are Arnab Mitra, Ashish Motilal Jalan, Vivek Suchanti, and Concept Communication Limited. Before the IPO, the promoter group holds 79.61%, while public shareholders hold 20.39%. Arnab Mitra, who founded Liqvd Asia in 2013, is the driving force behind the company’s creative and digital capabilities and client relationships.
Company Details
Liqvd Digital India Limited is a creative-first, full-service digital marketing agency that handles the complete spectrum of digital marketing — from strategy and creative to production, distribution, and analytics. The company integrates creativity, technology, performance marketing, data intelligence, and AI-powered innovation, with proprietary AI platforms including Tesseract, iManage, and AiKonic Studios helping brands navigate AI-driven marketing and digital growth.
Sectors Served:
- FMCG & Consumer Brands
- Healthcare & Pharma
- Finance & Banking
- Automobile & Lifestyle
- Direct-to-Consumer (D2C) Brands
Key Services:
- Content Creation & Production (Video, Digital, Social)
- Media Planning & Buying
- Social Media Management
- Online Reputation Management (ORM)
- Influencer Marketing (In-house Creator Network)
- SEO & Performance Marketing (via AdLift)
- Web & App Development
- AI-Led Brand Visibility & Analytics
Key Capabilities:
- Proprietary AI platforms — iManage (workflow), AiKonic Studios (AI film/image generation), AdLift’s Tesseract AI Lab (SEO & performance analytics)
- In-house content studio in Mumbai for real-time marketing
- As of July 31, 2026, Liqvd Digital and AdLift Marketing employed 53 and 119 permanent employees, respectively
- International presence through AdLift Inc. in the United States
Office Locations:
- Mumbai, Maharashtra (HQ + Content Studio)
- Gurgaon / Delhi NCR (AdLift Marketing Operations)
- United States (AdLift Inc.)
Financial Snapshot
| Period | Total Revenue (₹ Cr) | PAT (₹ Cr) | PAT Margin (%) |
| FY24 | ₹18.28 | ₹1.90 | 10.41% |
| FY25 | ₹25.03 | ₹2.25 | 8.98% |
| FY26 | ₹60.89 | ₹8.03 | 11.16%–13.32% |
Key Financial Metrics
- Revenue more than doubled in FY26 to ₹60.89 crore — driven largely by the consolidation of AdLift Marketing after the majority acquisition
- FY26 consolidated EBITDA stood at ₹11.26 crore and PAT at ₹8.03 crore; net worth was ₹34.19 crore, while total borrowings were ₹9.79 crore
- EBITDA Margin: 18.69% | ROE: 25.36% | ROCE: 44.05%
- Debt-to-Equity: 0.29x — low leverage profile
- P/E Ratio: 10.74x (post-IPO, at upper price band)
Company Strengths
- End-to-end digital marketing and content-production capabilities with a diversified client base across several economic sectors
- Proprietary AI technology stack (iManage, AiKonic Studios, Tesseract) providing operational differentiation in campaign execution and analytics
- Strong FY26 revenue scale-up — AdLift acquisition added significant revenue, client base, and SEO/performance marketing depth
- International footprint via AdLift Inc. (USA) provides access to global clients and cross-border campaigns
- Attractive valuation at P/E of ~10.74x with healthy ROCE of 44.05% and low debt
- Entire fresh issue proceeds are directed towards acquisitions and capacity expansion — clear strategic use of capital
Key Risks & Challenges
- Revenue concentration risk — meaningful reliance on promoter-group entity Concept Communication Limited and top 10 clients; loss of a single key client can create earnings volatility
- Geographic concentration — heavy reliance on Maharashtra for a significant share of revenues
- Acquisition integration risk — the proposed additional 23.21% stake purchase in AdLift Marketing and synergy realisation with existing operations remains a key execution challenge
- High employee attrition — reported attrition in the low-to-mid 40% range across recent fiscals; sustained attrition in a services business can disrupt delivery quality and client relationships
- Fast-changing digital marketing landscape — shifts in social media algorithms, ad-tech ecosystems, and AI tools could make current capabilities less relevant
- SME IPO liquidity risk — limited secondary market depth on BSE SME platform, making exits potentially difficult for smaller investors
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
