Minerva Capital Research Solutions

Liqvd Digital India

ListedListed 30 Sep 2026BSE SMENSE: LIQVDCheck allotment
Current price₹ 29.5−45.37% since issue
Listing day−0.5%
Issue price
₹ 54
Issue size
₹ 39.01 Cr.
Min. investment
₹ 1,08,000
Listing price
₹ 53.73
Subscribed
5.08x
Lot size
2,000 shares
P/E
14.96
RoNW
25.36%
RoCE
44.05%
Debt / Equity
0.29
PAT margin
13.32%
EBITDA margin
18.69%
RoE
25.36%
EPS
₹ 3.61
NAV
₹ 21.45
Promoter stake
52.95%

About

Liqvd Digital India Limited was started in 2013. It is a digital marketing and media company that helps brands build an online presence, reach the right audience and grow. Its services cover social media management, media planning and buying, online reputation management, creative content production, influencer marketing, search engine optimisation, performance marketing, and web and app development. Its clients range from large enterprises to mid-sized companies and direct-to-consumer brands, across IT and communications, FMCG, logistics, financial services, manufacturing and healthcare. The media side of the business plans and buys both digital and offline media, with the emphasis on measurable results and return on investment. The production side makes visual and multimedia content, including photography, video shoots, drone shoots, podcasts, animation and AI-generated content. It works from offices in Mumbai and Gurgaon and runs its own studio in Mumbai for content production. Through its association with AdLift Inc. it also has a presence in the United States.

Timeline

  1. Opens
    23 Sep
    done
  2. Closes
    25 Sep
    done
  3. Allotment
    28 Sep
    done
  4. Refunds
    29 Sep
    done
  5. Demat credit
    29 Sep
    done
  6. Listing
    30 Sep
    done

Subscription

How many times each investor group bid for its share, as of 30 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)12,000₹ 1,08,000
Retail (Max)12,000₹ 1,08,000
HNI (Min)24,000₹ 2,16,000

Company overview

Financials

Financials by year
Assets57.83
Total Income60.89
Profit After Tax8.03
EBITDA11.26
NET Worth34.19
Reserves and Surplus26.22
Total Borrowing9.79

Strengths

  • The margin is healthy for an agency, with a PAT margin of 13.32% and an EBITDA margin of 18.69% in FY2026.
  • Return on capital employed was 44.05%, which is high because an agency needs little fixed capital.
  • Debt is low at Rs 9.79 crore against a net worth of Rs 34.19 crore, a debt to equity ratio of only 0.29.
  • The service range is wide, covering social media, media buying, SEO, performance marketing, influencer work, content production and web and app development, so a client can be served end to end.
  • It has its own studio in Mumbai for photography, video, drone shoots, podcasts and animation rather than outsourcing production.
  • Its clients span many sectors including FMCG, logistics, financial services, manufacturing and healthcare, which spreads the risk.
  • It has a presence in the United States through its association with AdLift Inc.
  • It has been in this business since 2013, which is a reasonable record in a field where agencies come and go.

Risks

  • Only one year of financial data is available, for FY2026. With no earlier years there is no trend to judge, and no way to tell whether this year is representative.
  • The issue is priced at about 14.96 times earnings on an EPS of Rs 3.61, and that EPS rests on a single year of reported financials.
  • Promoter holding falls from 79.61% to 52.95% after the issue, leaving the promoters only just above a half share.
  • Digital marketing is a people business with low switching costs. Clients move agencies readily and contracts are rarely long.
  • Agency revenue is usually concentrated in a handful of large accounts, so losing one client can matter a great deal.
  • A part of the money goes towards buying a stake in AdLift Marketing Private Limited. The terms and what the company gets for it are not visible from the data available here.
  • Media buying revenue can be lumpy, as it depends on client campaign budgets that are set season by season.
  • This is an SME issue, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding of purchase consideration for acquisition of stake in AdLift Marketing Pvt.Ltd.9
Funding capital expenditure to be incurred for establishment of a Full Scale Video Content Production Hub10.59
Funding incremental working capital requirements6.57

Promoters

  • Arnab Mitra
  • Ashish Motilal Jalan
  • Vivek Suchanti
  • Concept Communication Ltd
Promoter holding79.61%→52.95%before → after the issue · down 26.66 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 5 a share
Registrar
Bigshare Services Private Limited
Lead managers
Indorient Financial Services
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.