Liqvd Digital IPO
IPO price, dates, issue details, strengths, risks and financial performance
₹2,04,000 / 4,000 shares
Bidding Dates23 Sept, 26 – 25 Sept, 26
Min Investment₹2,04,000
Lot Size2,000
Price Range₹51 – ₹54
Issue Size₹39.01 Cr.
IPO Timeline
IPO Offer Start23 Sept, 26
IPO Offer Ends25 Sept, 26
Allotment Finalisation28 Sept, 26
Refund Initiation29 Sept, 26
Listing of Shares30 Sept, 26
Strengths
End-to-end digital marketing capabilitiesThe company provides a broad range of digital marketing services covering content creation, media buying, social media management, influencer campaigns, SEO and AI-enabled content creation. The acquisition of AdLift Marketing has further expanded its integrated service offering.
Experienced promoters and managementThe promoters bring more than 38, 17 and 21 years of industry experience respectively. The senior management team collectively has around 82 years of experience in advertising and marketing services, supporting operational leadership and governance.
Strong repeat-client businessOver the past three years, the company has served 85 clients across IT, FMCG, logistics, financial services and healthcare. Repeat business contributed 91.73% and 76.53% of standalone revenue in Fiscals 2025 and 2024 respectively.
Proprietary technology platformsThe company has developed iManage for workflow and campaign management and Tesseract, an AI laboratory operated by AdLift Marketing. These platforms support scalable, data-led campaigns and real-time visibility across AI search platforms including ChatGPT, Perplexity and Gemini.
Risks
Dependence on corporate promoterA material share of revenue is generated from Corporate Promoter Concept Communication Limited. Its contribution was 12.62% on a consolidated basis in FY2026, compared with 44.12% on a standalone basis in FY2025 and 14.48% in FY2024. Any decline in business with the promoter could affect revenue and cash flows.
Customer concentrationThe ten largest clients accounted for 52.12%, 85.95% and 73.46% of revenue in Fiscals 2026, 2025 and 2024 respectively. Losing a major client or experiencing a significant reduction in orders could materially affect revenue and liquidity.
Negative cash flowsThe company reported negative operating cash flow of ₹45.95 lakhs in FY2025 and negative investing cash flow of ₹1,264.50 lakhs in FY2026, mainly following the ₹1,400 lakhs payment for the AdLift acquisition. Continued cash outflows could constrain operations and expansion.
Delayed statutory paymentsThe company has a history of delays in statutory dues including GST, TDS, PF, ESIC and Professional Tax. Aggregate delayed amounts were ₹1,073.94 lakhs across multiple fiscal years, with regulatory notices issued in connection with these delays.
High employee attritionEmployee attrition reached 44.24% in FY2026, compared with the stated industry range of 30%–35%. Employee costs represented 46.13% of total expenses, or ₹2,324.07 lakhs, which means elevated attrition could increase hiring and training costs and disrupt client engagements.
Objectives
A portion of the Net Proceeds is proposed to acquire the remaining 23.21% equity stake in AdLift Marketing Private Limited under Tranche 4. This would make AdLift Marketing a wholly-owned subsidiary and further strengthen the company's full-funnel digital marketing capabilities.
The company plans to establish a Full Scale Video Content Production Hub in Mumbai and Gurgaon. The proposed setup would combine AI-based automation with human creativity to produce scalable, platform-optimised content while reducing dependence on external production resources.
Part of the Net Proceeds is intended to fund additional working capital requirements arising from business expansion, supporting daily operations, business scaling and timely payments to vendors and digital platforms.
The remaining Net Proceeds are proposed for strategic unidentified acquisitions that align with the company's growth strategy, along with general corporate purposes such as ongoing expenses, business requirements and repayment of borrowings, subject to the stated cumulative cap.
Yearly Financial Results
Consolidated
| Annual Financials | Mar 2026 |
|---|---|
| Revenue | 60.24 |
| Expenses | 50.38 |
| Other Income | 0.65 |
| Total Revenue | 60.89 |
| Profit Before Tax | 10.51 |
| Net Profit | 6.79 |
Above figures are in Rs. Crores
Balance Sheet
Consolidated
| Balance Sheet | Mar 2026 |
|---|---|
| Total Assets | 57.83 |
| Current Assets | 34.03 |
| Fixed Assets | 23.80 |
| Total Equity & Liabilities | 57.83 |
| Total Liabilities | 21.45 |
| Current Liabilities | 20.56 |
| Non Current Liabilities | 0.89 |
| Total Equity | 36.38 |
Above figures are in Rs. Crores
Cash Flow
Consolidated
| Cash Flow | Mar 2026 |
|---|---|
| Net Cash Flow | -13.41 |
| Investing Activities | -12.64 |
| Operating Activities | 1.52 |
| Financing Activities | -2.28 |
Above figures are in Rs. Crores
About Liqvd Digital
Liqvd Digital India Limited, established in 2013, is a creative-led full-service digital marketing agency providing media planning and buying, social media management, content creation and production, influencer marketing, SEO and performance marketing services. Following its acquisition of AdLift Marketing in April 2025, the company expanded into SEO, AI-enabled content creation and the U.S. market, strengthening its integrated digital marketing offering. Its operations are organised across four verticals: Media, Retainer, Project and Production. The company serves clients across IT, FMCG, BFSI, logistics and healthcare. Consolidated revenue from operations reached ₹6,023.91 lakhs in FY2026, representing a stated CAGR of 82.66%, with an EBITDA margin of 18.69% and PAT of ₹802.60 lakhs.
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