Liqvd Digital IPO
ListedSMEIT - Software
5.63×
Subscribed
Price band
₹54 – ₹54
Lot size
2,000
1 lot = ₹1,08,000
Issue size
₹39.01 Cr
Open – close
23 Sept 2026
to 25 Sept 2026
Listing
30 Sept 2026
Listing gain
-0.50%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong3 of 7 dimensions read
The disclosed numbers are strong — 2 of 3 signals read positive
Strength78/100
- Conservative balance sheetDebt/equity of 0.29×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutional book coveredQIB portion subscribed 1.05×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens23 Sept 2026
- Closes25 Sept 2026
- Allotment28 Sept 2026
- Listing30 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB1.05x
Non-institutionalNII / HNI29.87x
Big NIIabove ₹10L43.50x
Small NII₹2L – ₹10L2.46x
Retail individualRII1.50x
2,998 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 25 Sept 2026.
Chance of allotment
Retail1.50× subscribed
~1 in 1.5
Minimum 2 lots · 4,000 shares · ₹2,16,000 blocked
Retail is 1.5× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.5 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII29.87× subscribed
~1 in 29.9
Minimum 1 lot · 2,000 shares · ₹1,08,000 blocked
HNI is 29.87× subscribed. This category is allotted proportionately, so a bid receives roughly 1/29.9 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹54 – ₹54
Face value₹5
Lot size2,000shares
Minimum application₹1,08,000at cut-off
Total issue size₹39.01 Cr
Fresh issue₹34.14 Cr
Listing atSME platform
Anchor investorsNone
Company & valuation
Debt / equity0.29×
ROE25.36%
ROCE44.05%
RoNW25.36%
PAT Margin13.32%
EBITDA Margin18.69%
NAV21.45
P/B (x)2.52
ISININE0CJT01025
RegistrarBigshare Services Pvt Ltd
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 20,54,000 | 28.43% |
| NII (HNI) | 10,30,000 | 14.26% |
| bNII > ₹10L | 6,88,000 | 9.52% |
| sNII < ₹10L | 3,42,000 | 4.73% |
| Retail | 37,76,000 | 52.27% |
| Market Maker | 3,64,000 | 5.04% |
Total issue 72,24,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,16,0002 lots · 4,000 sh
Individual investors (IND) (Max)₹2,16,0002 lots · 4,000 sh
S-HNI (Min)₹3,24,0003 lots · 6,000 sh
S-HNI (Max)₹9,72,0009 lots · 18,000 sh
B-HNI (Min)₹10,80,00010 lots · 20,000 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
What the money is for
Stated use of the net proceeds
- 01Funding of purchase consideration for acquisition of 23.21% stake in AdLift Marketing Private Limited₹9 Cr
- 02Funding capital expenditure, operating expenditure and other expenditure to be incurred for establishment of a Full Scale Video Content Production Hub (Full Scale VCP Hub)₹10.59 Cr
- 03Funding our incremental working capital requirements₹6.57 Cr
- 04Funding inorganic growth through unidentified acquisitions and general corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2026 | 28.851 | — | — | — | — |
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Liqvd Digitalthis issue | 4.39 | — | 21.45 | 25.36% |
| R K Swamy Limited | 4.38 | 22.37 | 104.71 | 8.60% |
| Vertoz Limited | 3.06 | 11.75 | 27.35 | 12.31% |
| AdCounty Media India Limited | 9.65 | 8.08 | 27.96 | — |
| Yaap Digital Limited | 12.10 | 11.40 | 28.25 | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe Company derives a material portion of its revenue from its Corporate Promoter, Concept Communication Limited, which accounted for 12.62% of consolidated revenue in Fiscal 2026, 44.12% in Fiscal 2025, and 14.48% in Fiscal 2024. If Concept Communication were to suffer a deterioration of its busine
mediumThe Company derives a material portion of its revenue from its top 10 clients, which accounted for 52.12% of revenue in Fiscal 2026, 85.95% in Fiscal 2025, and 73.46% in Fiscal 2024. If any or all of these Top 10 Clients were to suffer a deterioration of their business, cease doing business with us
Positives the filing discloses (2)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage
Debt-to-equity of 0.29x.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+0.0%
Listed up
3 of 8
Best
+90.0%
Maxwell Engineering Solutions Limited
Worst
-5.9%
Eventions Limited
Vedant Poly Fabs Limitedsame segment
1.9× sub+0.0%
Maxwell Engineering Solutions Limitedsame segment
491.4× sub+90.0%
HGS (India) Limitedsame segment
231.2× sub+33.3%
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Liqvd Digital
Liqvd Digital India Limited is a digital marketing and creative agency founded in 2013. The company provides services including content creation and production, media planning and buying, content marketing, performance reporting, social media management, online reputation management, influencer marketing, and web and application development. Following its acquisition of a majority stake in AdLift Marketing in April 2025, the company also offers services related to search engine optimisation (SEO), performance marketing, performance monitoring, and AI-driven content creation. AdLift Marketing operates in India and the United States through its subsidiary, AdLift Inc. The company serves large enterprises, mid-sized brands, and direct-to-consumer startups. Liqvd Digital India and AdLift Marketing have offices in Mumbai and Gurugram. The company also operates an in-house studio in Mumbai with a green screen setup, which is used for internal content such as founder videos and interviews, along with basic production activities including green screen work, editing, and voiceover coordination.
Founded 2013MD Mr Arnab MitraSector IT - Software
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Liqvd Digital IPO subscribed?
Liqvd Digital is subscribed 5.63× overall (QIB 1.05×, NII 29.87×, retail 1.50×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Bigshare Services Pvt Ltd.
What is the minimum investment in the Liqvd Digital IPO?
One lot is 2,000 shares, so a retail application at the ₹54 cut-off price blocks ₹1,08,000. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Liqvd Digital IPO?
The retail portion is subscribed 1.50×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 2. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Liqvd Digital IPO allotment date?
Allotment is scheduled for 2026-09-28, with listing on 2026-09-30. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, Bigshare Services Pvt Ltd.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.