Liqvd Digital India IPO
Liqvd Digital India IPO is an SME IPO raising ₹39 Cr at ₹51 – ₹54 a share. It listed on 30 Sept 2026 at ₹54, −0.5% against its issue price of ₹54, and trades at ₹28 today (−48.9% since issue). It was subscribed 5.08× in total.
5.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Liqvd Digital India Limited, founded in 2013, is a digital marketing agency offering end-to-end marketing services including media planning and buying, social media management, content creation and production, influencer marketing, online reputation management, and website/app development. It serves large enterprises, mid-sized brands, and direct-to-consumer (D2C) startups. Following its April 2025 acquisition of AdLift Marketing, it added SEO, performance marketing, and AI-driven content capabilities, and now operates in India (offices in Mumbai and Gurgaon) and the United States through AdLift Inc. (Note: amounts stated in lakhs; 1 crore = 100 lakhs.)
How it earns
Revenue comes from four business verticals: Media (earns commissions on media spend), Retainer (monthly recurring mandates, typically one-year contracts), Project (one-time fee-based assignments), and Production (agency commission on third-party production costs).
Who buys
Clients span Financial Services (25.67% of FY26 revenue), FMCG (21.88%), IT & Communication (19.30%), Healthcare & Pharma (6.39%), Industrials & Manufacturing (6.36%), and other sectors. Top customer is Concept Communication Limited (the Corporate Promoter) accounting for 12.62% of consolidated revenue in FY2026 (down from 44.12% in FY2025 and 14.48% in FY2024). Top 10 customers contributed 52.12% of revenue in FY2026, 85.95% in FY2025, and 73.46% in FY2024. Served 117 customers in FY2026 (up from 44 in FY2025).
Scale
FY2026 consolidated revenue ₹6,023.91 lakhs (≈₹60.24 crore), up from ₹2,486.95 lakhs standalone in FY2025 (≈₹24.87 crore) and ₹1,805.46 lakhs in FY2024 (≈₹18.05 crore) — FY2024-FY2026 CAGR of 82.66%. Offices in Mumbai and Gurgaon; compact in-house studio in Mumbai with green screen setup; 117 total customers in FY2026; revenue per employee ₹37.53 lakhs. Subsidiary AdLift Group's consolidated FY2026 revenue was ₹3,803.28 lakhs (≈₹38.03 crore), contributing about 60% of consolidated revenue.
What it says sets it apart
- Full-service digital marketing offering — media buying, creative content, influencer marketing, SEO and performance marketing under one roof (especially after AdLift Marketing acquisition in April 2025)
- Preferred vendor and digital partner status with Corporate Promoter Concept Communication (established 1988, 1,600+ IPO communications managed) for all IPO-related digital media engagements
- In-house technology platforms: iManage (centralised project planning, billing, approvals, vendor and performance tracking) and Tesseract (AI lab tracking brand visibility on AI search engines like ChatGPT, Perplexity, and Gemini)
- Diversified client base of 85 clients over 3 years across Financial Services, FMCG, IT, Healthcare, Manufacturing, Logistics etc.; repeat customer revenue was 54.21% on standalone basis in FY2026
- US market access via AdLift Inc — approximately 50% of AdLift Group turnover comes from the US, providing international diversification (export revenue jumped from 0.11% in FY2025 to 32.67% in FY2026)
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs54 / stated EPS Rs4.39 (FY26 (year ended March 31, 2026) Diluted EPS, consolidated; weighted average diluted EPS = 3.18). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Mixed: FY2026 figures are Restated Consolidated; FY2025 and FY2024 figures are Restated Standalone (subsidiary AdLift Marketing Pvt Ltd acquired effective 4 April 2025, so consolidated figures only available from FY2026)). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹60 Cr+142% | ₹7 Cr+202% | 11.3% | ₹34 Cr | ₹10 Cr |
| FY2025 | ₹25 Cr+38% | ₹2 Cr+18% | 9.0% | ₹19 Cr | ₹9 Cr |
| FY2024 | ₹18 Cr | ₹2 Cr | 10.5% | ₹2 Cr | ₹6 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 21× their allocation. QIB: 1.00×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 6 Nov 2026.
What to watch
- Priced at 12.3× earnings — 6% above the median of the peers the issuer itself names.
- The register's top risk: Promoter MD signed financials during Section 164 disqualification (prospectus page 42).
- Its cohort's record: median −2.7% since issue price, 51.9% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track LIQVD DIGITAL INDIA LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.