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
Read from the 540-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 140 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Our Promoter and Managing Director, Mr. Arnab Mitra was disqualified under section 164 (2) of the Companies Act, 2013 during the period of November 2016 till October 2021... During the period of his disqualification, Mr. Arnab Mitra signed the financials of the Company, in his capacity of director, thus violating the provisions of 134 of the Companies Act, 2013
As of the date of this Red Herring Prospectus, we do not maintain insurance coverage for our business operations, assets, or liabilities, other than group insurance policies for the benefit of our employees. We currently do not have insurance cover for risks typically associated with business operations, such as fire, burglary, natural calamities, equipment failure
Promoters Against our Promoters 2 11 Nil Nil Nil 2,476.07
Sales to Related Parties Amount... 2026: 889.03 (14.76%), 2025: 1,152.35 (46.34%), 2024: 561.26 (31.09%)
We derived 52.12%, 85.95%, & 73.46% of our revenue from our Top 10 clients in Fiscal 2026, 2025 & 2024 respectively
we had instances of delays in payment of certain statutory dues, including with respect to payment of GST, tax deducted at source, contributions towards employee provident fund, and property tax. In connection to delays in statutory dues, the Company has received a show cause notice from the Profession Tax Officer
the fourth tranche of 23.21% is proposed to be funded by the Net Proceeds amounting to ₹900.02 lakhs
We do not currently have a comprehensive hedging policy in place. Accordingly, our business, cash flows, and profitability remain exposed to exchange rate fluctuations.
The Company's attrition rate stood at 44.24% for Fiscal 2026, which is higher than industry average. Moreover, the attrition rates in this industry are also very high at 30-35%
Trade receivables 2,384.41 41.23... Trade Receivables days: 116, 119, 179
Cash equivalents at the end of the year 263.45 1604.19 317.53
We have had one such instance pertaining to non-adherence of covenant of loan from State Bank of India relating to the sales not being routing through cash credit account specifically granted for working capital needs of the Company
Contribution of our top 10 suppliers was 62.88% (on a consolidated basis), 74.47%, & 80.02% (on a standalone basis) in Fiscal 2026, 2025 & 2024 respectively
We derived 29.58%, 80.82%, & 70.80% of our revenue from the state of Maharashtra in Fiscal 2026, 2025 & 2024 respectively
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹25 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 3 | 13 | 1 | ₹0.5 Cr |
| Promoters | 4 | 11 | 1 | ₹25 Cr |
| Directors | 0 | 1 | 0 | ₹0.0 Cr |
| Subsidiaries | 0 | 6 | 0 | ₹0.0 Cr |
| Group companies | 0 | 0 | 0 | — |
Pr. CIT-2 vs. Concept Communication Ltd (Promoter) — Direct tax appeal AY 2008-09 before Bombay HC; disputed ₹503.67 lakhs (original demand ₹834.17 lakhs)
Scotts Garments & Ors. v. Concept Communication Ltd (Promoter) — Section 138 NI Act appeal; Metropolitan Magistrate ordered ₹120 lakhs fine; NBW issued; Criminal Writ Petition pending before Bombay HC
Tax counts and aggregate amounts from summary table on p434. Conversion: 1 crore = 100 lakh. Promoters' bucket amount aggregates Direct Tax (₹2,474.07 lakhs) plus BSNL civil claim (₹13.04 lakhs) = ₹24.8711 cr. Company 'other' = Profession Tax show cause notice (₹22.88 lakhs). Total amount is the sum of stated aggregates (₹2,543.40 lakhs = ₹25.4340 cr); grand total not explicitly stated in document. Company's 3 criminal matters: Xavier Britto criminal revision, Mahima Sikiri (COMA/7/2025), Tarun Joshi (COMA/8/2025). Promoters' 4 criminal matters: 2 filed by Promoters (Arnab Mitra v. Idea Builb Venture LLP ₹13.74 lakhs; Scotts Garments v. Concept) and 2 filed against Promoters (MD Rafi Ahmed v. Arnab Mitra et al. x2). Additionally, 1 criminal matter disclosed against Senior Management Personnel (Sushil Sudam Rasal v. Pivitroots Digital, p434) — not captured in standard party buckets. Group Companies: no pending material litigation per p436.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
