SME
    listed

    Liqvd Digital India IPO

    Updated 31 Oct 2026, 1:45 pm.

    Open Demat Account
    GMP disclaimer: GMP is unofficial and unregulated. It is not a recommendation or a reliable estimate of listing price or returns. Consider the RHP and your own risk assessment before applying.

    Minimum investment (Individual investors (IND))

    ₹2,16,000

    2 lots · 4,000 shares at the upper price band

    Price band

    ₹54

    Latest GMP

    ₹0

    0.0% of the ₹54 upper band

    Est. listing price

    ₹54

    Issue size

    ₹37.04 Cr

    Allotment status

    Check it on the registrar's page or either exchange with your PAN or application number.

    1. Allotment finalised28 Sept 2026(done)
    2. Refunds start29 Sept 2026(done)
    3. Shares credited to demat29 Sept 2026(done)
    4. Listing30 Sept 2026(done)

    GMP history

    Each point is a recorded observation from the scheduled data sync.

    ObservedGMPEst. listing price
    30 Sept 2026, 1:50 pm₹0₹54
    30 Sept 2026, 1:45 pm₹0₹54
    29 Sept 2026, 6:50 pm₹0₹54
    29 Sept 2026, 6:45 pm₹0₹54
    29 Sept 2026, 1:50 pm₹0₹54
    29 Sept 2026, 1:45 pm₹0₹54
    29 Sept 2026, 8:50 am₹0₹54
    29 Sept 2026, 8:45 am₹0₹54
    28 Sept 2026, 6:50 pm₹0₹54
    28 Sept 2026, 6:45 pm₹0₹54
    28 Sept 2026, 1:50 pm₹0₹54
    28 Sept 2026, 1:45 pm₹0₹54
    28 Sept 2026, 8:50 am₹0₹54
    28 Sept 2026, 8:45 am₹0₹54
    26 Sept 2026, 6:50 pm₹0₹54
    26 Sept 2026, 6:45 pm₹0₹54
    26 Sept 2026, 1:50 pm₹0₹54
    26 Sept 2026, 1:45 pm₹0₹54
    26 Sept 2026, 8:50 am₹3₹57
    26 Sept 2026, 8:45 am₹3₹57
    25 Sept 2026, 6:50 pm₹3₹57
    25 Sept 2026, 6:45 pm₹3₹57
    25 Sept 2026, 1:45 pm₹3₹57
    25 Sept 2026, 8:50 am₹3₹57
    25 Sept 2026, 8:45 am₹3₹57
    24 Sept 2026, 6:50 pm₹3₹57
    24 Sept 2026, 6:45 pm₹3₹57
    24 Sept 2026, 1:50 pm₹3₹57
    24 Sept 2026, 1:45 pm₹3₹57
    24 Sept 2026, 8:50 am₹3₹57
    24 Sept 2026, 8:45 am₹3₹57
    23 Sept 2026, 6:50 pm₹3₹57
    23 Sept 2026, 6:45 pm₹3₹57
    23 Sept 2026, 1:50 pm₹3₹57
    23 Sept 2026, 1:45 pm₹3₹57
    23 Sept 2026, 8:50 am₹0₹54
    23 Sept 2026, 8:45 am₹0₹54
    22 Sept 2026, 6:50 pm₹0₹54
    22 Sept 2026, 6:45 pm₹0₹54
    22 Sept 2026, 1:50 pm₹0₹54
    22 Sept 2026, 1:45 pm₹0₹54
    22 Sept 2026, 8:50 am₹0₹54
    22 Sept 2026, 8:45 am₹0₹54
    21 Sept 2026, 6:50 pm₹0₹54
    21 Sept 2026, 6:45 pm₹0₹54
    21 Sept 2026, 1:50 pm₹0₹54
    21 Sept 2026, 1:46 pm₹0₹54
    21 Sept 2026, 11:23 am₹0₹54
    21 Sept 2026, 8:45 am₹0₹54
    19 Sept 2026, 6:45 pm₹0₹0
    19 Sept 2026, 1:45 pm₹0₹0
    19 Sept 2026, 8:45 am₹0₹0
    18 Sept 2026, 6:45 pm₹0₹0
    18 Sept 2026, 1:45 pm₹0₹0
    18 Sept 2026, 8:45 am₹0₹0
    17 Sept 2026, 6:45 pm₹0₹0

    GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.

    Issue details

    Board
    SME
    Price band
    ₹54
    Issue size
    ₹37.04 Cr
    Lot size
    2,000
    Opens
    23 Sept 2026
    Closes
    25 Sept 2026
    Allotment
    28 Sept 2026
    Listing
    30 Sept 2026
    Est. listing price
    ₹54
    Listing price
    Awaited
    Listing gain
    Awaited
    Registrar
    Bigshare Services Pvt.Ltd.
    Minimum investment
    ₹2,16,000 (2 lots · 4,000 shares)
    Face value
    ₹5 per share
    Issue type
    Bookbuilding IPO
    Sale type
    Fresh capital cum OFS
    Fresh issue
    ₹34 Cr
    Offer for sale
    ₹5 Cr
    Listing at
    BSE SME
    Refunds
    29 Sept 2026
    Shares credited
    29 Sept 2026
    Promoter holding
    78.04% before · 51.83% after
    Lead managers
    Indorient Financial Services Ltd.

    Subscription by category

    As of 25 Sept 2026, 6:52 pm.

    Total subscription

    5.08x

    Qualified Institutional1.00×
    Non Institutional21.02×
    Retail Individual1.43×

    Full issue details

    Details as published for this issue, read 29 Sept 2026, 2:05 pm. Verify against the RHP before applying.

    IPO Details

    IPO Date23 to 25 Sep, 2026
    Listing DateWed, Sep 30, 2026 (tentative)
    Face Value₹ 5 per share
    Price Band₹51 to ₹54
    Issue Price₹54 per share
    Lot Size2,000 Shares
    Sale TypeFresh capital cum OFS
    Issue TypeBookbuilding IPO
    Listing AtBSE SME
    Total Issue Size72,24,000 shares (agg. up to ₹ 39 Cr)
    Reserved for Market Maker3,64,000 shares (agg. up to ₹ 2 Cr) Shreni Shares Ltd.
    Fresh Issue (Ex Market Maker)59,58,000 shares (agg. up to ₹ 32 Cr)
    Offer for Sale9,02,000 shares of ₹ 5 (agg. up to ₹ 5 Cr)
    Net Offered to Public68,60,000 shares (agg. up to ₹ 37 Cr)
    Share Holding Pre Issue1,59,41,177 shares
    Share Holding Post Issue2,22,63,177 shares

    IPO Timetable (Tentative)

    IPO Open
    Wed, Sep 23, 2026
    IPO Close
    Fri, Sep 25, 2026
    Allotment
    Mon, Sep 28, 2026
    Refund
    Tue, Sep 29, 2026
    Credit of Shares
    Tue, Sep 29, 2026
    Listing
    Wed, Sep 30, 2026

    Issue Reservation

    • QIB28.43%
    • NII (HNI)14.26%
    • Retail52.27%
    • Market Maker5.04%
    Issue Reservation: Share of the issue reserved for each investor category. Figures as published in the table below.
    Investor CategoryShares% of Net Issue% of Total Issue
    QIB20,54,00029.94%28.43%
    NII (HNI)10,30,00015.01%14.26%
    - bNII > ₹10L6,88,000—9.52%
    - sNII < ₹10L3,42,000—4.73%
    Retail37,76,00055.04%52.27%
    Firm Reservations
    Market Maker3,64,000—5.04%
    Total72,24,000100.00%100.00%

    Liqvd Digital IPO comprises a total issue size of 72,24,000 shares. The net offer to the public is 68,60,000 shares, after excluding 3,64,000 shares allotted on a firm basis. Of the Net offer 20,54,000 (29.94%) are allocated to QIB , 10,30,000 (15.01%) allocated to NII 37,76,000 (55.04%) allocated to RII .

    IPO Lot Size

    Individual investors (IND) (Min)₹2,16,000
    Individual investors (IND) (Max)₹2,16,000
    S-HNI (Min)₹3,24,000
    S-HNI (Max)₹9,72,000
    B-HNI (Min)₹10,80,000
    IPO Lot Size: What an application costs at the upper price band, by category. Figures as published in the table below.
    ApplicationLotsSharesAmount
    Individual investors (IND) (Min)24,000₹2,16,000
    Individual investors (IND) (Max)24,000₹2,16,000
    S-HNI (Min)36,000₹3,24,000
    S-HNI (Max)918,000₹9,72,000
    B-HNI (Min)1020,000₹10,80,000

    Investors can bid for a minimum of 4,000 shares and in multiples of 2,000 shares thereof.

    About Liqvd Digital India Ltd.

    Incorporated in 2013, Liqvd Digital India Limited is a digital marketing and media solutions company that helps brands build their online presence, reach the right audience, and drive business growth. Its services include social media management, media planning and buying, online reputation management, creative content production, influencer marketing, SEO, performance marketing, and web and app development.

    The Company works with a diverse range of clients, including large enterprises, mid-sized companies, and direct-to-consumer (D2C) brands across sectors such as IT and communications, FMCG, logistics, financial services, manufacturing, and healthcare. It operates in India through offices in Mumbai and Gurgaon, as well as an in-house studio in Mumbai for content production and related activities. Through its association with AdLift Inc., the Company also has a presence in the United States.

    Its media business focuses on planning and buying digital and offline media with an emphasis on measurable results, return on investment, and audience reach. The Company uses data and creative strategies to develop media campaigns based on client requirements and negotiated contracts.

    Its production business focuses on creating visual and multimedia content, including photography, video shoots, drone shoots, podcasts, animation, AI-generated videos, and other branded content. The acquisition of AdLift Marketing is expected to further expand the Company's marketing capabilities and client base.

    As of July 31, 2026, the Company and AdLift Marketing had 53 and 119 permanent employees, respectively.

    Key Strengths

    End-to-end digital marketing capabilities covering media planning and buying, creative content, influencer marketing, SEO, and performance marketing.

    Experienced management team with industry knowledge and domain expertise, supported by a skilled workforce.

    Diversified client base across multiple industries, reducing dependence on any single sector or customer type.

    In-house technology and streamlined workflows that support scalable and data-driven marketing campaigns.

    Strong content production capabilities through an in-house studio and services such as video, photography, podcasts, animation, and AI-based content.

    Expanding market presence with operations in India and access to international business through AdLift Inc.

    Company Financials (Restated Consolidated)

    Period Ended31 Mar 2026
    Assets57.83
    Total Income60.89
    Profit After Tax8.03
    EBITDA11.26
    NET Worth34.19
    Reserves and Surplus26.22
    Total Borrowing9.79
    Amount in ₹ Crore

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    IPO Objects of the Issue

    Funding of purchase consideration for acquisition of stake in AdLift Marketing Pvt.Ltd.9.00
    Funding capital expenditure to be incurred for establishment of a Full Scale Video Content Production Hub10.59
    Funding incremental working capital requirements6.57
    Funding inorganic growth through unidentified acquisitions and general corporate purposes4.63
    Issue Expenses3.83
    IPO Objects of the Issue: What the proceeds are earmarked for (₹ Cr.). Figures as published in the table below.
    #Issue ObjectsEst Amt (₹ Cr.)
    1Funding of purchase consideration for acquisition of stake in AdLift Marketing Pvt.Ltd.9.00
    2Funding capital expenditure to be incurred for establishment of a Full Scale Video Content Production Hub10.59
    3Funding incremental working capital requirements6.57
    4Funding inorganic growth through unidentified acquisitions and general corporate purposes4.63
    5Issue Expenses3.83
    Total34.62

    The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

    Key Performance Indicator (KPI)

    KPIMar 31, 2026
    ROE25.36%
    ROCE44.05%
    Debt/Equity0.29
    RoNW25.36%
    PAT Margin13.32%
    EBITDA Margin18.69%
    NAV21.45
    Price to Book Value2.52

    Check IPO Peer Comparison here.

    IPO Valuation

    Valuation MetricPre IPOPost IPO
    EPS (₹)5.033.61
    P/E (x)10.7414.96
    Market Cap at Offer Price₹86.08 Cr.₹120.22 Cr

    Disclaimer

    The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue

    The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.

    The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

    Shareholding Structure

    Pre IPO

    • Promoter and Promoter Group78.04%
    • Public21.96%

    Post IPO

    • Promoter and Promoter Group51.83%
    • Public48.17%
    Shareholding Structure: Who holds the company before and after the issue. Figures as published in the table below.
    CategoryPre IPOPost IPO
    Promoter and Promoter Group78.04%51.83%
    Public21.96%48.17%
    Total100%100%

    Company Promoters: Arnab Mitra, Ashish Motilal Jalan, Vivek Suchanti and Concept Communication Ltd..

    Offer For Sale - Selling Shareholder

    NameCategoryNo. of Shares OfferedAmount (₹ cr.)
    Arnab MitraPromoter9,02,0004.87
    Total—9,02,0004.87

    Liqvd Digital IPO Recommendations

    Review BySubscribeMay ApplyNeutralAvoid
    Brokers0000
    Members0000

    IPO Subscription Status

    CategorySubscription (x)Shares OfferedShares bid forTotal Applications
    QIB (Ex Anchor)1.0021,62,00021,62,0000
    NII *21.0214,64,0003,07,70,0000
    bNII (> ₹10L)27.1111,04,0002,99,30,000—
    sNII (< ₹10L)2.333,60,0008,40,000—
    Individual Investor1.4339,68,00056,80,0000
    Total5.0875,94,0003,86,12,0002,998
    Period Ended31 Mar 202531 Mar 2024
    Standalone (In Rs Lakhs)Standalone (In Rs Lakhs)
    Assets3333.451382.56
    Total Income2502.581828.46
    Profit After Tax224.82190.30
    EBITDA393.13381.11
    NET Worth1939.37209.68
    Reserves and Surplus1564.37-90.32

    The Liqvd Digital IPO is subscribed 5.08 times on September 25, 2026 6:52:18 PM (Day 3). The public issue subscribed 1.43 times in the individual investors category, 1.00 times in the QIB category, and 21.02 times in the NII category. Check Day by Day Subscription Details (Live Status)

    Reload

    Total Applications: 2,998

    *Market Maker portion is not included to NII/HNI.

    IPO Expenses

    #Issue ExpensesEst Amt (₹ Cr.)
    1Book Running Lead Managers Fees0.30
    2Underwriting Fees2.51
    3Selling commission/processing fee for SCSBs, Sponsor Banks and fee payable to the Sponsor Banks for Bids made by Individual Investors, brokerage and selling commission and bidding/uploading charges for members of the Syndicate (including their subSyndicate Members), Registered Brokers, RTAs and CDPs0.04
    4Fees to the legal advisor, audit / chartered accountant fees and other professionals/intermediaries0.78
    5Fees Payable for Advertising, Marketing Expenses and Publishing Expenses0.05
    6Fees payable to the Registrar to the Offer0.01
    7Fees Payable to Regulators including Stock Exchanges and depositories0.13
    8Printing and stationery expenses0.01
    9Miscellaneous0.01
    Total3.83

    IPO Registrar

    Bigshare Services Pvt.Ltd.

    8657578989/8069219065/8069219060

    ipo@bigshareonline.com

    IPO Lead Manager(s)

    Indorient Financial Services Ltd.

    Contact Details

    Liqvd Digital India Ltd. Address

    B - 206, Second Avenue

    CTS No 17/2A/1 Subhash Nagar,

    Village Vyarvail MIDC, Andheri East, Chakala MIDC,

    Mumbai, Maharashtra , 400093

    +91 22 4322 6262

    compliance@liqvd.asia

    FAQ

    Liqvd Digital India: common questions

    Answered from this issue's own record.

    The Liqvd Digital India SME IPO is priced at ₹54 per share, for an issue size of ₹37.04 crore.

    The issue opens on 23 Sept 2026 and closes on 25 Sept 2026, with listing expected on 30 Sept 2026.

    One lot is 2000 shares, and applications must be in multiples of a lot. At the upper band that is ₹1,08,000 for one lot.

    Latest recorded subscription: QIB 1x, NII 21.02x, retail 1.43x (as of 31 Oct 2026).