Liqvd Digital India Files DRHP for ₹37-Crore Fresh Issue, OFS of 10.54 Lakh Shares on BSE SME

Mumbai, Oct 3, 2025: Liqvd Digital India Ltd (LDIL), a Mumbai-headquartered creative-driven digital marketing firm, has submitted its Draft Red Herring Prospectus (DRHP) to SEBI for listing on the BSE SME platform on a proposed basis. The public offer will include a fresh issue aggregating up to ₹37 crore and an offer for sale (OFS) of up to 10,54,400 equity shares by present shareholders.

Indorient Financial Services Ltd will be the book-running lead manager, and Bigshare Services Pvt Ltd will be the registrar. The price band, lot size, period of bidding, allotment, and listing dates will be notified in the weeks ahead.

Based in India and established in 2013, Liqvd Digital India is a creative-first, full-service digital marketing and communications firm. Its portfolio includes content creation and production, social media management, influencer marketing through an in-house creator network, online reputation management, media planning and buying, and web and app development.

During FY25, the firm strengthened its operations through a majority acquisition of AdLift Marketing Pvt Ltd, strengthening its capabilities in performance marketing, search optimization, and AI-powered content solutions. Headquartered in Andheri East, Mumbai, the company is promoted by Arnab Mitra, Ashish Motilal Jalan, Vivek Suchanti, and Concept Communication Ltd, who collectively hold 79.60% of the pre-IPO equity.

Liqvd Digital India Issue IPO Structure and OFS

The fresh issue is expected to raise ₹37 crore, while the Offer for Sale (OFS) component provides a partial exit for select shareholders. The OFS comprises up to 4,21,760 shares from Arnab Mitra, 1,05,440 shares from Ashish Motilal Jalan, and 5,27,200 shares from Concept Communication Ltd. The weighted average cost of acquisition for these shares ranges between ₹2.50 and ₹10.56 per share.

Liqvd Digital India IPO Objects of the Issue

The proceeds from the fresh issue are earmarked for strategic initiatives, including ₹900 lakh to acquire the remaining 23.21% stake in AdLift Marketing, ₹915 lakh to establish a full-fledged video content creation centre, and ₹775 lakh to bolster working capital. The remaining funds will be used for inorganic growth through acquisitions and general corporate purposes.

Liqvd Digital India IPO Financials

On a stand-alone restated basis, operating revenue grew to ₹2,486.95 lakh in FY25 from ₹1,805.46 lakh in FY24. Profit after tax grew to ₹224.82 lakh in FY25 from ₹190.30 lakh in FY24 and ₹76.53 lakh in FY23. Net worth was at ₹1,939.37 lakh in FY25 from ₹209.69 lakh in the previous year, while borrowings increased to ₹881.80 lakh. NAV per share grew to ₹12.93 in FY25.

Liqvd Digital India IPO Risks and Outlook

The draft prospectus signals risks such as excessive dependence on large clients and promoter-group companies, elevated receivable cycles, and implementation risks related to the growth and integration of AdLift. The operations of the company are also geographically concentrated in Maharashtra and Gujarat.

Liqvd Digital India’s planned listing is a rare entry of a creative-driven digital agency into the SME market. Investor interest will be driven by final valuations and the company’s success in scaling performance marketing, diversifying clients, and executing on its expansion roadmap.

REF: https://www.bsesme.com/download/393128/SME_IPO InPrinciple/DRHP_LIQVD_20251001004247.pdf

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