Liqvd Digital's IPO has witnessed a cumulative subscription of 1.19x by the end of Day 2. Qualified Institutional Buyers (QIB) have fully subscribed to their portion at 1.00x, while the Non-Institutional Investors (sHNI) category leads with an 8.15x subscription.

Subscription Status

The issue has crossed the full subscription mark, driven primarily by institutional and high-net-worth individual interest. While the QIB category remains steady, the retail investor participation continues to be minimal compared to other categories. The sHNI segment saw a notable jump, rising from 7.60x on Day 1 to 8.15x on Day 2.

Category-wise Breakdown

The demand pattern indicates a clear preference among institutional and HNIs. The QIB category maintained its 1.00x subscription level from Day 1 to Day 2. The bHNI category saw an increase from 0.11x to 0.23x, while the sHNI category surged from 7.60x to 8.15x. Retail investors have shown limited interest, with subscription rising marginally from 0.04x to 0.12x.

Intra-day Timeline

The latest snapshot for Day 2 reflects the current subscription levels across key categories.

Offer Details

The Liqvd Digital IPO is currently open for subscription until September 25, 2026. The price band is set between ₹51.00 and ₹54.00 per share. The minimum bid quantity is 4000 shares.

• Price Band: ₹51.00 - ₹54.00
• Issue Size: ₹204000 crore - ₹500000 crore
• Min Bid Qty: 4000 shares
• Open Date: 2026-09-23
• Close Date: 2026-09-25

About the Company

Liqvd Digital India Limited, founded in 2013, is a creative-first, full-service digital marketing agency. The company offers end-to-end solutions including media planning & buying, social media management, content creation, influencer marketing, SEO, and performance marketing. Following the acquisition of AdLift Marketing in April 2025, Liqvd expanded into SEO, AI-driven content creation, and U.S. markets. It operates across four business verticals — Media, Retainer, Project, and Production — serving clients in IT, FMCG, BFSI, logistics, and healthcare sectors.

Financial Highlights

Revenue from operations grew at a CAGR of 82.66% to ₹6,023.91 lakhs in FY2026 (consolidated). The company reported an EBITDA margin of 18.69% and a Profit After Tax (PAT) of ₹802.60 lakhs for the same period.

Objects of the Issue

The proceeds from the IPO will be utilized for the following purposes:

• Acquisition Stake: Funding purchase consideration for acquiring the remaining 23.21% equity stake in AdLift Marketing Private Limited (₹9.00 crore).
• Video Production Hub: Establishing a Full Scale Video Content Production Hub across Mumbai and Gurgaon (₹10.59 crore).
• Working Capital: Meeting incremental working capital requirements arising from business expansion (₹6.57 crore).
• General Corporate Purposes: Strategic unidentified acquisitions and general corporate purposes.

Risk Factors

Key risks associated with the company include:

• Revenue Concentration: A material portion of revenues is derived from its Corporate Promoter, Concept Communication Limited (12.62% consolidated in FY2026).
• Client Dependence: High dependence on top 10 clients, which accounted for 52.12% of revenue in FY2026.
• Negative Cash Flows: Recorded negative cash flows from operating activities in FY2025 and investing activities in FY2026 due to acquisition payments.
• Statutory Dues Delays: History of delays in payment of statutory dues including GST, TDS, PF, ESIC, and Professional Tax.
• High Attrition: Employee attrition rate stood at 44.24% in FY2026, significantly above the industry average.