Liqvd Digital India Limited IPO

“What the company does: plans and places clients' digital advertising, runs their social media and content on monthly retainers, makes videos and campaigns, and through its subsidiary AdLift Marketing provides search engine optimisation in India and the United States (RHP p.221).”

“Who pays it: brands in financial services, FMCG and IT and communication, which together gave 66.85% of FY26 revenue (RHP p.34).”

“The largest customer is Concept Communication Limited, one of the company's promoters, at 12.62% of FY26 revenue and 44.12% of FY25 revenue (RHP p.229).”

“Why it is raising money: ₹1,058.52 lakh for two video production studios in Mumbai and Gurgaon, ₹900.02 lakh to acquire the remaining 23.21% of AdLift Marketing, and ₹657.00 lakh for working capital (RHP p.105).”

“How fast it has grown: revenue went from ₹1,805.46 lakh in FY24 to ₹6,023.91 lakh in FY26, and profit attributable to shareholders from ₹190.30 lakh to ₹679.31 lakh (RHP p.72).”

“Our arithmetic: about 82.7% a year for revenue and 88.9% a year for profit (RHP p.72).”

“FY26 includes AdLift Marketing from April 2025, about 60% of FY26 revenue (RHP p.136).”

“The company on its own had revenue of ₹2,433.70 lakh in FY26 against ₹2,486.95 lakh in FY25 (RHP p.418), and AdLift's own revenue was ₹3,803.28 lakh against ₹3,739.08 lakh (RHP p.107).”

“Liqvd started in 2013 in Mumbai as a digital agency, and Concept Communication Limited, an advertising agency, took a majority stake in 2015 (RHP p.254).”

“It works in four lines (RHP p.221).”

“Media: planning and placing online advertising for clients, paid by commission on the spend (RHP p.221).”

“Retainer: monthly contracts to run a brand's social media, content, website and reputation, usually for a year at a time (RHP p.222).”

“Project: one-off work such as a website, a campaign or a brand identity (RHP p.222).”

“Production: photo, video, animation and podcast shoots, mostly through outside production houses, on a commission over the production cost (RHP p.223).”

“AdLift Marketing, based in Delhi and Gurgaon, provides search engine optimisation and paid performance marketing; its US subsidiary AdLift Inc wins clients in the United States and the Indian team does the work (RHP p.235).”

“AdLift Inc provided 41.45% of AdLift's FY26 revenue (RHP p.234).”

“The group had 53 permanent employees in Liqvd and 119 in AdLift Marketing at July 31, 2026, and AdLift Inc had four (RHP p.239).”

“It works from a leased office in Andheri, Mumbai, and leased offices in Gurgaon and California (RHP p.241).”

“Concept Communication has named Liqvd its preferred digital partner for the IPO advertising it manages, under a three-year agreement of August 28, 2025, on a cost-plus basis with billing routed through Concept Communication (RHP p.258).”

“The prospectus says Concept Communication has handled over 1,600 IPO communications (RHP p.231).”

“In FY26 employee costs were ₹2,324.07 lakh, 38.58% of revenue (RHP p.122), and cost of services, all media expenses, was ₹1,754.29 lakh (RHP p.323).”

“Source: (RHP p.224).”

“AdLift's search engine optimisation revenue is counted under retainer, which is why retainer rose in FY26 (RHP p.224).”

“Source: (RHP p.229) and (RHP p.230); the top-five figures are our arithmetic from the same tables.”

“Revenue depended on a few customers in FY24 and FY25, when the top ten gave 73.46% and 85.95% (RHP p.31).”

“In FY26, with AdLift consolidated, the top ten gave 52.12% (RHP p.31).”

“Concept Communication was the largest customer in all three years (RHP p.229).”

“Sales to related parties were 31.09%, 46.34% and 14.76% of revenue in FY24, FY25 and FY26 (RHP p.48).”

“Exports, mostly AdLift Inc's US business, were ₹1,967.99 lakh, 32.67% of FY26 revenue, against ₹2.63 lakh in FY25 (RHP p.234).”

“Maharashtra was 29.58% of FY26 revenue and 80.82% of FY25 revenue (RHP p.32).”

“Repeat customers gave 22.77% of FY26 consolidated revenue and 54.21% of the company's own FY26 revenue (RHP p.232).”

“Source: KPI table (RHP p.136), profit and loss (RHP p.72), cash flow (RHP p.73), balance sheet (RHP p.71), FY26 borrowings and net worth (RHP p.424).”

“FY26 net worth excludes the ₹219.62 lakh minority interest (RHP p.71).”

“Our arithmetic from the restated figures: revenue grew about 82.7% a year from FY24 to FY26, EBITDA about 71.9% and profit attributable to shareholders about 88.9%; EBITDA margin fell 242 basis points and PAT margin rose 278 basis points (RHP p.136).”

“The prospectus itself states the 82.66% revenue growth rate and says it is higher because of the consolidation (RHP p.221).”

“The years are not like-for-like: FY26 is consolidated after the April 3, 2025 acquisition of AdLift Marketing, FY24 and FY25 are standalone (RHP p.135).”

“FY24 RoE of 294.89% reflects a net worth of only ₹209.68 lakh after past losses (RHP p.71).”

“The prospectus also carries unaudited proforma figures, which it says should be given limited reliance (RHP p.48): combining the company with all of AdLift, revenue was ₹4,890.53 lakh in FY24 (RHP p.355), ₹6,226.03 lakh in FY25 (RHP p.353) and ₹6,236.97 lakh in FY26, with profit of ₹431.59 lakh, ₹821.75 lakh and ₹788.34 lakh (RHP p.351).”

“Revenue rose ₹4,218.45 lakh from FY24 to FY26 (RHP p.72).”

“Of FY26's ₹6,023.91 lakh, ₹3,803.28 lakh was AdLift's revenue and ₹2,433.70 lakh the company's own, less ₹213.07 lakh of sales between them (RHP p.418).”

“On its own, the company grew 37.75% in FY25, which it attributes to new customers adding ₹500.69 lakh and to media revenue rising from ₹686.89 lakh to ₹1,500.13 lakh on more IPO work from Concept Communication (RHP p.420).”

“In FY26 its own revenue fell 2.1%, our arithmetic (RHP p.418), which the company says was a deliberate shift to higher-margin project and production work (RHP p.418).”

“Its own profit before tax rose from ₹321.00 lakh to ₹599.13 lakh (RHP p.419).”

“AdLift's revenue rose 1.7% in FY26 and its profit fell from ₹596.93 lakh to ₹345.50 lakh, our arithmetic from its audited figures (RHP p.107).”

“It reports 54, 44 and 27 customers for the company alone in FY24, FY25 and FY26, and 117 for the group in FY26 (RHP p.232).”

“PAT against operating cash flow | ₹1,094.43 lakh of profit attributable to shareholders against ₹246.09 lakh of operating cash flow over FY24 to FY26, our arithmetic (RHP p.73)”

“Receivable days | 116, 119 and 179 on the company's own figures (RHP p.124); about 144 days of FY26 consolidated revenue at March 2026, our arithmetic (RHP p.71)”

“Inventory days | none; a service business (RHP p.238)”

“Payable days | 212, 106 and 141 (RHP p.124)”

“Working capital as % of revenue | ₹1,322.35 lakh at March 2026 on the company's own figures, 54.3% of its FY26 revenue, our arithmetic (RHP p.123)”

“Other income as % of PBT | 7.2%, 4.9% and 6.2%, our arithmetic (RHP p.72)”

“Expenses capitalised | none disclosed; goodwill on consolidation of ₹2,009.88 lakh, 34.8% of total assets, our arithmetic (RHP p.71)”

“Related-party share of revenue or purchases | 31.09%, 46.34% and 14.76% of revenue (RHP p.48)”

“Exceptional items | none (RHP p.72)”

“Auditor qualifications and emphases of matter | unqualified reports for all three years (RHP p.300)”

“Over three years the company reported ₹1,094.43 lakh of profit and ₹246.09 lakh of operating cash flow, our arithmetic (RHP p.73).”

“In FY26 receivables rose ₹609.04 lakh and other current assets ₹396.76 lakh (RHP p.73).”

“Unbilled revenue was ₹565.21 lakh at March 2026, against ₹226.50 lakh a year earlier (RHP p.322), including a ₹364.88 lakh influencer video project for a Hong Kong client completed in March and billed later (RHP p.125).”

“The company says 53% of its own FY26 revenue came in the fourth quarter (RHP p.125).”

“Of ₹2,390.96 lakh of gross receivables at March 2026, ₹569.33 lakh were more than a year past due and ₹50.64 lakh were disputed, our arithmetic from the ageing schedule (RHP p.337).”

“Receivables were 41.23% of total assets (RHP p.46).”

“At March 2026 borrowings were ₹979.30 lakh (RHP p.424): ₹411.80 lakh from State Bank of India as cash credit, ₹11.85 lakh of vehicle loan, and ₹555.65 lakh unsecured (RHP p.318).”

“The unsecured loans were ₹350.59 lakh from Concept Communication at 9%, ₹149.96 lakh from Keynote Fincorp Limited at 15%, and interest-free loans of ₹50.00 lakh from Prashant Puri and ₹5.10 lakh from Arnab Mitra (RHP p.336).”

“All unsecured loans are repayable on demand (RHP p.48).”

“Arnab Mitra has personally guaranteed the ₹415.00 lakh SBI facility (RHP p.259).”

“Cash was ₹263.45 lakh (RHP p.71).”

“There are no lease liabilities on the balance sheet; the offices are rented (RHP p.241).”

“Contingent liabilities were ₹30.38 lakh (income tax ₹0.15 lakh, GST ₹9.81 lakh, TDS ₹20.42 lakh) and capital commitments ₹36.04 lakh (RHP p.74).”

“Goodwill from the AdLift acquisition was ₹2,009.88 lakh and minority interest ₹219.62 lakh (RHP p.71).”

“Source: (RHP p.424) and (RHP p.71).”

“The right-hand column is our arithmetic: ₹3,413.88 lakh of gross fresh-issue proceeds added (RHP p.105), before issue expenses and before any of it is spent.”

“None of the named objects is debt repayment, though general corporate purposes may include it (RHP p.128).”

“Source: (RHP p.105); percentages are our arithmetic on ₹3,413.88 lakh.”

“AdLift Marketing: the company agreed on March 19, 2025, amended September 15, 2025, to acquire all of AdLift for ₹3,400 lakh in four tranches (RHP p.108).”

“It paid ₹1,200 lakh in cash and 1,50,000 shares at ₹200 for 51% (RHP p.108), ₹200 lakh in cash for 5.16%, and 9,41,177 shares at ₹85 for 20.63% (RHP p.108).”

“The last 23.21% is to cost ₹900.02 lakh from the issue in FY27 (RHP p.109).”

“The sellers are Prashant Puri, who holds 20.89% of AdLift and is a senior manager of the group, and Vivek Pahwa, who holds 2.32% (RHP p.107).”

“The prospectus names Prashant Puri as receiving part of the proceeds (RHP p.132).”

“Studios: two leased studios of about 3,500 square feet each in Mumbai and Gurgaon: ₹267.06 lakh of deposit and a year's rent, ₹245.98 lakh of fit-outs, ₹156.36 lakh of computers and camera equipment, and ₹389.12 lakh for a year of pay for 44 new staff, including ₹29.92 lakh of recruiter fees (RHP p.111) (RHP p.121).”

“Work is to start in October 2026 and operations in April 2027 (RHP p.111).”

“No premises have been leased and no equipment ordered (RHP p.122).”

“Working capital: ₹283.00 lakh in FY27 and ₹374.00 lakh in FY28 (RHP p.106).”

“The plan assumes receivable days of 170 and 149 against 179 in FY26 (RHP p.124).”

“The balance: ₹798.34 lakh remains for unidentified acquisitions, general corporate purposes and issue expenses, our arithmetic (RHP p.105).”

“Acquisitions and general corporate purposes together may not exceed 35% of the gross proceeds (RHP p.106).”

“Brickwork Ratings India Private Limited is the monitoring agency (RHP p.131).”

“> Into the business: ₹3,413.88 lakh, the fresh issue, before expenses (RHP p.105).”

“> To the selling shareholder: 9,02,000 shares, ₹487.08 lakh at the upper band, our arithmetic (RHP p.1).”

“Source: (RHP p.1) and (RHP p.98); the last column is our arithmetic.”

“Arnab Mitra's weighted average cost is ₹2.50 a share (RHP p.1).”

“Ashish Motilal Jalan and Concept Communication Limited withdrew their consent to offer shares for sale on August 17, 2026 (RHP p.69).”

“The promoters are Arnab Mitra, Ashish Motilal Jalan, Vivek Suchanti and Concept Communication Limited (RHP p.284).”

“They were identified as promoters by board and shareholder resolutions of September 2025 (RHP p.289).”

“Arnab Mitra, 44, has been a director since incorporation in 2013 and managing director since December 2020, and earlier worked at MPG and Starcom MediaVest (RHP p.263) (RHP p.264).”

“Ashish Motilal Jalan, 54, a chartered accountant, is a non-executive director and a director of Concept Communication and ten other companies (RHP p.261).”

“Vivek Suchanti, 58, is managing director and promoter of Concept Communication and holds no Liqvd shares (RHP p.285).”

“The prospectus lists Rita Suchanti as Vivek Suchanti's spouse (RHP p.289).”

“Concept Communication, incorporated in 1987, is an advertising and communications agency (RHP p.285).”

“Its promoter and promoter group hold 63.83% of it (RHP p.287).”

“Concept Communication is Liqvd's largest customer and a lender to it (RHP p.336).”

“Pay: Arnab Mitra was paid ₹78.26 lakh in FY24, ₹134.98 lakh in FY25 and ₹120.00 lakh in FY26 (RHP p.75).”

“The approved rate from August 2025 is ₹14.00 lakh a month, with increments of up to 30% (RHP p.265).”

“Rita Suchanti received professional fees of ₹24.00 lakh, ₹24.00 lakh and ₹18.00 lakh in FY24 to FY26 (RHP p.76).”

“Regulatory: Arnab Mitra was disqualified as a director from November 2016 to October 2021 because another company did not file its returns, and signed Liqvd's financial statements in that period; the company applied to compound the matter on January 8, 2026 and it is pending (RHP p.42).”

“No promoter shares are pledged (RHP p.101).”

“No promoter has faced SEBI or exchange action in the last five years (RHP p.433).”

“Promoter economics: Arnab Mitra built up the holding mostly at ₹10 a share (face value ₹10) from 2013 to 2024 (RHP p.99), and sold 1,10,000 shares at ₹40 to ₹200 (face value ₹10) between December 2024 and August 2025 (RHP p.99).”

“Concept Communication bought 3,00,000 shares at ₹200 (face value ₹10) in the March 2025 placement (RHP p.101).”

“March 3, 2025: 6,00,000 shares at ₹200 (face value ₹10) to 17 investors including Concept Communication, raising ₹1,200 lakh (RHP p.93).”

“March 25, 2025: 1,50,000 shares at ₹200 to Prashant Puri and Vivek Pahwa for AdLift shares (RHP p.95).”

“August 2025: split from ₹10 to ₹5 face value (RHP p.93).”

“September 15, 2025: one-for-one bonus of 75,00,000 shares, paid from securities premium (RHP p.93) (RHP p.318).”

“September 27, 2025: 9,41,177 shares at ₹85 to Prashant Puri and Vivek Pahwa for AdLift shares (RHP p.96).”

“Source: (RHP p.98); the after-issue column is our arithmetic on 2,22,63,177 shares at the upper band, with Arnab Mitra's 9,02,000 shares sold (RHP p.1) (RHP p.68).”

“There are 33 shareholders (RHP p.104).”

“Promoters hold 77.72% and, with Saket Motilal Jalan of the promoter group, 78.04% (RHP p.102).”

“After the issue the promoters would hold about 51.6%, our arithmetic (RHP p.68).”

“Prashant Puri, co-founder of AdLift, came in through the two share swaps at ₹200 and ₹85 (RHP p.95) and was paid ₹195.68 lakh by AdLift in FY26 (RHP p.281).”

“Maple Leaf Trading and Services Private Limited holds 1.57% (RHP p.98); the rest came in mostly through the March 2025 placement at ₹200 (face value ₹10) (RHP p.94).”

“All pre-issue shares of non-promoters are locked in for a year (RHP p.103).”

“December 2024 to August 2025: Arnab Mitra sold 1,10,000 shares (face value ₹10) to individuals at ₹40 and ₹200 (RHP p.99).”

“February 17, 2025: independent director Anasuya Chaudhuri Ghosh appointed (RHP p.262).”

“March 2025: ₹1,200 lakh raised by private placement at ₹200 (face value ₹10) (RHP p.93); share purchase agreement for AdLift signed March 19, 2025 (RHP p.108).”

“April 3, 2025: 51% of AdLift acquired (RHP p.108), and conversion to a public company certified (RHP p.253).”

“April 7, 2025: Monish Suresh Sanghavi and Sunil Jagdish Gangras made whole-time directors (RHP p.264).”

“August 26, 2025: JMMK & Co appointed statutory auditor for five years (RHP p.87); managing director's pay set at ₹14.00 lakh a month (RHP p.266).”

“August 28, 2025: preferred-partner agreement with Concept Communication (RHP p.258).”

“September 2025: split, bonus, and 20.63% more of AdLift for shares at ₹85 (RHP p.93) (RHP p.108); chief financial officer appointed September 12, 2025 (RHP p.282).”

“FY26: revenue per the consolidated accounts rose to ₹6,023.91 lakh, of which about 60% is AdLift (RHP p.136).”

“August 17, 2026: two of the three intended sellers withdrew from the offer for sale (RHP p.69).”

“September 10, 2026: show cause notice from the Profession Tax Officer for interest on late payments of ₹22.88 lakh, with a hearing on September 30, 2026 (RHP p.430).”

“The company is a service business with no plant and machinery; it has a small green-screen studio in its Mumbai office (RHP p.238).”

“Source: employees (RHP p.122), devices (RHP p.118), studios (RHP p.111) (RHP p.121).”

“The studio locations are not final (RHP p.41).”

“The object table puts studio operations from April 2027 (RHP p.111), while the rent table shows expected possession of both premises in October 2027 (RHP p.113); the prospectus does not reconcile the two.”

“Employee attrition was 44.24% in FY26 (RHP p.44).”

“As claimed: the industry chapter draws on a report by Ken Research Private Limited, issued in August 2025 and updated in June 2026, which the company commissioned and paid for (RHP p.56).”

“According to that paid report, India's advertising spend was INR 122.1 thousand crore in FY26, of which digital advertising was INR 72.1 thousand crore (RHP p.167).”

“The same paid report puts IPO companies' advertising spend at INR 27.9 crore in CY19 and a projected INR 299.0 crore in CY25 (RHP p.420).”

“The part that is addressable: digital advertising, content and search marketing for brands in India and, through AdLift Inc, the United States (RHP p.235).”

“What the company is today: FY26 revenue of ₹6,023.91 lakh (RHP p.72), about 0.08% of the paid report's FY26 digital advertising figure, our arithmetic (RHP p.167).”

“Structure: the paid report describes the market as diverse and fragmented, with over 500 agencies from multinational groups to boutiques (RHP p.238), and names Ogilvy, Dentsu and Havas Media among the large players (RHP p.203).”

“The company says barriers to entry are low because many tools are free or low-cost (RHP p.42).”

“Regulation includes the ASCI code, consumer protection and data protection laws (RHP p.51).”

“Source: FY26 figures as printed in the prospectus (RHP p.137) (RHP p.138); revenue converted to ₹ crore, our arithmetic.”

“The "where it overlaps" column is our reading of the paid report's descriptions (RHP p.203).”

“The company's stated reasons clients use it are a full range of services from media to content to search, the promoters' experience, a client base across industries, and in-house software called iManage and AdLift's Tesseract, which tracks brands' visibility in AI search tools (RHP p.231) (RHP p.233).”

“A large source of clients is Concept Communication, from which the company says it sources a significant portion of its clients (RHP p.237).”

“It has applied for six trademarks, none yet registered, including its logo (RHP p.43).”

“Only retainer clients sign contracts of one to three years (RHP p.45).”

“> Peers named in the offer document: R K Swamy Limited, Vertoz Limited, AdCounty Media India Limited and Yaap Digital Limited (RHP p.134).”

“All four are larger than the company: FY26 revenue of ₹8,610.90 lakh to ₹34,075.43 lakh against ₹6,023.91 lakh (RHP p.137).”

“R K Swamy's revenue is about 5.7 times the company's and Vertoz's about 4.8 times, our arithmetic (RHP p.137).”

“The prospectus itself says the peers may not be comparable in size and product split (RHP p.135).”

“On August 17, 2026 the four traded at 22.37, 11.75, 8.08 and 11.40 times FY26 diluted EPS, an average of 13.40 (RHP p.134) (RHP p.135).”

“At the upper band of ₹54, the fresh issue of ₹3,413.88 lakh comes to 63,22,000 new shares, our arithmetic: ₹3,413.88 lakh divided by ₹54 comes out exact, and the prospectus states no rounding method (RHP p.105).”

“Added to 1,59,41,177 existing shares (RHP p.68):”

“Source: our arithmetic on shares (RHP p.68), profit (RHP p.72), EPS (RHP p.133), EBITDA (RHP p.136) and book value (RHP p.134).”

“Enterprise value takes the 1,59,41,177 existing shares at ₹54, ₹8,608.24 lakh, adds borrowings of ₹979.30 lakh (RHP p.424) and minority interest of ₹219.62 lakh, and deducts cash of ₹263.45 lakh (RHP p.71).”

“The P/E uses the ₹679.31 lakh of FY26 profit attributable to shareholders; on the ₹802.60 lakh before minority interest it is 15.0 times (RHP p.72).”

“At the lower band of ₹51, 66,93,882 new shares (rounded down) give a market capitalisation of ₹11,543.88 lakh and a P/E of 17.0 times, our arithmetic (RHP p.105).”

“With the gross proceeds added, book value would be about ₹6,832.54 lakh and the market capitalisation at ₹54 about 1.8 times that (RHP p.424).”

“On the weighted average EPS of ₹3.18 the prospectus prints, ₹54 is 17.0 times (RHP p.133).”

“The upper band is 0.64 times the ₹85 at which shares were issued for AdLift in September 2025 (RHP p.139), and 1.08 times the March 2025 placement price of ₹200 once adjusted for the split and bonus, ₹50, our arithmetic (RHP p.93).”

“At individual investors' minimum of two lots, 4,000 shares cost ₹2,16,000 at the upper band (RHP p.465).”

“The four named peers traded at 8.08 to 22.37 times FY26 diluted EPS on August 17, 2026, a median of 11.6 times, our arithmetic (RHP p.135).”

“At the upper band the issue is priced at 17.7 times FY26 profit on the enlarged share count, 53% above that median, and at 12.3 times FY26 EPS as the prospectus computes it, 6% above it, our arithmetic (RHP p.134).”

“Customers: Concept Communication, a promoter, is the largest customer, and work for its IPO clients is routed through it (RHP p.258) → if its IPO business slows, so does the company's media revenue, as the FY25 rise and FY26 fall show → it was 44.12% of FY25 revenue and 12.62% of FY26 revenue (RHP p.30).”

“Acquisition: the company's growth is now mostly AdLift → AdLift's results decide the group's → AdLift's profit fell from ₹596.93 lakh to ₹345.50 lakh in FY26 (RHP p.107), goodwill of ₹2,009.88 lakh sits on the balance sheet (RHP p.71), and the last 23.21% depends on the issue proceeds and conditions in the agreement (RHP p.35).”

“Working capital: clients pay late and year-end billing is heavy → profit is booked before cash arrives → operating cash flow was ₹151.65 lakh on ₹802.60 lakh of FY26 profit (RHP p.73), and ₹569.33 lakh of receivables were over a year past due, our arithmetic (RHP p.337).”

“Compliance record: GST, TDS, provident fund and professional tax were paid late in each year → interest, penalties and notices follow → delayed payments totalled ₹1,073.94 lakh, some professional tax by up to 2,712 days, and ₹68.40 lakh of GST and ₹6.72 lakh of TDS were more than six months overdue at March 2026 (RHP p.33) (RHP p.34).”

“Debt: all unsecured loans, ₹612.98 lakh at July 31, 2026 for the company, are repayable on demand (RHP p.425) → a lender can recall them at once → the company once breached an SBI covenant by not routing sales through its cash credit account (RHP p.52).”

“People: the business is its staff → attrition raises cost and disrupts clients → attrition was 44.24% in FY26, which the company says is above the industry's 30% to 35% (RHP p.44).”

“Controls: the company has no formal information security framework or disaster recovery system (RHP p.49) and no insurance other than employee group cover (RHP p.53); the managing director signed accounts while disqualified (RHP p.42).”

“Issue-specific: the objects are not appraised by any bank (RHP p.55); studio sites, leases and equipment orders are not settled (RHP p.122); up to 35% of the gross proceeds may go to unidentified acquisitions and general corporate purposes (RHP p.106).”

“Criminal complaints by Mahima Sikiri and Tarun Joshi, Gurugram | Company | not quantified | summons not received (RHP p.430)”

“Profession tax show cause notice, interest on late payment | Company | ₹22.88 lakh | hearing September 30, 2026 (RHP p.430)”

“GST notice FY23, excess input credit | Company | ₹5.67 lakh plus ₹4.14 lakh interest and penalty | reply being filed (RHP p.434)”

“Tax proceedings, 9 direct and 4 indirect | Company | ₹28.36 lakh in all | pending (RHP p.434)”

“Tax proceedings, 6 direct | Subsidiaries | ₹2.98 lakh | pending (RHP p.434)”

“Criminal, against promoters: two complaints before magistrates in West Bengal against Digiboxx Technologies and its directors, including Arnab Mitra, Ashish Motilal Jalan and Vivek Suchanti, over a former employee's dues of ₹2.15 lakh; the Calcutta High Court stayed the first on August 1, 2026, and in the second no summons has been received (RHP p.433).”

“An Income Tax Department complaint of 2018 against Concept Communication and Vivek Suchanti over alleged bogus expenses; the tribunal set aside the additions and a discharge application is pending (RHP p.436).”

“Tax, promoters: 11 direct tax proceedings against promoters, stated at ₹2,474.07 lakh (RHP p.434).”

“Five are the Income Tax Department's appeals in the Bombay High Court against tribunal orders that largely deleted additions to Concept Communication's income for assessment years 2007-08 to 2011-12 (RHP p.435).”

“Filed by the group: a revision application by the director of a company Liqvd prosecuted over a bounced cheque (RHP p.430); cheque cases by Arnab Mitra, for ₹13.74 lakh, and by Concept Communication (RHP p.432); and Concept Communication's case against BSNL over bank guarantees of ₹22 lakh and ₹25 lakh (RHP p.432).”

“A senior manager, Sushil Sudam Rasal, faces a cheque-bounce case from a previous employer (RHP p.434).”

“Source: (RHP p.75) and (RHP p.76); rows combining parties are our arithmetic.”

“The FY24 and FY25 pay figures are Sunil Gangras alone; Monish Sanghavi was paid through VMS Ventures, a proprietorship, as professional fees of ₹33.33 lakh and ₹40.00 lakh in those years (RHP p.75).”

“Concept Communication's loan to the company stood at ₹350.59 lakh at March 2026, down from ₹511.28 lakh in March 2024 (RHP p.77).”

“At March 2026 related parties owed the company ₹284.88 lakh of trade receivables (RHP p.321), including ₹203.52 lakh from Digiboxx and ₹50.04 lakh from Sparkz Digital, whose balance has not moved since March 2025 (RHP p.77).”

“The prospectus lists Aloke Mitra and Mamata Mitra as Arnab Mitra's father and mother (RHP p.289).”

“What appeared or disappeared: Concept Communication was the holding company until February 13, 2024 (RHP p.326); Keynote Fincorp's loan, ₹514.72 lakh taken in FY24, was reclassified from related party after February 26, 2024 (RHP p.336); Arnab Mitra's borrowing from the company, ₹35.30 lakh and ₹30.10 lakh in FY24 and FY25, ended, and in FY26 Arnab Mitra lent ₹41.18 lakh to the company (RHP p.76); sales to Puzzle Media, ₹109.00 lakh, began in FY26 (RHP p.75).”

“Growth | EBITDA margin FY24 → FY26 | 21.1% → 18.7% | (RHP p.136)”

“Issue | Fresh issue | ₹34.1 cr | (RHP p.1)”

“Concentration | Largest customer | 12.6% of FY26 revenue | (RHP p.229)”

“Concentration | Top ten customers | 52.1% of FY26 revenue | (RHP p.31)”

“Concentration | Top ten suppliers | 62.9% of FY26 cost of services | (RHP p.35)”

“Balance sheet | ROCE FY26 | 44.1% | (RHP p.136)”

“Balance sheet | Debt to equity FY26 | 0.3× | (RHP p.136)”

“Worth reading | Operating cash flow FY26 | ₹1.5 cr | (RHP p.73)”

“Worth reading | Related-party sales FY26 | ₹8.9 cr | (RHP p.48)”

“Worth reading | Contingent liabilities | ₹0.3 cr | (RHP p.74)”

“Worth reading | Cases against promoters | 2 criminal complaints, 11 tax proceedings | (RHP p.41)”

“Worth reading | Working-capital days FY26 | 74 | (RHP p.124)”

“Worth reading | Goodwill, March 2026 | ₹20.1 cr | (RHP p.71)”

“Worth reading | Employee attrition FY26 | 44.2% | (RHP p.44)”

“Before the IPO | Revenue FY24 → FY26 | ₹18.1 cr → ₹60.2 cr | (RHP p.72)”

“Before the IPO | PAT FY24 → FY26 | ₹1.9 cr → ₹6.8 cr | (RHP p.72)”

“Before the IPO | Receivable days FY24 → FY26 | 116 → 179 | (RHP p.124)”

“Before the IPO | Promoter remuneration FY24 → FY26 | ₹0.8 cr → ₹1.2 cr | (RHP p.75)”

“Before the IPO | Bonus issue | 1:1, September 2025 | (RHP p.93)”

“Before the IPO | Share split | ₹10 to ₹5, August 2025 | (RHP p.93)”

“Before the IPO | Pre-IPO placement | ₹200 a share (face value ₹10), March 2025 | (RHP p.93)”

“Before the IPO | Last allotment before the IPO | ₹85 a share, September 2025 | (RHP p.93)”

“Before the IPO | Auditor change | JMMK & Co appointed, August 2025 | (RHP p.87)”

“Before the IPO | Converted to a public company | April 2025 | (RHP p.253)”

“Who is involved | Industry | Media and entertainment | (RHP p.220)”

“Who is involved | Promoter | Arnab Mitra | (RHP p.284)”

“Who is involved | Promoter | Ashish Motilal Jalan | (RHP p.284)”

“Who is involved | Promoter | Vivek Suchanti | (RHP p.284)”

“Who is involved | Promoter | Concept Communication Limited | (RHP p.284)”

“Who is involved | Selling shareholder | Arnab Mitra (promoter), 9,02,000 shares | (RHP p.1)”

“Who is involved | Pre-IPO investor | Maple Leaf Trading and Services Private Limited, 1.57% before the issue | (RHP p.98)”