Liqvd Digital IPO

Easy to miss in the prospectus

• FY26 is consolidated and FY25 and FY24 are standalone. The 82.66% revenue CAGR quoted in the business section is therefore an accounting artefact, and the RHP says so in its own footnote. Every year-on-year comparison in this record, including the margin series, carries that break.
• Two profit figures circulate and they differ by ₹1.23 Cr. The KPI table's 'Profit After Tax' of ₹8.03 Cr - and the 13.32% PAT margin built on it - is before minority interest. The restated profit and loss account's bottom line, after the 23.21% of AdLift the company does not own, is ₹6.79 Cr, and that is the figure behind the ₹4.39 EPS and the 25.36% return on net worth. The financials table here carries ₹6.79 Cr.
• The prospectus contradicts itself on the offer structure. The cover page describes an offer with not more than 50% of the net offer to QIBs and not less than 15% to non-institutional bidders; the Offer Procedure chapter on page 474 describes not more than 30% to QIBs and not less than 35% to non-institutional bidders. The allocation split is left blank in this record for that reason, and because the category sizes the published subscription figures are measured against - 21,62,000 QIB plus 14,64,000 NII plus 39,68,000 individual, or 75,94,000 shares - exceed the entire 72,24,000-share offer, so the 5.08× headline rests on a base larger than the issue.
• The 294.89% return on net worth reported for FY24 is calculated on an average net worth of ₹0.65 Cr, because reserves were negative ₹0.90 Cr at the start of that year. It is arithmetic on a near-zero equity base, and it is what carries the 68.80% three-year weighted average RoNW in the Basis for Offer Price.
• The designated market maker, Shreni Shares Limited, is the subject of an ongoing SEBI investigation following an ex-parte interim order dated 9 July 2026. The RHP records that no restriction was placed on its market-making for this offer, but an SME counter's two-way quotes depend on that one firm.
• Only two customers are named anywhere in the prospectus - Concept Communication Limited and Digiboxx - because the others withheld consent. The top 10 fell to 52.12% of revenue in FY26 from 85.95% in FY25, but that fall is the AdLift consolidation rather than genuine diversification.
• Repeat business collapsed to 22.77% of revenue in FY26 from 91.73% in FY25. The RHP's own footnote says the whole of AdLift's contribution is classified as new clientele, and that Liqvd's standalone repeat business was 54.21% - still well below the prior two years.
• FY26 is the first year with meaningful foreign exposure. Revenue earned outside India was 32.67% of the total through AdLift Inc, against effectively none in FY25, and Maharashtra fell from 80.82% of revenue to 29.58%.
• The ₹4.39 EPS and the ₹21.45 NAV are restated for a sub-division of the face value from ₹10 to ₹5 and a 1:1 bonus, both carried out during FY26. Pre-restatement per-share figures from earlier years are not comparable.
• The largest object of the offer, ₹10.59 Cr for a Full Scale Video Content Production Hub in Mumbai and Gurgaon, funds something that does not exist yet. The RHP states that equipment orders of ₹156.36 lakhs are still to be placed, that there are no definitive agreements, and that costs rest on third-party quotations valid only for a limited period.