Adcounty Media India Limited, a technology-enabled BrandTech company, is poised to debut on the BSE SME exchange after concluding its highly oversubscribed IPO. The ₹50.68 crore book-built issue, which was open from June 27 to July 01, 2025, has captured the attention of both retail and institutional investors, closing with a robust 251.70 times subscription on the final day.

The IPO consisted entirely of a fresh issue of 59.63 lakh shares. The price band was fixed between ₹80 to ₹85 per equity share, and the market capitalization at the upper end of the price band is estimated at ₹191.26 crore.

The minimum investment for retail investors was set at ₹1,36,000 (1,600 shares), while HNIs had to apply for a minimum of 2 lots (3,200 shares), amounting to ₹2,72,000.

The book running lead manager for the IPO was Narnolia Financial Services Limited, while Skyline Financial Services Private Limited acted as the registrar. Prabhat Financial Services Limited is appointed as the market maker for the IPO.

Grey Market Premium (GMP) Insights:

The Grey Market Premium (GMP) for Adcounty Media India stood at ₹19 as of June 24, 2025, suggesting an expected listing price of ₹104, translating to a 22.22% listing gain. While GMP gives an informal indication of demand, it must be viewed cautiously as it's part of an unregulated market.

IPO Allotment and Listing Schedule:

• Allotment Date: July 2, 2025

• Listing Date: July 4, 2025

• Exchange: BSE SME

Investors can check their allotment status by visiting the registrar’s website and submitting their application number, PAN, or DP ID.

Anchor Investor Participation:

Adcounty Media India garnered ₹14.33 crore from Anchor Investors by allocating 16,86,400 shares at ₹85 per share. The shares allocated to anchor investors are a part of the Qualified Institutional Buyers (QIBs) quota. The strong participation by anchor investors added credibility and attracted further bids during the public offering.

Company Overview:

Adcounty Media India is a fast-growing BrandTech company that offers end-to-end branding and performance marketing solutions to clients across industries. The firm uses cutting-edge technologies to design campaigns with a customer-first approach. Their expertise spans digital advertising, branding, customer acquisition, and performance optimisation.

The company is promoted by a seasoned team:

• Mr. Chandan Garg (MD): 15 years in IT and software development

• Mr. Aditya Jangid (MD): 21 years in sales, finance, and business development

• Mr. Abbhinav Rajendra Jain (Whole Time Director): 20 years in operations

• Mr. Delphin Varghese (Whole Time Director): 18 years in media planning

• Ms. Vartika Dangayach (Non-Executive Director): 12 years in organisational development

Their combined experience forms a robust foundation for the company's strategic growth.

Financial Performance Overview:

The company’s financial performance reflects steady and strong growth:

• Revenue from operations:

  • FY2023: ₹5,364.02 lakh

  • FY2024: ₹4,324.28 lakh

  • FY2025: ₹6,958.04 lakh

• EBITDA:

  • FY2023: ₹1,047.94 lakh

  • FY2024: ₹1,138.49 lakh

  • FY2025: ₹1,893.69 lakh

• Profit After Tax (PAT):

  • FY2023: ₹763.50 lakh

  • FY2024: ₹828.23 lakh

  • FY2025: ₹1,375.01 lakh

Valuation & Key Metrics:

• Pre-issue EPS (FY24): ₹8.37

• Post-issue EPS (FY24): ₹6.11

• Pre-issue P/E Ratio: 10.15x

• Post-issue P/E Ratio: 13.91x

• Industry P/E Ratio: 25.00x

• ROCE (FY24): 47.27%

• ROE (FY24): 47.28%

• RoNW (FY24): 47.28%

These financial ratios highlight exceptional capital efficiency and profitability, suggesting the IPO is fairly valued despite its SME status.

Use of IPO Proceeds:

The company intends to utilize the net proceeds of the IPO towards:

1. ₹14 crore – For capital expenditure requirements

2. ₹25 crore – For working capital needs

3. Funding unidentified acquisitions and for general corporate purposes

IPO Review & Investment Outlook:

Adcounty Media India has showcased impressive financial growth, a strong leadership team, and a robust business model tailored for the digital economy. With GMP indicating 22.22% listing gain, the stock is anticipated to debut positively on the BSE SME platform.

Despite being a small-cap IPO, the company has:

• A consistent profit track record

• High return ratios (ROCE & ROE)

• Reasonable valuation versus industry peers

Investment Recommendation:

We recommend high-risk investors to consider applying for listing gains, given the GMP, financial strength, and market sentiment. Long-term investors may evaluate post-listing performance before committing further capital.

Disclaimer: The information provided in this IPO review is for informational and educational purposes only. It does not constitute investment advice. Investors are advised to consult SEBI-registered financial advisors before making investment decisions. Investments in securities markets are subject to market risks. Read all IPO-related documents carefully before applying.

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