India’s first PR firm to test public market to raise Rs 39.60 cr via the NSE SME platform
Value 360 Communications Ltd., a New Delhi-headquartered public relations and integrated digital communications company, opens for subscription on May 4 with the issue closing on May 6. The company is listing on the NSE SME Emerge platform, marking a notable first — it is India’s first public relations firm to test the public capital markets.
What the Company Does
Founded in 2003 by Kunal Kishore, Manisha Chaudhary, and Gaurav Patra, Value 360 has grown from a six-member team into one of India’s larger independent PR and communications firms, employing over 220 professionals across seven offices in India and Singapore.
Its services span digital PR, investor relations, reputation management, crisis communication, influencer marketing, digital advertising, and integrated campaign execution. Clients include MG Motor, Paytm, Kia, AB InBev, Angel One, and CashKaro. Revenue is predominantly from PR services, which accounted for 86.53% in the 10M ended January 31, 2026.
The company also holds an 11.50% equity stake in Irida Interactive (ClanConnect), acquired by converting a loan, with plans to expand this ownership using IPO proceeds. The asset-light model — a mix of retainer-based and project-based revenues — provides both recurring income and flexibility.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | May 4, 2026 |
| Issue Closes | May 6, 2026 |
| Listing | NSE SME Emerge (May 11, 2026) |
| Price Band | Rs 95 – Rs 98 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 39.60 crore |
| Fresh Issue | Rs 35.43 crore |
| OFS | Rs 4.16 crore |
| Lot Size | 1,200 shares (min 2 lots = 2,400 shares) |
| Min. Retail Investment | Rs 2,35,200 |
| BRLM | Horizon Management Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
Net fresh proceeds will fund working capital requirements and general corporate purposes, with a portion earmarked for expanding the ClanConnect stake.
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 | 10M FY26 |
|---|---|---|---|---|
| Total Income | ~51 | ~51 | ~55 | — |
| Net Profit | — | — | ~5.79 | 7.62 |
| PAT Margin | 2.37% | 8.12% | 10.58% | 13.83% |
Revenue has remained range-bound in the Rs 51–55 crore range for three consecutive years — a notable stagnation in the top line — while the bottom line has improved sharply, with PAT margins expanding from 2.37% in FY23 to 13.83% in 10M FY26. The divergence between flat revenue and rising profits reflects improving operating leverage and cost management, though it also invites scrutiny about the sustainability of the margin trajectory. A significant concern is that cash flow from operations dropped sharply in 10M FY26 to Rs 1.35 crore against a PAT of Rs 7.62 crore, driven by a large increase in trade receivables.
Views
Independent analysts note that while the company has made meaningful strides in scaling its margins, the top line stagnation over three years is a structural concern for a PR services business that depends on client additions for sustained growth. The sharp improvement in the bottom line from FY24 onwards, coinciding with the pre-IPO period, naturally raises questions. As per analysts, the issue appears aggressively priced based on recent financial data.