Century Business Media Ltd. IPO

Century Business Media

• Century Business Media is coming out with an initial public offering (IPO) of 23,12,000 shares in a price band of Rs 70-74 per equity share.
• The issue will open for subscription on September 11, 2026 and will close on September 16 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 7.00 times of its face value on the lower side and 7.40 times on the higher side.
• Book running lead manager to the issue is HEM Securities.
• Compliance officer for the issue is Shashank Poddar.

Profile of the company

Century Business Media provides advertising services with a primary focus on Out-of-Home (OOH) media formats, including both digital and non-digital solutions. It operates primarily in the Airport Out-of-Home (AOOH) and Railway Out-of-Home (ROOH) segments by offering advertising spaces within and outside airport terminal buildings and through digital and static hoardings across railway stations and railway land. It has recently commenced Metro Out-of-Home (MOOH) advertising, including advertisements on Platform Screen Doors (PSDs), and have also started offering in-shop branding services. Additionally, it provides a variety of traditional city media formats, including hoardings, billboards, unipole, multipoles, pole kiosks, wall wraps, wall paintings, lollipops, gantries, in-shop branding, and other related media assets.

The company has an operational presence across Bihar, Jharkhand, West Bengal, and the North Eastern states such as Tripura, Arunachal Pradesh, Assam, Nagaland, managing outdoor media assets and executing advertising campaigns. Beyond these regions, it provides OOH advertising services across India through a mix of exclusive and non-exclusive media rights, catering to a client base in multiple states and industry sectors. It holds exclusive advertising rights at the airports in Patna, Ranchi, Deoghar, Darbhanga, and Jorhat, and non-exclusive rights at Dimapur and Lilabari airports. Additionally, it has marketing rights at Gaya, Agartala, and Silchar airports. In the railway segment, it holds exclusive advertising rights outside station campuses under the East Central Railway (ECR) zone, covering the divisions of Danapur, Dhanbad, Mughalsarai, Samastipur, and Sonepur, encompassing a total of 714 railway stations. In the metro segment, it holds Platform Screen Door (PSD) advertising rights at Howrah and Esplanade metro stations. Further, for specific client campaigns, it also procures temporary advertising assets from third-party hoarding owners based on campaign requirements.

The company operates a store-cum-workshop facility located at Patna, Bihar, where inventory including advertising material and equipment are stored and prepared. The company follows internal procedures intended to ensure quality control, timely delivery, and cost management. It aims to align its media offerings with client requirements in the area of communication and brand visibility.

Proceed is being used for:

• Funding capital expenditure towards purchase of media assets
• Payment of Security deposit for advertising rights at Patna Airport 
• Repayment of certain borrowing availed by the company
• Meeting working capital requirements
• General corporate purposes

Industry overview

The Indian Media and Entertainment (M&E) industry is a sunrise sector for the economy and is making significant strides. The increasing availability of fast and cheap internet, rising incomes, and increasing purchases of consumer durables have significantly aided the industry. India’s media and entertainment industry are unique as compared to other markets. The industry is well known for its extremely high volumes and rising Average Revenue Per User (ARPU). This significantly aided the country’s industry and made India leading in terms of digital adoption and provided companies with uninterrupted rich data to understand their customers better. India has also experienced growing opportunities in the VFX sector as the focus shifted globally to India as a preferred content creator. As of 2025, India has 2–2.5 million active digital creators influencing over Rs 29,60,300 crore ($350 billion) in annual consumer spending, which is projected to exceed Rs 84,58,000 crore ($1 trillion) by 2030.

The Indian advertising market was expected to grow 11.8% to reach $14.75 billion (Rs 1,22,155 crore) in 2024, primarily driven by digital media, which is poised to grow faster at almost 16% to reach $6.98 billion (Rs 57,757 crore). Despite this, traditional media, including TV, print, radio, and outdoor, is expected to grow 8.4% to $7.78 billion (Rs 64,398 crore) and maintain a 53% share of the total ad spend, with digital media taking up the remaining 47%. The Magna Global Advertising Forecast 2024 report notes that India's traditional media market share is twice that of the global (29%) and APAC (24%) size, and digital's share of total ad spends could reach 50% by 2026.

India, the fastest-growing ad market globally, was projected to move into the top 10 markets in 2025 and is expected to be in the 11th spot in 2024, behind South Korea. Magna estimates the Indian ad market to grow at a CAGR of 10% to reach $20.53 billion (Rs. 1,70,000 crore) by 2028. The report cites the good performance of listed companies, double-digit growth in the FMCG sector, and the auto industry's expected boost in marketing activities as driving factors. Additionally, a normal monsoon and increased government spending are expected to boost rural demand, prompting corporates to increase their ad spending. While digital continues to grow rapidly, traditional media, particularly TV and print, are also expected to see strong growth, with TV ad revenues projected to grow by 8.7% to reach an estimated $4.75 billion (Rs 39,333 crore) and print media growing at 6.1% to $2.27 billion (Rs 18,771 crore).

Pros and strengths

Diversified revenue from clients at multiple locations and geographies in India: The company serves clients of Bihar, Delhi, Jharkhand, West Bengal, Maharashtra, Uttar Pradesh, Karnataka and other states. While its operations are concentrated in eastern and some north-eastern India, it also undertakes assignments in other parts of the country through direct rights and third-party arrangements. The company’s ability to offer multiple OOH formats enables it to address market-specific demands.

Access to strategic advertising rights across multiple media assets: It holds exclusive advertising rights at five airports -- Patna, Ranchi, Deoghar, Darbhanga, and Jorhat -- and non-exclusive advertising rights at Dimapur and Lilabari airports. Additionally, it has marketing rights at Gaya, Agartala, and Silchar airports. In the Railway OOH segment, it has exclusive advertising rights outside station campuses under the Eastern Central Railway zone, covering five divisions -- Danapur, Dhanbad, Mughalsarai, Samastipur, and Sonepur encompassing 714 railway stations. In the Metro OOH segment, it has advertising rights on PSDs at Howrah and Esplanade metro stations.

Focus on customer satisfaction and execution capabilities: The company places emphasis on meeting client-specific advertising requirements through effective media planning, timely execution, and creative support. Its services include assisting clients in identifying appropriate advertising locations aligned with their budgets and regional priorities, developing artwork through in-house or third-party resources, and coordinating the display of advertisements. Its ability to deliver advertising campaigns as per client expectations has supported client satisfaction and contributed to long-term relationships.

Risks and concerns

Dependence on third-party media sites: A portion of the company’s OOH advertising business, particularly in city-based formats, is dependent on its ability to procure appropriate media sites such as hoardings, billboards, unipole, pole kiosks, gantries, wall wraps, and other display formats. These sites are typically sourced from third-party media owners, municipal bodies, or other private lessors, through lease arrangements or rental contracts. The availability of such sites in high-traffic or strategically relevant locations is critical to meeting client expectations and campaign specifications. There can be no assurance that such sites will be consistently available in the desired locations, at commercially viable terms, or within required timelines. In certain cases, local authorities may impose restrictions, deny renewal of existing sites, or initiate demolition drives in specific zones, thereby reducing the total inventory of usable OOH media sites. Additionally, fluctuations in site rentals due to increased demand, limited supply, or changes in municipal guidelines may impact its cost structure and margins.

Revenue dependence on key advertising contracts: A significant portion of its revenue is derived from a limited number of high-value advertising rights and concession contracts at key airports and railway zones, including those awarded by the Airports Authority of India (AAI) and Indian Railways (through IRCTC and other zonal authorities). These contracts are predominantly medium- to long-term in nature, typically ranging between 3 to 10 years, depending on the issuing authority. Over the past three financial years, such contracts have been consistently renewed upon expiry, subject to satisfactory performance and compliance with applicable terms. There is no assurance, however, that these contracts will continue to be renewed in its favour upon expiry, or that any renewals will occur on terms comparable to those currently in force.

High working capital requirements: The company’s business requires a significant amount of working capital, with a major portion deployed towards trade receivables and inventories. Its trade receivables, as per the Restated Standalone Financial Statements, as at March 31, 2026, March 31, 2025 and March 31, 2024 were Rs 1415.80 lakh, Rs 1071.35 lakh and Rs 877.06 lakh, respectively, while its inventories March 31, 2026, March 31, 2025 and March 31, 2024 were Rs 0.51 lakh, Rs 0.56 lakh and Rs 0.64 lakh, respectively. The results of its operations are dependent on its ability to effectively manage trade receivables and inventory. Any delays in receivables or inability to secure adequate financing could adversely affect its liquidity and operations.

Outlook

Century Business Media primarily operates across the Airport Out-of-Home (AOOH) and Railway Out-of-Home (ROOH) segments, providing advertising spaces within and outside airport terminal buildings and through digital and static hoardings across railway stations and railway land. The company has established presence across multiple OOH advertising formats. It has strong execution capabilities and focusses on customer satisfaction. On the concern side, the company’s business is significantly dependent on concession, licensing, and marketing agreements granted by government and quasi-government authorities, and failure to renew or retain such rights could materially and adversely affect its revenues and market position. Moreover, the company is required to provide substantial security deposits under its concession agreements, the forfeiture or invocation of which could materially affect its liquidity.

The company is coming out with a maiden IPO of 23,12,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 70-74 per equity share. The aggregate size of the offer is around Rs 16.18 crore to Rs 17.11 crore based on lower and upper price band respectively. On performance front, total income for the financial year 2025-26 stood at Rs 4675.64 lakh whereas in financial year 2024-25 the same stood at Rs 3691.28 lakh representing an increase of 26.67%. The main reason of increase was due to increase in the revenue from operations and other income of the company. Moreover, the company has reported 18.09% rise in net profit at Rs 555.56 lakh in FY26 as compared to Rs 470.47 crore in FY25.

Meanwhile, the company intends to expand its operational coverage to cater to the requirements of a diverse client base. To support this, it may selectively acquire advertising assets from smaller asset holders, which is expected to enable it to consolidate fragmented media inventory and improve operational efficiency. In addition, it plans to expand into relatively untapped regions, including parts of the north-eastern states, to increase its market presence. Such regional expansion will enable the company to serve a wider customer base, subject to demand conditions and operational feasibility.

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