Aarish Outdoors IPO

About Aarish Outdoors IPO

The public issue of Aarish Outdoors Limited, an NSE SME IPO, opens on TBA and closes on TBA. The basis of allotment is expected to be finalised on TBA. Shares will be credited to the demat accounts of eligible investors on TBA, while refunds, if any, will be initiated on TBA. The shares are scheduled to be listed on the NSE SME platform on TBA.

The IPO comprises a fresh issue and an offer for sale. The fresh issue consists of up to 38,57,600 equity shares, aggregating up to ₹TBA crore, while the offer for sale comprises up to 8,80,000 equity shares, aggregating up to ₹TBA crore. Together, these take the total issue to 47,37,600 equity shares.

The price band has been fixed at ₹TBA to ₹TBA per share, with a lot size of TBA shares. At the upper end of the band, the minimum investment for a retail investor works out to ₹TBA (TBA shares), while the minimum application for HNI investors is ₹TBA.

Aarish Outdoors Limited is an out-of-home (OOH) advertising company headquartered in Ahmedabad, Gujarat. It provides premium outdoor advertising solutions through strategically located media assets. The company offers end-to-end OOH advertising services, including media planning, campaign execution, creative support, installation and maintenance of advertising displays, primarily across Ahmedabad, Gandhinagar and nearby regions.

Objectives Of Aarish Outdoors IPO

• Capital expenditure towards the installation of hoardings.
  
• Funding the working capital requirements of the company.
  
• General corporate purposes.
  

Industry Outlook

India's advertising industry is witnessing strong growth, driven by rapid digitalisation, evolving consumer behaviour and increasing brand investments. The market is expected to grow from ₹1,504 billion in CY2025 to ₹1,933 billion by CY2028.

The out-of-home (OOH) advertising market is also expanding as urbanisation, infrastructure development and higher consumer mobility create new advertising opportunities. The Indian OOH market is projected to grow from ₹4,981.4 crore in CY2025 to ₹7,059.2 crore by CY2030, a compound annual growth rate (CAGR) of 7.2%. Technology is transforming the medium through real-time content updates, programmatic advertising, location-based targeting and interactive displays. The expansion of metro networks, airports, highways and smart cities, along with higher advertising spends by sectors such as FMCG, retail, BFSI and e-commerce, is expected to drive long-term demand for outdoor advertising solutions.

The segment is also benefiting from regulatory support, improving infrastructure and the growing integration of OOH with digital and social media campaigns. As brands increasingly adopt omnichannel marketing strategies, OOH advertising is expected to strengthen its position as a high-impact medium for brand visibility and consumer engagement.

About Aarish Outdoors

Aarish Outdoors Limited provides out-of-home (OOH) advertising solutions through a network of strategically located hoardings across Ahmedabad, Gandhinagar and adjoining cities in Gujarat. The company offers advertising space at high-traffic locations, helping businesses improve brand visibility and effectively reach their target audience across multiple sectors.

Its services cover the entire campaign lifecycle, including media planning, site selection, creative support, installation, maintenance and campaign execution. The company operates hoardings through advertisement rights obtained from municipal authorities as well as agreements with private landowners, enabling it to maintain a diversified portfolio of advertising locations. As of the DRHP date, Aarish Outdoors operated 35 hoardings across Gujarat at strategically selected commercial and high-visibility locations.

The company serves a diversified customer base comprising advertising agencies, corporate advertisers, government departments, public sector undertakings, educational institutions and local businesses. Led by an experienced management team with over a decade of industry experience, Aarish Outdoors increased its revenue from operations from ₹4.39 crore in FY25 to ₹11.99 crore in FY26, representing a growth of around 173%.

Strengths Of Aarish Outdoors

• Operates outdoor advertising spaces across Ahmedabad's major commercial and high-footfall corridors, providing strong visibility and extensive audience reach.
• Led by an experienced management team with deep expertise in the media and advertising industry.
• Offers end-to-end outdoor advertising solutions, including media planning, creative support, campaign execution, installation, and maintenance.
• Backed by an experienced creative and marketing team that develops customized advertising campaigns aligned with client objectives.
• Maintains high standards of quality and regulatory compliance for advertising structures.
• Focuses on delivering customized advertising solutions, premium media locations, responsive customer service, and effective campaign execution to maximize client satisfaction.

Risks Of Aarish Outdoors

• The company operates all 35 hoardings at leased sites. Non-renewal of lease agreements or higher lease rentals could affect operations and growth.
• Around 82% of revenue for FY26 came from Gujarat, which makes the business vulnerable to adverse economic, regulatory, or business developments in the state.
• The business largely depends on campaign-specific work orders rather than long-term customer contracts. Campaign cancellations or lower advertising demand could affect revenue.
• A substantial portion of the company's hoardings fall within the Ahmedabad Municipal Corporation (AMC) jurisdiction. The business is hence exposed to changes in municipal policies and tender conditions.
• The company requires multiple statutory approvals, licences and municipal permissions. Any delay in obtaining or renewing these approvals could disrupt operations.
• The outdoor advertising industry is highly competitive, with organised and unorganised players competing for customers, premium advertising locations and municipal advertising rights.
• The business depends on advertising expenditure across industries such as real estate, FMCG, retail, healthcare and financial services. Lower advertising budgets could reduce demand for its services.
• A significant portion of business is generated through advertising agencies. The loss of key agency relationships could adversely affect revenue and customer acquisition.

Anchor Investor Bidding Date

TBA

Registrar and Book Running Lead Manager

Registrar Details
Bigshare Services Private Limited
E-mail: ipo@bigshareonline.com
Telephone: 022-62638200

Book Running Lead Manager
Turnaround Corporate Advisors Private Limited

Aarish Outdoors Limited Contact Details
Office No. 903, 9th Floor, City Centre-2, Nr. Heer Party Plot, Shukan Mall
Cross Road, Science City Road, Sola, Ahmedabad, Gujarat-380060, India
Email: cs@aarishoutdoors.com
Telephone: +91-7041873616

Aarish Outdoors Business Model

Aarish Outdoors Limited generates revenue by providing out-of-home (OOH) advertising solutions through its network of strategically located hoardings across Gujarat. The company earns primarily from the sale of advertising space to advertising agencies, corporate advertisers, government departments, public sector undertakings and other institutional customers. It also provides end-to-end services, including media planning, site selection, campaign execution, installation, maintenance and monitoring of advertising displays.

Aarish Outdoors Growth Trajectory

Aarish Outdoors Limited's Total Income for FY26 was ₹12.00 crore, whereas in FY25 and FY24 it was ₹4.39 crore and ₹1.16 crore, respectively.

The Profit After Tax for FY26 was ₹3.02 crore, whereas in FY25 and FY24 it was ₹0.98 crore and ₹0.27 crore, respectively.

The company's EBITDA for FY26 stood at ₹4.70 crore, compared with ₹1.88 crore in FY25 and ₹0.28 crore in FY24.

Aarish Outdoors Market Position

Aarish Outdoors Limited has established a presence in the Gujarat out-of-home (OOH) advertising market with 35 strategically located hoardings across Ahmedabad, Gandhinagar and adjoining cities. The company derives a substantial portion of its revenue from Gujarat and is positioned to benefit from the growing demand for outdoor advertising in the state.

As of 31 March 2026, the company's Total Income, Profit After Tax and EBITDA stood at ₹12.00 crore, ₹3.02 crore and ₹4.70 crore, respectively.

How To Apply For Aarish Outdoors IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.