B.A.G. Convergence IPO
B.A.G. Convergence Limited · Digital Media
- Price band
- ₹82–87per share
- Issue size
- 56,00,000 sharesFresh issue · amount set with price
- Face value
- ₹10per equity share
- Lot size
- 1,600 sharesMin. ₹1.39 L at the upper price
- Anchor biddingMon, 2025
- OpensTue, 2025
- ClosesFri, 2025
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue
- Fresh issue
- 56,00,000 shares
- Offer for sale
- None
- Total issue
- 56,00,000 shares
- Market maker portion
- 2,80,000 shares
- Face value
- ₹10
- Listing at
- NSE Emerge
- Promoter holding
- 88.69% → 65.28%
- RHP date
- 22 Sept 2025
Source: Red Herring Prospectus dated 22 Sept 2025Updated
Reservation
Share of the total issue- QIB46.4%
- Retail33.7%
- NII14.9%
- Market maker5.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 18,88,000 | 35.49% | 35% |
| Non-institutional investors (NII) | 8,32,000 | 15.64% | 15% |
| Qualified institutional buyers (QIB) | 26,00,000 | 48.87% | 50% |
| Market maker | 2,80,000 | — | 5% |
Source: Red Herring Prospectus dated 22 Sept 2025Updated
Lot size
Amounts at ₹87 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 2 | 3,200 | ₹2.78 L |
Source: Red Herring Prospectus dated 22 Sept 2025Updated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25 (adjusted for bonus), pre-issue- EPS (basic)
- ₹5.82
- EPS (basic) (Weighted average)
- ₹5.28
- RoNW (FY 2024-25)
- 40.96%
- NAV per share (FY 2024-25)
- ₹14.22
- NAV per share (At floor price)
- ₹32.11
- NAV per share (At cap price)
- ₹33.43
- P/E (FY 2024-25 EPS at floor price)
- 14.09×
- P/E (FY 2024-25 EPS at cap price)
- 14.95×
- Debt to equity (FY 2024-25)
- 0.57
- EBITDA margin (FY 2024-25)
- 39.04%
- PAT margin (FY 2024-25)
- 25.37%
Source: Red Herring Prospectus dated 22 Sept 2025Updated
Financials
Standalone, restated · ₹ crore| Period ended | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|
| Revenue from operations | 35.63 | 29.92 | 24.78 |
| Total income | 35.85 | 30.33 | 24.96 |
| EBITDA | 13.99 | 10.88 | 6.49 |
| Profit after tax | 9.41 | 8.05 | 4.99 |
| Net worth | 22.21 | 7.11 | -0.92 |
| Reserves and surplus | 6.59 | 7.10 | -0.93 |
| Total assets | 43.84 | 18.33 | 11.57 |
FY 2024-25 vs FY 2023-24: revenue +19.1%, profit after tax +16.8%.
Source: Red Herring Prospectus dated 22 Sept 2025Updated
About the company
Runs digital news and entertainment platforms, including news websites, mobile apps, YouTube channels and social media accounts, publishing content in English and Hindi. It also distributes content on Connected TV platforms through a pre-installation arrangement with a smart TV maker.
- Incorporated
- 2007
- Industry
- Digital Media
- CIN
- U22121DL2007PLC161935
- Website
- bagconvergence.in
Source: Red Herring Prospectus dated 22 Sept 2025Updated
Promoters and shareholders
| Name | Before issue | After issue |
|---|---|---|
| Anuradha Prasad Shukla | 88.69% | 65.28% |
Source: Red Herring Prospectus dated 22 Sept 2025Updated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Expansion of existing business (websites, social media and YouTube channels) | 13.49 |
| Acquisition and production of content | 13.29 |
| Brand building expenses | 5.00 |
| General corporate purposes | Set with price |
Source: Red Herring Prospectus dated 22 Sept 2025Updated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| B.A.G. Convergence LimitedIssuer | ₹5.82 | 14.09× | 40.96% | ₹14.22 |
| TV Today Network Limited | ₹12.54 | 11.98× | 9.28% | ₹149.44 |
| Zee Media Limited | -₹1.6 | -7.83× | -23.50% | ₹6.83 |
Source: Red Herring Prospectus dated 22 Sept 2025Updated
Strengths and risks
Our summary of what the offer document statesStrengths
- Operates an established digital news brand portfolio that has been running since 2007.
- Revenue and profit after tax increased in each of the three years shown in the restated financials.
- Net worth moved from negative in FY 2022-23 to positive in FY 2024-25.
- Content is distributed across websites, apps, YouTube, social media and Connected TV platforms.
- Has links to a media education school and to group companies with television operations.
Risks
- Heavy dependence on the News24 and E24 brands and on arrangements with group companies and channel partners.
- The Company and group entities are involved in pending legal proceedings, including a claim of Rs. 123.00 lakhs by the Company.
- Content development is costly and returns may be uncertain or delayed.
- Expansion plans depend on timely execution and may face cost overruns.
- Changes in social media platform policies could reduce visibility or monetisation of content.
Source: Red Herring Prospectus dated 22 Sept 2025Updated
Contacts
Source: Red Herring Prospectus dated 22 Sept 2025Updated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
Source: Red Herring Prospectus dated 22 Sept 2025Updated
After listing
Listing price, day-one high and low, and the change from the issue price (set at allotment) appear here after the shares list on NSE Emerge.
Frequently asked questions
When does the B.A.G. Convergence IPO open and close?
According to the Red Herring Prospectus, the issue opens on Tuesday, 30 September 2025 and closes on Friday, 3 October 2025.
What is the B.A.G. Convergence IPO price band?
The price band is ₹82–87 per share, with a face value of ₹10.
What is the lot size of the B.A.G. Convergence IPO?
One lot is 1,600 shares, which is ₹1.39 L at ₹87 per share.
Where will B.A.G. Convergence shares list?
On NSE Emerge.
Who is the registrar of the issue?
Maashitla Securities Private Limited (SEBI registration INR000004370). Allotment status is checked on the registrar's website.
How do I check the B.A.G. Convergence IPO allotment status?
Search by PAN, application number or DP/client ID on the registrar's website (Maashitla Securities Private Limited). Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹13.49 Cr for expansion of existing business (websites, social media and YouTube channels), ₹13.29 Cr for acquisition and production of content, ₹5 Cr for brand building expenses, and the rest for the other stated purposes.
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