B.A.G.Convergence Limited is launching its IPO through the book-building route with an issue size of ₹48.72 crore. The issue comprises a fresh offering of 0.56 crore equity shares, amounting to ₹48.72 crore in total. The IPO will open for subscription on September 30, 2025, and will close on October 3, 2025.
The allotment of shares is likely to be finalised on October 6, 2025, with a tentative listing date set for October 8, 2025, on the NSE SME platform. The price band for the B.A.G.Convergence IPO has been fixed at ₹82 to ₹87 per share.
The minimum application size is 1,600 shares. For retail investors, the minimum investment requirement stands at ₹2,78,400 for 3,200 shares, based on the upper price band. For HNI investors, the minimum application size is 3 lots, translating into 4,800 shares and an investment of ₹4,17,600.
Inventure Merchant Banker Services Private Limited is serving as the book running lead manager for the issue, with Maashitla Securities Private Limited acting as the registrar. ACME Capital Market Limited. is the market maker for the IPO.
B.A.G.Convergence IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to use part of the proceeds to expand the existing business to strengthen overall operations and growth.
- Funds will also be used for acquisition and production of content to increase offerings and market presence.
- Part of the proceeds will be used for brand building expenses to improve visibility and recognition among customers.
- The remaining funds will be used for general corporate purposes to support day-to-day business needs and flexibility.
About B.A.G.Convergence Limited
B.A.G. Convergence Limited is a growing digital media and technology company that began its journey in 2007 with the launch of its first platform, news24online.com. To reach a wider audience, a Hindi version, hindi.news24online.com, was introduced soon after. The company also expanded into the entertainment space with e24bollywood.com, offering Bollywood-related news and updates.
Initially, the company relied on Google AdSense for revenue. Over time, collaborations with content aggregators like Times Internet Limited, Daily Hunt, and direct government clients added new income streams and helped in building brand recognition. With the rise of mobile internet and Google’s mobile-first indexing, the company shifted its focus from desktop to mobile platforms. It also developed apps such as News24 and E24 to provide a personalised experience.
The transition from 2G to 5G has further enabled the creation of mobile-friendly and interactive content. B.A.G. Convergence is expanding into regional markets, especially in Hindi-speaking areas, where video content demand is high. To meet this, the company actively produces videos for its own platforms and social media channels including YouTube, Facebook, Instagram, and X.
In 2024, the company entered the Connected TV space through a partnership with Samsung India Electronics Pvt. Ltd., making its channels accessible via Samsung TV Plus.
Today, B.A.G. Convergence focuses on delivering authentic and engaging digital content across categories such as current affairs, sports, infotainment, technology, automobiles, health, and spirituality, while leveraging SEO, app optimisation, and social media marketing to strengthen its reach.
Industry Outlook
- The Indian media & entertainment industry is projected to grow from INR 2.32 lakh crore in 2023 to INR 3.08 lakh crore by 2026, driven by digital media expansion and increasing internet penetration. This growth offers B.A.G.Convergence Limited a larger market for digital content and advertising services.
- Digital media is expected to surpass traditional television by 2024, reaching INR 95,500 crore with a CAGR of 13.5% by 2026. This trend supports B.A.G.Convergence Limited’s focus on digital platforms, mobile apps, and OTT content, enhancing audience reach.
- Advertising is a key driver, contributing 55% of industry growth in 2023, with internet advertising growing 10.1%. Programmatic, social media, and video ads are increasingly used. This creates opportunities for B.A.G.Convergence Limited to expand ad revenue and collaborate with brands for digital campaigns.
- By 2026, the global advertising market is projected to exceed INR 1 trillion, with India’s internet advertising growing at 9.5% CAGR. B.A.G.Convergence Limited can leverage this growth through influencer marketing, interactive ads, and partnerships on platforms like YouTube, Facebook, and Instagram.
How To Apply for the B.A.G.Convergence IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the B.A.G.Convergence IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of B.A.G.Convergence IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of B.A.G.Convergence Limited
Registered office: 352, Aggarwal Plaza, Plot No. 8, Kondli, East Delhi, New Delhi -110096, India
Phone: +91 120 6354200
E-mail:kriti.jain@bagconvergence.in
B.A.G.Convergence IPO Reservation
|
Investor Category |
Shares Offered |
|
Market Maker Shares |
2,80,000 (5.00%) |
|
QIB Shares |
26,00,000 (46.43%) |
|
NII (HNI) Shares |
8,32,000 (14.86%) |
|
Retail Shares |
18,88,000 (33.71%) |
|
Total Shares |
56,00,000 (100.00%) |
B.A.G.Convergence IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount |
|
Individual investors (Retail) (Min) |
2 |
3,200 |
₹2,78,400 |
|
Individual investors (Retail) (Max) |
2 |
3,200 |
₹2,78,400 |
|
S-HNI (Min) |
3 |
4,800 |
₹4,17,600 |
|
S-HNI (Max) |
7 |
11,200 |
₹9,74,400 |
|
B-HNI (Min) |
8 |
12,800 |
₹11,13,600 |
B.A.G.Convergence IPO Promoter Holding
The promoter of the company is Anuradha Prasad Shukla.
|
Share Holding Pre-Issue |
89.58% |
|
Share Holding Post Issue  |
65.93% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
B.A.G.Convergence IPO Anchor Investors Details
|
Bid Date |
September 29, 2025 |
|
Shares Offered |
15,60,000 |
|
Anchor Portion Size (In ₹ Cr.) |
13.57 |
|
Anchor lock-in period end date for 50% shares (30 Days) |
November 5, 2025 |
|
Anchor lock-in period end date for remaining shares (90 Days) |
January 4, 2026 |
Key Performance Indicators for B.A.G.Convergence IPO
|
KPI |
Value |
|
Price to Book Value |
18.13 |
|
Debt/Equity  |
0.57 |
|
RoNW (%) |
40.96 |
|
PAT Margin (%) |
25.37 |
|
EBITDA Margin (%) |
39.04 |
B.A.G.Convergence IPO Prospectus
B.A.G.Convergence IPO Registrar and Lead Managers
B.A.G.Convergence IPO Lead Managers
- Inventure Merchant Banker Services Private Limited
Registrar for B.A.G.Convergence IPO
Maashitla Securities Private Limited
- Contact Number: +91-11-45121795-96
- Email Address: ipo@maashitla.com
B.A.G.Convergence IPO Registrar: https://maashitla.com/allotment-status/public-issues
Financial Performance of B.A.G.Convergence Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 3,563.35 | 2,991.71 |
| Profit/loss After Tax (in ₹ lakh) | 940.66 | 805.23 |
| Earnings per Share | 5.82 | 5.42 |
| Net Worth (in ₹ lakh) | 2,220.91 | 711.20 |
| Reserves and Surplus (in ₹ lakh) | 659.03 | 710.19 |
| Return on Net Worth (RoCE) (%) | 40.96 | 112.94 |
| EBITDA (in ₹ lakh) | 1,399.46 | 1087.95 |
Know before investing
Strengths
8News24 and E24 lead in news and Bollywood entertainment, reaching diverse audiences nationwide.
Experienced promoter Anuradha Prasad Shukla brings over three decades of media expertise.
Strong senior management team ensures high-quality content and effective operational strategies.
Strategic partnerships with platforms like Dailyhunt, TIL, Taboola, Facebook, and Google expand reach.
News24 Sports grew to 3.99 million YouTube subscribers and 5.5 million Facebook followers.
Investment of ₹1,348.96 lakh planned for digital technology and content creation upgrades.
IPO proceeds of ₹1,329.48 lakh allocated for content acquisition and production expansion.
Expansion into OTT and CTV platforms provides wider distribution and increased audience engagement.
Risks
8Legal proceedings could result in liabilities, affecting business and financial condition.
Failure to adapt to changing technology like AI or VA may reduce revenue.
Content development is costly and uncertain, with FY 2025 expenses of ₹981.21 lakh.
Delays in business expansion using ₹1,348.96 lakh IPO proceeds could impact growth.
Heavy dependence on News24 and E24 brands may affect profitability if viewership declines.
Reliance on third-party aggregators like YouTube and Google could impact revenue and operations.
Loss of key personnel, including Promoter Anuradha Prasad Shukla, may disrupt business.
High dependence on limited customers may reduce revenue if demand from major clients falls.
B.A.G.Convergence Limited Peer Comparison
| Company Name | EPS (Basic) | NAV (per share) (₹) | P/E (x) | RoNW (%) |
|---|---|---|---|---|
| B.A.G. Convergence Limited | 5.82 | 32.11 | 14.95 | 40.96 |
| Tv Today Network Ltd. | 12.54 | 149.44 | 11.98 | 9.28 |
| Zee Media Corporation Limited | -1.60 | 6.83 | -7.83 | -23.50 |
