B.A.G.Convergence was incorporated on April 11, 2007. The company, founded in 2007 with news24online.com, expanded with hindi.news24online.com and e24bollywood.com to cater to diverse audiences. Over the years, it adapted to digital trends, shifting from desktop to mobile platforms, launching News24 and E24 apps, and leveraging partnerships and aggregators to build revenue and brand recognition
| Bidding Dates |
|---|
| 30 Sep 2025 - 03 Oct 2025 |
| Subscription |
|---|
| 1.35x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,62,400 | 2 | 2 | 1600 | 5.6 M | ₹82 - ₹87 | 65.94 % | ₹459.2 M - ₹487.2 M | RHP DOC |
BAG Convergence IPO SUBSCRIPTION STATUS
03 Oct '25BAG Convergence IPO overall subscription rate was 1.35 times the total available shares
BAG Convergence IPO retail subscription rate was 1.1 times in the retail segment
BAG Convergence IPO non-institutional investor subscription rate was 4.07 times in the non-institutional investor category
BAG Convergence IPO Qualified Institutional Bidder subscription rate was 0.71 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
03 Oct 2025 (Day 3) | 1.1x | 4.07x | 0.71x |
01 Oct 2025 (Day 2) | 0.26x | 1.9x | - |
30 Sep 2025 (Day 1) | 0.1x | 0.96x | - |
BAG Convergence FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 35.6 | 9.1 | 3.6 | -1.6 | 39.0% |
| FY24 | 29.9 | 8.0 | 3.8 | 3.7 | 35.9% |
| FY23 | 24.8 | 5.0 | 0.6 | 0.5 | 26.0% |
BAG Convergence IPO SUBSCRIPTION STATUS DETAILS
BAG Convergence had 5.6 M shares on offer
BAG Convergence IPO offer price was in the range ₹82 - ₹87
BAG Convergence IPO minimum Investment was ₹262400
BAG Convergence IPO issue size was ₹ 459.2 M - ₹ 487.2 M
BAG Convergence had a minimum lot size of 1600 Shares per application
BAG Convergence NUMBER OF SHARES ON OFFER
BAG Convergence IPO IMPORTANT DATES
| Issue Open Date | 30 Sep 2025 |
| Issue close Date | 03 Oct 2025 |
| Allotment Date | 06 Oct 2025 |
| Refund Date | 07 Oct 2025 |
| Demat Account Credit Date | 07 Oct 2025 |
| Listing Date | 08 Oct 2025 |
| Listing on Exchange(s) | NSE |
| BAG Convergence Allotment Status | Exchange/ Registrar |
BAG Convergence IPO subscription opened on 30 Sep 2025, and closed on 03 Oct 2025
IPO allotment for BAG Convergence was finalized on Monday, 06 Oct 2025
IPO listing for BAG Convergence was on NSE on Wednesday, 08 Oct 2025
BAG Convergence IPO LISTING GAINS
| Issue Price (adjusted) | 87.0 |
| Listing Open Price | 101.0 |
| Listing Close Price | 106.0 |
| Listing Gain% | 16.1% |
| Current Gain% | 26.0% |
BAG Convergence Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BAG Convergence Ltd. | 109.6 | 232.6 | 21.6 | 1.5 | 5.2 | 14 | 10.5 | 44.3 | 23.7 | 10.8 | 14.5 | 5.1 | 14.5 |
| Sun TV Network Ltd. | 486.6 | 19178.1 | 13.3 | -0.9 | 4.4 | 11.4 | 10.4 | 4900.5 | 4 | 1439.6 | -15.5 | 36.5 | -15.5 |
| Zee Entertainment Enterprises Ltd. | 94.2 | 9047.1 | 33.1 | -0.6 | 1.1 | 2.3 | 1.9 | 8245 | -2 | 273.1 | -59.8 | 2.8 | -59.8 |
| Network18 Media & Investments Ltd. | 29.6 | 4558.2 | -132 | -1.4 | 2.1 | 3.1 | 1.7 | 2148.5 | -70.8 | 152.2 | 109 | -0.2 | 97.6 |
| Hathway Cable & Datacom Ltd. | 10.9 | 1931.2 | 25.5 | -0.9 | 0.9 | 1.8 | 1.6 | 2243.5 | 4.5 | 82.3 | -11 | 0.4 | -27.9 |
| Den Networks Ltd. | 27.3 | 1303.8 | 8.8 | -0.3 | 1.3 | 4.4 | 3.9 | 1206.5 | -3.4 | 165.8 | -17.1 | 3.1 | -29 |
BAG Convergence INFORMATION ON IPO ISSUE
About BAG Convergence
B.A.G.Convergence was incorporated on April 11, 2007. The company, founded in 2007 with news24online.com, expanded with hindi.news24online.com and e24bollywood.com to cater to diverse audiences. Over the years, it adapted to digital trends, shifting from desktop to mobile platforms, launching News24 and E24 apps, and leveraging partnerships and aggregators to build revenue and brand recognition
Object of the Issue
- Expansion of existing business
- Acquisition/ production of content
- Brand building expenses
- General corporate purposes
BAG Convergence - PROMOTERS
| Name |
|---|
| Anuradha Prasad Shukla |
BAG Convergence - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Anuradha Prasad Shukla | Chairperson & Managing Director |
| Vijender Negi | Executive Director |
| Shashi Shekhar Mishra | Non-Executive Director |
| Priya Singh | Non-Executive & Independent Director |
| Arshit Anand | Non-Executive & Independent Director |
| Chandan Kumar Jain | Non-Executive & Independent Director |
BAG Convergence Book Running Lead Manager
Inventure Merchant Banker Services Private Limited
sme.ipo@inventuremerchantbanker.com
BAG Convergence Registrar to the issue
Maashitla Securities Private Limited
ipo@maashitla.com
BAG Convergence Strengths
Leadership position
News24 and E24, owned by BAG Films and Media Limited, are leading news and entertainment channels with strong TV and digital presence, reaching large, diverse audiences across India
Business partnerships
The company has partnered with leading content platforms like Dailyhunt, TIL, Taboola, Facebook, Google, and Inshorts, and is exploring collaborations with Samsung and major OTT players. These partnerships help distribute content across multiple formats, text, audio, and video, reaching wider and more diverse audiences
BAG Convergence Risks
Digital growth & partnership risks
The company, founded in 2007 with the launch of News24online.com and later E24Bollywood.com, relies on digital growth and strategic partnerships for revenue. Failure to successfully increase viewership across websites, social media, and emerging technologies like AI and VA could adversely impact its operations and financial performance
Content development & investment risk
Content development is costly, time-consuming, and uncertain, with success dependent on innovation, distribution, and marketing. The company plans to invest Rs 13.29 crore from IPO proceeds, but returns on new content may take years and may not match historical profitability
Technology & market adaptation risk
Failure to adapt to changing customer preferences or adopt new technologies could adversely impact the company’s business, financial performance, and operations. Continuous technological innovation and upgrades are essential to meet evolving demands, maintain competitiveness, and drive customer adoption of its products and services
IPO FAQs
The promoter of the company is Anuradha Prasad Shukla.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 82.0 - 87.0.
The IPO application opens on Sep 30, 2025 and closes on Oct 03, 2025.
The minimum lot size for the IPO is 3200. The maximum lot size for the IPO is 3200.
For all category investors, the minimum application amount for this IPO is Rs. 262,400.0, the maximum value for this IPO is Rs 278,400.0.
This IPO will be allotted on Oct 06, 2025.
The refund will be credited to your account on Oct 07, 2025.
The allotted shares will be credited to your demat on Oct 07, 2025.
B.A.G.Convergence Ltd.’s shares listed on the stock exchanges on Oct 08, 2025.