₹1,39,200 / 1600 shares
B.A.G. Convergence IPO Details
RHP/DRHPIssue Date
30 Sep - 3 Oct'25
Investment/lot
₹1,39,200
Price Range
₹82 - ₹87
Lot Size
1600
IPO Size
₹48.72 Cr
B.A.G. Convergence IPO Listing Details
Listing On
8 Oct'25
Issue Price
₹87
Listed Price
₹ 101
Retail Gain/Listing Gain
▲16.09%
Schedule of B.A.G. Convergence IPO
Start date
30/09/2025
End date
03/10/2025
Allotment of bids
06/10/2025
Refund Initiation
07/10/2025
Listing on exchange
08/10/2025
B.A.G. Convergence IPO Subscription Status
(Last updated on 03 Oct 2025 04:45 PM)
| Day | Total | QIB | Retail | NII |
|---|---|---|---|---|
Day 1 30-Sep-2025 | 0.25x | 0x | 0.1x | 0.72x |
Day 2 01-Oct-2025 | 0.38x | 0x | 0.2x | 1.03x |
Day 3 03-Oct-2025 | 1.35x | 0x | 0.37x | 1.29x |
B.A.G. Convergence IPO Subscription Rate
| Category | Subscription Rate |
|---|---|
Qualified Institutions | 0x |
Non-Institutional (HNI) | 1.29x |
Retail | 0.37x |
Total Subscription | 1.35x |
About B.A.G. Convergence IPO
The offer consists of a fresh issue component. The fresh issue will 56,00,000 shares (aggregating up to ₹48.72 crores). The total number of shares is 56,00,000 shares and the aggregate amount is ₹48.72 crores.
The IPO opens on Tuesday, 30 September 2025 and closes on Friday, 3 October 2025. The tentative listing is Wednesday, 8 October 2025. The initiation of refund will take place on Tuesday, 7 October 2025. The credit of shares to the demat account will take place on Tuesday, 7 October 2025. The allotment of bids will take place on Monday, 6 October 2025.
B.A.G. Convergence specialises in digital content creation, producing text, audio, video, and infographics that are carefully crafted to meet the needs of their audience. Their focus is on delivering authentic, reliable content that resonates with their readers and viewers. They cover a wide range of categories to serve what people are interested in, including Current Affairs (both in India and globally), Sports, Infotainment, Automobiles, Techno gadgets, Health and Spirituality. Their primary goal is to stay relevant and provide timely updates across these categories, ensuring that they always keep their audience informed and engaged.
Objectives of B.A.G. Convergence IPO
- Expansion of existing business.
- Acquisition or production of content.
- Brand building expenses.
- General corporate purposes.
B.A.G. Convergence IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | ₹87 |
Reserved for Market Maker | 2,80,000 shares (aggregating up to ₹2.44 crores) ACME Capital Market Ltd |
Net Offered to Public | 53,20,000 shares (aggregating up to ₹46.28 crores) |
Offer for Sale | — |
EPS (in ₹) for FY25 | 5.82** |
**Considering the effect of bonus allotments made on July 05, 2024 & August 16, 2024 in all the above Financial Years or periods.
B.A.G. Convergence IPO Lot Size
| 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 |
Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the net offer |
Non-institutional Investors (NIIs) | Not less than 15% of the net offer |
Retail-individual Investors (RIIs) | Not less than 35% of the net offer |
Industry Outlook
The Indian Media and Entertainment (M&E) sector has demonstrated a remarkable recovery and transformation in the wake of the COVID-19 pandemic. The industry's resurgence has been fuelled by a combination of rapid digital growth, innovative advertising strategies, and consumer-driven content preferences. In this context, India, like China and Indonesia, is a growth hotspot as per the PwC Global Entertainment & Media Outlook 2023–2027: India perspective report. Further, as per the FICCI-EY Report (2024), the Indian M&E industry was valued at ₹2.32 lakh crore in 2023 and is projected to reach ₹2.55 lakh crore by the end of 2024. By 2026, the sector is expected to expand further, reaching an impressive ₹3.08 lakh crore.
This growth trajectory is primarily driven by the rise of digital media, the proliferation of over-the-top (OTT) platforms, and increasing internet penetration across the country. The structural shifts in the industry reflect a hybrid market that combines both linear (traditional) and digital content consumption patterns, marking a fundamental change in how Indian audiences engage with media.
Company Information
B.A.G. Convergence was founded with the vision of becoming a key player in the digital media space. They started their journey in 2007 with the launch of their first website, news24online.com. Soon after, they introduced a Hindi version, hindi.news24online.com, to cater to a wider audience. Expanding into the entertainment space, they launched e24bollywood.com, covering Bollywood news and updates. In the beginning, they relied on Google AdSense for ad revenue, but as they grew, content aggregators like Times Internet Limited (TIL), Daily Hunt and direct clients, including government agencies, helped them generate additional income and build their brand recognition over a period.
Over the last few years, they have constantly adapted to technological advancements to stay relevant in the competitive market and shifting user preferences. Initially, their websites were desktop-focused, but with the rise of smartphones and mobile internet, they shifted their focus to mobile users. Google’s move to mobile-first indexing made this shift even more important. They also developed mobile apps, viz. News24, E24, to offer a more personalised experience to their readers. The transition from 2G to 5G has allowed them to create more mobile-friendly content and quickly connect with their audience.
They are focused on expanding their business in the coming years. This includes launching new digital channels, building custom CMS systems and podcasts. They are also growing in regional markets, especially in the Hindi-speaking areas, as demand for video content is rising. To meet this demand, they are producing more videos for their website and platforms like YouTube, Facebook, Instagram, and X. At the same time, they have entered the Connected TV (CTV) space by partnering with Samsung India Electronics Pvt. Ltd. via a TV PLUS Agreement dated November 11, 2024, for the pre-installation of their apps on their TVs.
Strengths of B.A.G. Convergence IPO
- A leadership position in the industry.
- An experienced promoter and senior management team.
- Business partnerships that are expanding their reach.
Risks of B.A.G. Convergence IPO
- Their group companies are involved in legal proceedings and potential litigations. Any adverse decision in such proceeding may impact their business.
- Failure to adapt to evolving customer needs or changing consumer preferences and to embrace and develop new technologies.
- Deterioration in the performance of, or their relationships with, third-party delivery aggregators.
- Inability to maintain an optimal level of working on the platforms of digital giants such as YouTube and Google and on the platforms created in-house.
- Undiscovered content design defects, errors, or failures.
- Any loss or shutdown of operations at any of their facilities in Delhi NCR, and Mumbai, Maharashtra.
All Financial Information about B.A.G. Convergence Ltd (in ₹ crores)
Anchor Investor Bidding Date: Monday, 29 September 2025
Registrar: Maashitla Securities Private Limited Book Running Lead Managers: Inventure Merchant Banker Services Private Limited
Business Model
The company earns its revenue through the following: Specialising in digital content creation, producing text, audio, video, and infographics that are carefully crafted to meet the needs of their audience.
Company Growth Trajectory
The revenue from operations of B.A.G. Convergence for FY 2024 was ₹29.92 crores as compared to ₹35.63 crores during FY 2025, showing an increase of 19.11% during FY 2025.
Other income for FY 2025 and FY 2024 was ₹0.22 crores and ₹0.41 crores respectively. Other income mainly included interest on FD, sundry balances written back, and miscellaneous income.
Hence, the total income for FY 2024 and FY 2025 was ₹30.33 crores and ₹35.85 crores respectively.
EBITDA increased from ₹10.88 crores for FY 2024 to ₹13.99 crores for FY 2025. During FY 2024, the company recorded an EBITDA margin of 35.87% of the total income as against 39.04% during FY 2025. This increase in EBITDA margin by approx. 3.17% is mainly due to the rise in revenue from operations in FY 2025 by 18.21%, adjusted by an increase in employee benefit expenses and a fall in other expenses. The final adjustment to the increase in income contributes a 3.17% rise in EBITDA.
PAT increased in absolute as well as percentage terms from ₹8.05 crores for FY 2024 to ₹9.41 crores in FY 2025. There has been a net percentage increase of 16.82% compared to FY 2024. This increase was on account of an increase in income by 18.21%, thereby adjusting for the increase in employee benefit expenses, fall in other expenses (as mentioned in the EBITDA paragraph above), increase in financial charges, and depreciation. During FY 2024, the company recorded a PAT margin of 26.55% as against 26.24% for FY 2025; this marginal decrease of 0.31% is mainly due to an increase in financial charges and depreciation in FY 2025 against FY 2024.
Company Market Position
The company maintains a leadership position as News24 and E24, both owned by BAG Films and Media, are prominent channels in their respective fields, with News24 delivering trusted news and E24 focusing on Bollywood and entertainment. News24 is known for its timely, reliable news coverage across both national and regional levels, with a strong presence in Hindi-speaking regions, while E24 keeps viewers entertained with the latest celebrity gossip, interviews, and film updates. Both channels have successfully expanded their reach beyond TV through BAG Convergence Private Limited, building a solid digital presence on platforms like YouTube, Facebook, and Instagram. This blend of credible news, engaging entertainment, and robust digital growth makes News24 and E24 standout brands that connect with large, diverse audiences across India.
As of 31 March 2025, the company’s Total Revenue, Profit After Tax, and EBITDA were ₹35.851 crores, ₹9.407 crores, and ₹13.995 crores, respectively.
B.A.G. Convergence Profit and Loss (in ₹ crores)
| parameter | FY25 | FY24 | FY23 |
|---|---|---|---|
Total Revenue | 35.851 | 30.328 | 24.957 |
Profit Before Tax | 12.640 | 10.837 | 6.418 |
Profit After Tax | 9.407 | 8.052 | 4.990 |
EPS (Basic)** ₹ | 5.82 | 5.42 | 3.36 |
EBITDA | 13.995 | 10.879 | 6.494 |
B.A.G. Convergence Balance Sheet (in ₹ crores)
| Parameter | FY25 | FY23 | FY22 |
|---|---|---|---|
Profit Before Tax | 12.640 | 10.837 | 6.418 |
Net Cash from Operating Activities | 3.612 | 3.823 | 0.571 |
Net Cash from Investing Activities | (5.149) | 1.976 | (0.981) |
Net Cash from Financing Activities | 13.201 | (0.589) | 0.517 |
Cash & Cash Equivalents | 18.267 | 6.603 | 1.392 |
How to check the allotment status of B.A.G. Convergence LIPO?
1. Visit the Registrar's Website
To check the IPO allotment status for B.A.G. Convergence IPO, visit the official website of Maashitla Securities Private, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.
2. Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.
On the BSE IPO page, follow these steps
- Select 'Equity' from the dropdown menu
- Choose 'B.A.G. Convergence Limited' in the next dropdown
- Enter your application number
- Enter your PAN
- Click 'Search'
Your B.A.G. Convergence IPO allotment status will be displayed.
3. Verify on the National Stock Exchange Website
The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check B.A.G. Convergence IPO allotment status.
Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'. On the NSE IPO Bid Verification page, enter:
- Application number
- PAN
Then click 'Submit'. Your B.A.G. Convergence IPO bid and allotment details will be displayed.
How to apply for B.A.G. Convergence IPO?
- Step 1: Log in to your Kotak Securities Demat account - Log in to your 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.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
B.A.G. Convergence IPO FAQs
When is B.A.G. Convergence IPO allotment?
B.A.G. Convergence IPO will be allotted on 2025-10-06.
When is B.A.G. Convergence IPO listing date?
B.A.G. Convergence will list on 2025-10-08.
What is the issue size of B.A.G. Convergence IPO?
₹48.72 Cr is the issue size of B.A.G. Convergence IPO.
What is the minimum lot size required for B.A.G. Convergence IPO?
The minimum lot size is 1600 shares and the investment required is ₹139200.
What is the price band of the B.A.G. Convergence IPO?
The price band of B.A.G. Convergence IPO is ₹82 to ₹87.
Where can I read more about B.A.G. Convergence business?
You can read more about B.A.G. Convergence and its IPO from the company’s red herring prospectus (RHP) here.
What is the B.A.G. Convergence IPO?
B.A.G. Convergence Limited's IPO consists of a fresh issue of 56,00,000 shares (aggregating up to ₹48.72 crores). The total offer size is 56,00,000 shares (aggregating up to ₹48.72 crores) as well.
Is B.A.G. Convergence IPO coming?
Yes, B.A.G. Convergence is expected to come up with its IPO on Tuesday, 30 September 2025.
Who is the Chairman of B.A.G. Convergence?
Anuradha Prasad Shukla is the Chairman of B.A.G. Convergence.
What is the lot size of shares of B.A.G. Convergence IPO?
The lot size of shares of B.A.G. Convergence is 1,600.
From where can I read more about the IPO of B.A.G. Convergence?
You may read more about B.A.G. Convergence and its IPO from the company’s red herring prospectus (RHP) here.