B.A.G.Convergence IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Sep 30 to Oct 03 2025
Price Band
₹82 - 87
Current GMP
₹101.0 (+16.09%)
Subscription
1.38 times
IPO Details
| IPO Date | September 30, 2025 to October 3, 2025 |
| Listing Date | October 8, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹82 to ₹87 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 56,00,000 shares (aggregating up to ₹48.72 Cr) |
| Reserved for Market Maker | 2,80,000 shares (aggregating up to ₹2.44 Cr)ACME Capital Market Ltd. |
| Net Offered to Public | 53,20,000 shares (aggregating up to ₹46.28 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,56,18,800 shares |
| Share Holding Post Issue | 2,12,18,800 shares |
IPO Date
September 30, 2025 to October 3, 2025
Listing Date
October 8, 2025
Face Value
₹10 per share
Issue Price Band
₹82 to ₹87 per share
Lot Size
1,600 Shares
Sale Type
Fresh Capital
Total Issue Size
56,00,000 shares (aggregating up to ₹48.72 Cr)
Reserved for Market Maker
2,80,000 shares (aggregating up to ₹2.44 Cr)ACME Capital Market Ltd.
Net Offered to Public
53,20,000 shares (aggregating up to ₹46.28 Cr)
Issue Type
Bookbuilding IPO
Listing At
NSE SME
Share Holding Pre Issue
1,56,18,800 shares
Share Holding Post Issue
2,12,18,800 shares
IPO Subscription Details
| Anchor Investors | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 1.38 |
| Non-Institutional Buyers*** | 2.63 |
| bNII (bids above ₹10L) | 3.63 |
| sNII (bids below ₹10L) | 0.62 |
| Individual Investors (IND category bidding for 2 Lots) | 0.83 |
| Total ** | 1.38 |
Anchor Investors
1
Market Maker
1
QIB (Ex Anchor)
1.38
Non-Institutional Buyers***
2.63
bNII (bids above ₹10L)
3.63
sNII (bids below ₹10L)
0.62
Individual Investors (IND category bidding for 2 Lots)
0.83
Total **
1.38
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Day 1 Sep 30, 2025 | 0.00 | 0.97 | 1.39 | 0.12 | 0.10 | 0.26 |
| Day 2 Oct 1, 2025 | 0.00 | 1.05 | 1.43 | 0.28 | 0.19 | 0.33 |
| Day 3 Oct 3, 2025 | 1.38 | 2.63 | 3.63 | 0.62 | 0.83 | 1.38 |
DayDay 1
Sep 30, 2025
QIB (Ex Anchor)0.00
NII*0.97
NII (> ₹10L)1.39
NII (< ₹10L)0.12
Individual Investors0.10
Total0.26
DayDay 2
Oct 1, 2025
QIB (Ex Anchor)0.00
NII*1.05
NII (> ₹10L)1.43
NII (< ₹10L)0.28
Individual Investors0.19
Total0.33
DayDay 3
Oct 3, 2025
QIB (Ex Anchor)1.38
NII*2.63
NII (> ₹10L)3.63
NII (< ₹10L)0.62
Individual Investors0.83
Total1.38
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 08-10-2025 | 87.00 | 0(0.00%) | 87 |
| 07-10-2025 | 87.00 | 0(0.00%) | 87 |
| 06-10-2025 | 87.00 | 0(0.00%) | 87 |
| 05-10-2025 | 87.00 | 0(0.00%) | 87 |
| 04-10-2025 | 87.00 | 0(0.00%) | 87 |
| 03-10-2025 | 87.00 | 0(0.00%) | 87 |
| 02-10-2025 | 87.00 | 0(0.00%) | 87 |
| 01-10-2025 | 87.00 | 0(0.00%) | 87 |
| 30-09-2025 | 87.00 | 0(0.00%) | 87 |
| 29-09-2025 | 87.00 | 0(0.00%) | 87 |
| 28-09-2025 | 87.00 | 0(0.00%) | 87 |
| 27-09-2025 | 87.00 | 0(0.00%) | 87 |
| 26-09-2025 | 87.00 | 0(0.00%) | 87 |
| 25-09-2025 | 87.00 | 0(0.00%) | 87 |
| 24-09-2025 | 87.00 | 0(0.00%) | 87 |
Date08-10-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date07-10-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date06-10-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date05-10-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date04-10-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date03-10-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date02-10-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date01-10-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date30-09-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date29-09-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date28-09-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date27-09-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date26-09-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date25-09-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
Date24-09-2025
Price87.00
GMP0(0.00%)
Estimate List Price87
IPO Important Dates
| IPO Open Date | Tue, Sep 30, 2025 |
| IPO Close Date | Fri, Oct 3, 2025 |
| Tentative Allotment | Mon, Oct 6, 2025 |
| Initiation of Refunds | Tue, Oct 7, 2025 |
| Credit of Shares to Demat | Tue, Oct 7, 2025 |
| Tentative Listing Date | Wed, Oct 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Oct 3, 2025 |
IPO Open Date
Tue, Sep 30, 2025
IPO Close Date
Fri, Oct 3, 2025
Tentative Allotment
Mon, Oct 6, 2025
Initiation of Refunds
Tue, Oct 7, 2025
Credit of Shares to Demat
Tue, Oct 7, 2025
Tentative Listing Date
Wed, Oct 8, 2025
Cut-off time for UPI mandate confirmation
5 PM on Fri, Oct 3, 2025
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 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares3,200
Amount₹2,78,400
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares3,200
Amount₹2,78,400
ApplicationS-HNI (Min)
Lots3
Shares4,800
Amount₹4,17,600
ApplicationS-HNI (Max)
Lots7
Shares11,200
Amount₹9,74,400
ApplicationB-HNI (Min)
Lots8
Shares12,800
Amount₹11,13,600
Financial Information
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 43.84 | 18.33 | 11.57 |
| Total Income | 35.85 | 30.33 | 24.96 |
| Profit After Tax | 9.41 | 8.05 | 4.99 |
| EBITDA | 13.99 | 10.88 | 6.49 |
| NET Worth | 22.21 | 7.11 | -0.92 |
| Reserves and Surplus | 6.59 | 7.10 | -0.93 |
Period EndedPeriod Ended
31 Mar 202531 Mar 2025
31 Mar 202431 Mar 2024
31 Mar 202331 Mar 2023
Period EndedAssets
31 Mar 202543.84
31 Mar 202418.33
31 Mar 202311.57
Period EndedTotal Income
31 Mar 202535.85
31 Mar 202430.33
31 Mar 202324.96
Period EndedProfit After Tax
31 Mar 20259.41
31 Mar 20248.05
31 Mar 20234.99
Period EndedEBITDA
31 Mar 202513.99
31 Mar 202410.88
31 Mar 20236.49
Period EndedNET Worth
31 Mar 202522.21
31 Mar 20247.11
31 Mar 2023-0.92
Period EndedReserves and Surplus
31 Mar 20256.59
31 Mar 20247.10
31 Mar 2023-0.93
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| B.A.G. Convergence Limited | 5.82 | 5.82 | 32.11 | 14.95 | 40.96 | |
| Tv Today Network Ltd. | 12.54 | 12.54 | 149.44 | 11.98 | 9.28 | 1.01 |
| Zee Media Corporation Limited | -1.60 | -1.60 | 6.83 | -7.83 | -23.50 | 2.00 |
Company NameB.A.G. Convergence Limited
EPS (Basic)5.82
EPS (Diluted)5.82
NAV (per share) (Rs)32.11
P/E (x)14.95
RoNW (%)40.96
P/BV Ratio
Company NameTv Today Network Ltd.
EPS (Basic)12.54
EPS (Diluted)12.54
NAV (per share) (Rs)149.44
P/E (x)11.98
RoNW (%)9.28
P/BV Ratio1.01
Company NameZee Media Corporation Limited
EPS (Basic)-1.60
EPS (Diluted)-1.60
NAV (per share) (Rs)6.83
P/E (x)-7.83
RoNW (%)-23.50
P/BV Ratio2.00
IPO Reservation
| Market Maker Shares Offered | 2,80,000 (5.00%) |
| QIB Shares Offered | 26,00,000 (46.43%) |
| − Anchor Investor Shares Offered | 15,60,000 (27.86%) |
| − QIB (Ex. Anchor) Shares Offered | 10,40,000 (18.57%) |
| NII (HNI) Shares Offered | 8,32,000 (14.86%) |
| − bNII > ₹10L | 5,55,200 (9.91%) |
| − sNII < ₹10L | 2,76,800 (4.94%) |
| Retail Shares Offered | 18,88,000 (33.71%) |
| Total Shares Offered | 56,00,000 (100.00%) |
Market Maker Shares Offered
2,80,000 (5.00%)
QIB Shares Offered
26,00,000 (46.43%)
− Anchor Investor Shares Offered
15,60,000 (27.86%)
− QIB (Ex. Anchor) Shares Offered
10,40,000 (18.57%)
NII (HNI) Shares Offered
8,32,000 (14.86%)
− bNII > ₹10L
5,55,200 (9.91%)
− sNII < ₹10L
2,76,800 (4.94%)
Retail Shares Offered
18,88,000 (33.71%)
Total Shares Offered
56,00,000 (100.00%)
Information about company
Incorporated in April 2007, B.A.G. Convergence Limited specializes in providing technical assistance and production services for television channels and websites. The company launched its first website in 2007, named news24online.com.
The company produces videos for its website and platforms like YouTube, Facebook, and Instagram, while also partnering with Samsung to enter the Connected TV (CTV) space through app preinstallation on their TVs.
The company offers following services:-
Artificial Intelligence & Automation: Implementing AI-driven solutions to optimize content creation, editing, and distribution.
Cloud-Based Broadcasting: Utilizing cloud infrastructure for seamless media management and live broadcasting.
High-Definition & 4K Content Production: Producing high-quality video content to meet evolving audience expectations.
OTT & Streaming Services: Expanding its digital footprint by developing content for Over-the-Top (OTT) platforms, ensuring a wider reach in the online entertainment sector.
As of n August 31, 2025, the company had 87 employees in various departments.
Competitive Strength:
Strong Legacy in Media & Broadcasting: As part of the B.A.G. Network, the company benefits from decades of experience in television and digital content production.
Advanced Production Infrastructure: Equipped with state-of-the-art studios, post-production facilities, and cutting-edge broadcasting technology.
Diversified Content Portfolio: Engages audiences across multiple platforms, including television, digital media, and OTT services.
Agile & Innovative Approach: Continuously adapts to market trends by embracing new storytelling techniques and emerging technologies.
Objectives of IPO
The Company B.A.G. Convergence IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (in Millions)
1
Expansion of Existing Busines
134.9
2
Acquisition/ Production of Content
132.95
3
Brand building expenses
50
4
General Corporate Purposes
Disclaimer
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