B.A.G. Convergence
Book Building issueSMENSE₹48.72 Cr issue
+16.09%
Listing gain over issue price
Issue size
₹48.72 Cr
1 lot at cut-off
₹1,39,200
Lot size
1,600shares
Open
30 Sep 2025
Close
03 Oct 2025
Allotment
06 Oct 2025
Listing
08 Oct 2025
Listing performance
Issue price
₹87
Listed at
₹101
Listing-day close
₹106.05
Latest price
₹102
Close on 23 Oct 2026
Listing gain
+16.09%
Return since issue
+17.24%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Sep 2025 – 03 Oct 2025
- Listing date
- 08 Oct 2025
- Face value
- ₹10 per share
- Issue price
- ₹87 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹48.72 Cr
- Market cap at offer price
- ₹185 Cr
- Promoter holding
- 89.58% → 65.93% pre-issue → post-issue
- ISIN
- INE17CQ01015
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Inventure Merchant Banker Services Pvt.Ltd.
- Registered office
- 352, Aggarwal Plaza, Plot No.8, Kondli, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,60,000 | — | — |
| Market maker | 2,80,000 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹87
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,39,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,78,400 |
| S-HNI (max) | 7 | 11,200 | ₹9,74,400 |
| B-HNI (min) | 8 | 12,800 | ₹11,13,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
15,60,000
Anchor portion
₹13.57 Cr
at ₹87 per share
Valuation and performance
Valuation at offer price
₹87 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.02 | 4.43 |
| P/E (×) | 14.45 | 19.64 |
| Price to book (×) | 18.13 | — |
| Market cap | — | ₹185 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 40.96%
- Debt / equity
- 0.57
- PAT margin
- 25.37%
- EBITDA margin
- 39.04%
- NAV per share
- ₹14.22
- Price to book
- 18.13
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About B.A.G. Convergence
B.A.G. Convergence Limited was founded in 2007 and started with the launch of news24online.com, followed by a Hindi version and e24bollywood.com. The company creates digital content in news and entertainment, distributing through its own websites, mobile apps (News24, E24), and third-party aggregators like TIL and Dailyhunt. Initially relying on Google AdSense, the company evolved to work with content aggregators and direct clients including government agencies. The company transitioned from desktop-focused content to mobile-first formats. The company generates revenue through advertising (including AdSense, direct clients, and content partnerships), content licensing, and subscriptions.
Company Analysis
from RHPB.A.G. Convergence Limited is a digital media company that creates and distributes news and entertainment content across websites, mobile apps, and social media platforms, operating primarily in the Hindi and English language news and entertainment sectors.
B.A.G. Convergence Limited was founded in 2007 and started with the launch of news24online.com, followed by a Hindi version and e24bollywood.com. The company creates digital content in news and entertainment, distributing through its own websites, mobile apps (News24, E24), and third-party aggregators like TIL and Dailyhunt. Initially relying on Google AdSense, the company evolved to work with content aggregators and direct clients including government agencies. The company transitioned from desktop-focused content to mobile-first formats. The company generates revenue through advertising (including AdSense, direct clients, and content partnerships), content licensing, and subscriptions.
Digital MediaNews and EntertainmentOnline Content Distribution
Objects of the Issue
- Expansion of Existing Business ₹1,348.96 lakhs p.24
- Acquisition/Production of Content ₹1,329.48 lakhs p.24
- Brand building expenses ₹500.00 lakhs p.24
- General Corporate Purposes p.24
- Expansion of Existing Business ₹1,348.96 lakhs p.71
- Acquisition/Production of Content ₹1,329.48 lakhs p.85
- Brand building expenses ₹500.00 lakhs p.87
- General Corporate Purposes [●] lakhs p.87
- Expansion of existing business, technology upgrades, and hiring personnel for content creation to meet changing needs due to people preferences or technological changes in content delivery channels ₹1,348.96 lakhs p.119
- Acquisition/production of content ₹1,329.48 lakhs p.122
- General corporate purposes
- General Corporate Purposes p.247
- Funding for expansion and growth initiatives p.247
Issue Structure
- Total Issue
- Up to 56,00,000 Equity Shares aggregating to ₹[●] lakhs
- Fresh Issue
- Up to 56,00,000 Equity Shares of ₹10 each at the Offer Price of ₹[●] per Equity Share aggregating to ₹[●] Lakhs
- Offer for Sale
- N.A.
- Price Band
- Floor Price ₹82.00 per Equity Share, Cap Price ₹87.00 per Equity Share
- Lot Size
- Minimum 2 lots i.e., 3,200 Equity Shares and in multiples of 1,600 Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
B.A.G. Convergence generates revenue primarily through advertising on its digital platforms (websites, apps, social media channels), content licensing to aggregators and channel partners, and direct sales to advertisers and government agencies. The company also earns revenue through content distribution partnerships and subscription models.
Business Segments
Creates and distributes news and entertainment content through websites (news24online.com, hindi.news24online.com, e24bollywood.com), mobile apps (News24, E24), and social media platforms including YouTube, Facebook, Instagram, and Twitter, covering segments including sports, infotainment, automobiles, technology, health and spirituality.
Operates digital news and entertainment websites including news24online.com (News 24 Hindi), hindi.news24online.com (News 24 English), and e24bollywood.com (E24 entertainment). Publishes news articles, updates, and detailed stories in both English and Hindi with planned expansion to new categories and regional languages.
Distributes video content through YouTube channels, Facebook, Instagram, and X (formerly Twitter) for News 24 (Hindi and English), E24, News 24 Sports, and regional channels. Produces news clips, live shows, interviews, special reports, and short-form content for social media engagement.
Partners with other businesses and digital platforms (such as Google, DailyHunt, Taboola, Inshorts) to distribute content in text, audio, and video formats across multiple platforms, reaching new audiences through partner channels.
Operates news24online.com, hindi.news24online.com, and e24bollywood.com delivering news and entertainment content across English and Hindi with coverage of national, international, business, sports, technology, and entertainment categories.
Operates multiple YouTube channels, Facebook pages, Instagram accounts, and X (Twitter) handles for News24, E24, News24 Sports, and regional news channels distributing video and multimedia content.
News24 and E24 mobile apps available on Android and Apple platforms providing personalized news and entertainment content delivery.
Provides website development, SEO optimization, social media optimization, app optimization, and business partnerships for content monetization and distribution.
Partners with Samsung TV Plus for app preinstallation on compatible Samsung devices and with other CTV platforms (LG, Xiaomi) for video content distribution.
Operates regional news channels under the News24 brand across different states (Madhya Pradesh, Chhattisgarh, and other regions) producing and broadcasting news content
Produces and distributes entertainment, sports, and lifestyle content through digital platforms and websites
SWOT Analysis
Strengths
- • Established digital media presence with multiple content platforms(p.22)
- • Strong revenue growth trajectory with improving margins(p.25)
- • Successful adaptation to technological shifts and evolving platforms(p.22)
- • Diversified content strategy across multiple categories(p.29)
- • Positive profitability and healthy net working capital position(p.25)
- • Strong revenue growth trajectory and profitability(p.94)
- • High return on net worth and capital efficiency(p.94)
- • Established multi-platform digital presence(p.87)
- • Experienced leadership with legacy media background(p.75)
- • Strong cash position and negative net debt(p.94)
- • Healthy balance sheet with improved networth(p.49)
- • Established leadership position in digital news and entertainment with strong brand recognition(p.118)
- • Experienced founding promoter with over 3 decades in media industry(p.118)
- • Strong YouTube performance and growth trajectory, reaching top publisher status(p.119)
- • Diversified revenue streams across multiple platforms and monetization models(p.130)
- • Strategic partnerships with major platforms for content distribution and monetization(p.118)
- • Strong profitability metrics with improving EBITDA margins(p.117)
- • Strong regional presence in Hindi-speaking markets with local language content focus(p.124)
- • In-house content production capability reducing outsourcing costs(p.225)
- • Significant EBITDA margin improvement and operational leverage(p.225)
- • Strong PAT growth and profitability expansion(p.225)
- • Growing manpower investment improving content quality(p.225)
Weaknesses
- • Heavy dependence on few major customers creating revenue concentration risk(p.32)
- • High employee attrition impacting operational continuity(p.32)
- • Significant working capital requirements tied to trade receivables(p.33)
- • Leased office premises without ownership security(p.38)
- • No dividend payment history and uncertain future dividend capacity(p.41)
- • Existing debt obligations with restrictive financial covenants(p.38)
- • Past instances of statutory compliance delays and defaults(p.40)
- • High dependence on a few revenue sources and channels(p.45)
- • First-time public company with no prior IPO experience(p.69)
- • Concentration of shareholding among promoters(p.64)
- • No prior public market trading history(p.46)
- • Significant reliance on external content acquisition vendors(p.85)
- • Heavy reliance on a few major content aggregator and partnership agreements for revenue(p.118)
- • Dependency on digital advertising market which is exposed to economic cycles(p.111)
- • Limited immovable property owned; entirely dependent on leased premises(p.143)
- • Limited subscriber and membership revenue generation; heavily reliant on advertising(p.116)
- • Conflict of interest with lessor being major promoter-controlled entity(p.143)
- • Significant customer concentration risk(p.226)
- • High supplier concentration dependency(p.226)
- • Substantial financial indebtedness with secured borrowings(p.227)
- • Multiple litigation matters involving the Company and promoter group(p.229)
Opportunities
- • Significant growth in Indian digital media sector with CAGR of 13.5%(p.24)
- • Strong expansion of Indian M&E sector projected to grow from Rs. 2.32 lakh crore to Rs. 3.08 lakh crore by 2026(p.23)
- • Opportunity to expand existing business and launch new content channels(p.30)
- • Investment in content acquisition and production with IPO proceeds(p.30)
- • Growth in online gaming and filmed entertainment segments with high CAGR(p.24)
- • Strong economic growth in India supporting media consumption(p.22)
- • Expansion into regional language digital content markets(p.72)
- • Growing digital media consumption in India(p.84)
- • Strategic partnerships with major digital and TV platforms(p.72)
- • Monetization through diverse content categories and global audiences(p.77)
- • Launch of new verticals like sports and regional content(p.78)
- • Brand expansion and enhanced visibility through IPO(p.71)
- • Expansion in high-growth digital media segment projected at 13.5% CAGR through 2026(p.104)
- • Growing OTT and streaming market with double-digit growth expected(p.104)
- • Expanding regional content consumption with increasing internet penetration in Tier II and III cities(p.105)
- • Rapid growth in gaming sector, projected to grow from $2.2B in 2023 to $8.6B by 2028(p.108)
- • Strategic partnerships with CTV platforms like Samsung, LG, and Xiaomi for connected TV distribution(p.126)
- • Rapid growth in advertising market projected at 9-14.5% CAGR driven by digital channels(p.105)
- • Expansion of video content production and consumption, critical growth driver across platforms(p.122)
- • Growth in digital media and content consumption(p.226)
- • Emerging broadcast and OTT platform expansion(p.226)
Threats
- • Intense competition from established media houses with greater resources(p.34)
- • Dependence on major digital platforms' policies and algorithms subject to change(p.29)
- • Vulnerability to copyright strikes and intellectual property disputes(p.34)
- • Exposure to foreign currency fluctuation risks with significant forex revenue(p.37)
- • Content consumption fluctuations tied to geopolitical climate and news cycles(p.30)
- • Geographic concentration in Delhi NCR and Mumbai regions creating localization risk(p.36)
- • Regulatory and compliance risks in evolving media and technology sectors(p.43)
- • Risk of adverse decisions in pending litigations affecting business(p.28)
- • BRLM interim SEBI order potentially impacting fund raising and listing procedures(p.35)
- • Global economic uncertainty and financial market volatility(p.45)
- • Economic slowdown affecting domestic demand(p.45)
- • Regulatory uncertainty in digital content and taxation(p.46)
- • Changing tax laws including GST and ICDS impacts(p.45)
- • Illiquidity and price volatility risks post-IPO(p.46)
- • Macroeconomic factors affecting consumer spending and advertising(p.45)
- • Intense competition from well-capitalized, established players in digital media and news(p.142)
- • Global economic uncertainties and geopolitical risks affecting advertising spend(p.111)
- • Tightening regulatory framework on digital platforms and content moderation(p.111)
- • Regulatory requirement to maintain separate entities for broadcasting vs. digital operations(p.123)
- • Content availability constraints and user demand limitations in regional markets(p.110)
- • Risk of losing key partnerships and distribution agreements(p.118)
- • Funding and investment constraints for smaller content creators in highly competitive market(p.111)
- • Regulatory compliance and GST disputes(p.231)
- • Litigation risks from multiple jurisdictions and parties(p.230)
- • Regulatory and reputational risks from news publication(p.229)
- • Material litigation from group entity affecting business(p.229)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anuradha Prasad Shukla | Promoter | 88.69% | 65.28% |
| Anuradha Prasad Shukla | Promoter | 88.69% | 65.28% |
| Vaanya Shukla | Promoter Group | 0.89% | 0.65% |
| Anuradha Prasad Shukla | Promoter | 88.69% | — |
| Anuradha Prasad Shukla | Promoter | — | — |
Leadership
Anuradha Prasad Shukla · Chairperson and Managing Director
Kriti Jain · Company Secretary and Compliance Officer
Subodh Kumar · CFO
Vijender Negi · Director
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
B.A.G. Convergence IPO FAQs
What is the lot size of B.A.G. Convergence IPO?
The minimum lot size of B.A.G. Convergence IPO is 1,600 shares. One lot costs ₹1,39,200 at the cut-off price.
When does B.A.G. Convergence IPO open and close?
B.A.G. Convergence IPO opened for subscription on 30 Sep 2025 and closed on 03 Oct 2025.
What is the listing date of B.A.G. Convergence IPO?
B.A.G. Convergence IPO listed on 08 Oct 2025.