B.A.G. Convergence
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹87 | ₹0 |
| 07 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹87 | ₹0 |
| 06 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹87 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 30 Sept 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.
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
Incorporated on April 11, 2007 as B.A.G. Convergence Private Limited and converted to a public limited company on August 29, 2024, B.A.G. Convergence is a digital media and technology company built around the News24 and E24 brands. It started with news24online.com (launched October 14, 2007), added the Hindi portal hindi.news24online.com and the Bollywood/entertainment site e24bollywood.com (January 25, 2008), and today runs News24 and E24 mobile apps plus YouTube, Facebook, Instagram, X and WhatsApp channels covering national news (News24), entertainment (E24), sports (News24 Sports), Hindi-belt regional channels (MP-Chhattisgarh, Rajasthan, UP-Uttarakhand, Bihar-Jharkhand, Punjab-Haryana, Dilli24) and other properties such as Darshan24 and Kaalchakra. The News24 and E24 satellite channels are owned by group companies News24 Broadcast India Limited and E24 Glamour Limited respectively, whose broadcast content the company distributes digitally; trademarks/domains were assigned to it by the promoter and News24 Broadcast India Limited for Rs. 12 lakhs p.a. each. It operates from a Delhi registered office, a Noida corporate office and a Mumbai office (all leased from group company B.A.G. Films and Media Limited) with 72 full-time employees and 69 consultants as of November 30, 2024, and is essentially debt-free (debt-equity ratio 0.00). Revenue is almost entirely advertising-led 'Income from Digital Services' - Rs. 2,991.71 lakhs in Fiscal 2024 (up from Rs. 2,231.57 lakhs in Fiscal 2022; total revenue Rs. 3,032.82 lakhs, PAT Rs. 803.21 lakhs) - earned through Google AdSense, YouTube monetisation (ads, sponsorships, memberships), Meta ad breaks/brand collaborations, X video monetisation, content-syndication deals with aggregators such as Dailyhunt, Times Internet, Inshorts, Taboola and Google News Showcase, and direct advertisers including government agencies; Google Inc./YouTube was the top client at 33.06% of total income for the four months ended July 31, 2024, when 34.15% of revenue came in foreign exchange. Comscore data cited in the document shows News24 Digital with about 10.0 million unique visitors (October 2024), behind Zee Digital, India Today Group and Jagran New Media, and it has signed an NDA with Samsung for Connected TV distribution. The proposed IPO is a 100% book-built fresh issue of up to 56,00,000 shares to be listed on the Emerge Platform of NSE to fund expansion of the existing business, content acquisition/production, brand building and general corporate purposes.
Company Analysis
from DRHPB.A.G. Convergence Limited is a digital media company that creates and monetises news, entertainment and sports content through its News24 and E24 branded websites, mobile apps and social media channels.
Incorporated on April 11, 2007 as B.A.G. Convergence Private Limited and converted to a public limited company on August 29, 2024, B.A.G. Convergence is a digital media and technology company built around the News24 and E24 brands. It started with news24online.com (launched October 14, 2007), added the Hindi portal hindi.news24online.com and the Bollywood/entertainment site e24bollywood.com (January 25, 2008), and today runs News24 and E24 mobile apps plus YouTube, Facebook, Instagram, X and WhatsApp channels covering national news (News24), entertainment (E24), sports (News24 Sports), Hindi-belt regional channels (MP-Chhattisgarh, Rajasthan, UP-Uttarakhand, Bihar-Jharkhand, Punjab-Haryana, Dilli24) and other properties such as Darshan24 and Kaalchakra. The News24 and E24 satellite channels are owned by group companies News24 Broadcast India Limited and E24 Glamour Limited respectively, whose broadcast content the company distributes digitally; trademarks/domains were assigned to it by the promoter and News24 Broadcast India Limited for Rs. 12 lakhs p.a. each. It operates from a Delhi registered office, a Noida corporate office and a Mumbai office (all leased from group company B.A.G. Films and Media Limited) with 72 full-time employees and 69 consultants as of November 30, 2024, and is essentially debt-free (debt-equity ratio 0.00). Revenue is almost entirely advertising-led 'Income from Digital Services' - Rs. 2,991.71 lakhs in Fiscal 2024 (up from Rs. 2,231.57 lakhs in Fiscal 2022; total revenue Rs. 3,032.82 lakhs, PAT Rs. 803.21 lakhs) - earned through Google AdSense, YouTube monetisation (ads, sponsorships, memberships), Meta ad breaks/brand collaborations, X video monetisation, content-syndication deals with aggregators such as Dailyhunt, Times Internet, Inshorts, Taboola and Google News Showcase, and direct advertisers including government agencies; Google Inc./YouTube was the top client at 33.06% of total income for the four months ended July 31, 2024, when 34.15% of revenue came in foreign exchange. Comscore data cited in the document shows News24 Digital with about 10.0 million unique visitors (October 2024), behind Zee Digital, India Today Group and Jagran New Media, and it has signed an NDA with Samsung for Connected TV distribution. The proposed IPO is a 100% book-built fresh issue of up to 56,00,000 shares to be listed on the Emerge Platform of NSE to fund expansion of the existing business, content acquisition/production, brand building and general corporate purposes.
Objects of the Issue
- Expansion of existing business (capital expenditure of Rs. 220.36 lakhs on IT equipment for websites/social media plus operating expenditure of Rs. 1,128.60 lakhs, mainly manpower for expanded editorial, sports, regional and sales teams) Rs. 1,348.96 lakhs p.25
- Acquisition / production of content (content production and event management agreements with Pippip Media Pvt Ltd and content acquisition agreement with EMIAC Technologies, incl. influencer content, copyright licences, user-generated content and localised/regional content) Rs. 1,329.48 lakhs p.25
- Brand building expenses (marketing/branding campaigns across TV, digital, print, radio and out-of-home media) Rs. 500.00 lakhs p.78
- General Corporate Purposes p.79
- Offer related expenses (underwriting and management fees, printing, advertising, legal and regulatory costs) Rs. 480.00 lakhs (estimated) p.79
Issue Structure
- Total Issue
- Up to 56,00,000 Equity Shares of ₹10 each for cash at a price of ₹ [●] per equity share, aggregating to ₹ [●] lakhs
- Fresh Issue
- Up to 56,00,000 Equity Shares at the Offer Price of ₹ [●] each aggregating ₹ [●] Lakhs (the entire Offer comprises a Fresh Issue)
- Offer for Sale
- N.A.
- Face Value
- ₹10/- each
Business Model
The company earns essentially all its revenue as 'Income from Digital Services' (Rs. 2,991.71 lakhs of Rs. 2,991.71 lakhs revenue from operations in Fiscal 2024), i.e., digital advertising and content-monetisation income. It began with Google AdSense on its websites and now earns from: (i) platform monetisation - YouTube ads, sponsorships and memberships; Meta (Facebook/Instagram) ad breaks, brand collaborations and sponsored posts; X video monetisation; (ii) content syndication/aggregation deals with partners such as Dailyhunt, Times Internet Limited, Inshorts, Taboola (native ads), ShareIt and Google News Showcase; (iii) direct advertising sold to clients including government/state bodies; and (iv) supplying live feeds and tailored content (text, audio, video, VOD) to business partners. Sales split by delivery channel in Fiscal 2024: websites Rs. 2,280.11 lakhs and social media platforms Rs. 711.60 lakhs; Google Inc.-YouTube alone contributed 33.06% of total income for the period ended July 31, 2024.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anuradha Prasad Shukla | Promoter | 88.69% | — |
| Vaanya Shukla | Promoter Group | 0.89% | — |
Leadership
Auto-extracted from the company's DRHP 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 DRHP before relying on it.