B.A.G. Convergence ₹48.72 Crore SME IPO Opens September 30; Price Band ₹82-87

New Delhi, Sep 29, 2025: B.A.G. Convergence Limited IPO is set to open its SME IPO on September 30, 2025. The issue includes a fresh issue of 56 lakh equity shares, with an expected size of ₹45.92-₹48.72 crore, priced between ₹82 and ₹87 per share (face value: ₹10 each).

The lot size is 1,600 shares, requiring a minimum investment of ₹1.31 lakh at the lower band and ₹1.39 lakh at the upper band. The IPO will remain open until October 3, 2025, and the shares are scheduled to list on October 8, 2025. Inventure Merchant Banker Services Pvt Ltd is the lead manager, with Maashitla Securities Pvt Ltd as the registrar.

B.A.G. Convergence IPO Use of Proceeds

The company will invest the proceeds from the IPO towards

• Expansion of business activities – ₹1,348.96 lakh
• Acquisition/production of digital content – ₹1,329.48 lakh
• Brand building activities – ₹500 lakh
• General corporate purposes

B.A.G. Convergence IPO Financial Highlights (₹ in lakh)

B.A.G. Convergence Limited has shown steady growth over the past three years. Revenue rose from ₹2,495.70 lakh in FY23 to ₹3,585.14 lakh in FY25. EBITDA grew from ₹649.37 lakh in FY23 to ₹1,399.46 lakh in FY25, with margins expanding from 26.02% to 39.04%.

Profit after tax (PAT) increased from ₹497.81 lakh in FY23 to ₹909.71 lakh in FY25, maintaining healthy PAT margins of 19.95%–26.48%. Earnings per share (EPS) also improved from ₹3.36 in FY23 to ₹5.82 in FY25, reflecting consistent profitability.

B.A.G. Convergence IPO Promoter Holding

Ahead of the IPO, Anuradha Prasad Shukla holds 88.69% of the company’s equity, which is expected to reduce to 65.28% post-issue. The promoter group’s shareholding will decrease slightly to 0.65% from 0.89%, while public shareholding will rise substantially from 10.42% pre-IPO to 34.07% post-IPO.

B.A.G. Convergence IPO Strengths

• Established presence with News24, E24, and Bollywood portals.
• Early mover into mobile-first, social media-based content.
• Strong financials, consistent revenue growth, and 25%+ PAT margin.
• Seasoned promoter with years of experience working in the media sector.

B.A.G. Convergence IPO Risks

• High revenue exposure with the top 10 customers generating more than 80%.
• Outstanding litigations against group companies (~₹469.73 Lakhs).
• Previous copyright strike violations on YouTube affecting revenues.
• Working capital intensive company having ₹1,405 lakh receivables (FY25).

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