The Indian IPO market continues to witness active participation from niche players, including the media and digital content sector. B.A.G. Convergence Ltd., a company specialising in technical assistance and production services for television and digital platforms, is set to open its IPO on September 30, 2025. This IPO presents an opportunity for investors to participate in the growth of a firm with a strong legacy and diversified content portfolio.
About B.A.G. Convergence Ltd.
Incorporated in April 2007, B.A.G. Convergence Ltd. operates across television, digital media, and OTT platforms. The company offers:
- Artificial Intelligence & Automation: AI-driven solutions to optimise content creation, editing, and distribution.
- Cloud-Based Broadcasting: Cloud infrastructure for seamless media management and live broadcasting.
- High-Definition & 4K Content Production: Creating premium video content for evolving audience expectations.
- OTT & Streaming Services: Expanding digital footprint with content for OTT platforms.
As of August 31, 2025, the company had 87 employees.
Competitive Strengths:
- Strong legacy in media and broadcasting under the B.A.G. Network
- Advanced production infrastructure with state-of-the-art studios and technology
- Diversified content portfolio spanning TV, digital, and OTT platforms
- Agile and innovative approach, adapting to market trends
B.A.G. Convergence IPO Details
B.A.G Convergence IPO is a book-building issue of ₹48.72 crore, entirely a fresh issue of 0.56 crore shares. The IPO will list on NSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 30, 2025 |
| IPO Close Date | Oct 3, 2025 |
| Tentative Allotment | Oct 6, 2025 |
| Initiation of Refunds | Oct 7, 2025 |
| Credit of Shares to Demat | Oct 7, 2025 |
| Tentative Listing Date | Oct 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 3, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹82 – ₹87 per share |
| Lot Size | 1,600 shares |
| Total Issue Size | 56,00,000 shares (₹48.72 Cr) |
| Sale Type | Fresh Capital |
| 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 (₹46.28 Cr) |
| Issue Type | Bookbuilding IPO |
| Shareholding Pre-Issue | 1,56,18,800 shares |
| Shareholding Post-Issue | 2,12,18,800 shares |
Investor Category Reservation:
| Investor Category | Shares Offered |
| Market Maker | 2,80,000 (5.00%) |
| QIB | 26,00,000 (46.43%) |
| NII (HNI) | 8,32,000 (14.86%) |
| Retail | 18,88,000 (33.71%) |
| Total | 56,00,000 (100.00%) |
Anchor Investors Details:
| Bid Date | Shares Offered | Anchor Portion (₹ Cr) | Lock-in 50% End | Lock-in Remaining End |
| Sep 29, 2025 | 15,60,000 | 13.57 | Nov 5, 2025 | Jan 4, 2026 |
Book Running Lead Manager: Inventure Merchant Banker Services Pvt. Ltd.
Registrar: Maashitla Securities Pvt. Ltd.
Market Maker: ACME Capital Market Ltd.
B.A.G. Convergence IPO Lot Size & Investment
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 3,200 | ₹2,78,400 |
| 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 |
Promoter Holding:
- Promoter: Anuradha Prasad Shukla
- Pre-IPO: 89.58%
- Post-IPO: 65.93%
Financials of B.A.G. Convergence Ltd.
| 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 & Surplus | 6.59 | 7.10 | -0.93 |
Amount in ₹ Crore
Key Performance Indicators (KPI):
| KPI | Value |
| Market Cap | ₹184.60 Cr |
| Debt/Equity | 0.57 |
| RoNW | 40.96% |
| PAT Margin | 25.37% |
| EBITDA Margin | 39.04% |
| Price to Book | 18.13 |
| EPS Pre-IPO (₹) | 6.02 |
| EPS Post-IPO (₹) | 4.43 |
| P/E Pre-IPO (x) | 14.45 |
| P/E Post-IPO (x) | 19.62 |
Objects of the Issue
| Object | Expected Amount (₹ Million) |
| Expansion of Existing Business | 134.90 |
| Acquisition / Production of Content | 132.95 |
| Brand Building Expenses | 50.00 |
| General Corporate Purposes | Balance |
Conclusion
B.A.G. Convergence Ltd. IPO provides investors with a chance to invest in a leading media and digital content company with consistent revenue and profit growth. Its diversified content portfolio, strong infrastructure, and experienced management make it an attractive option. However, investors should consider risks such as competitive pressures in media production, reliance on technology infrastructure, and content consumption trends.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
