B.A.G.Convergence Limited IPO

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B.A.G. Convergence Limited (BAG Convergence) was founded in 2007 with a vision to become a leading digital media company. It started with news24online.com and its Hindi counterpart, expanding into entertainment with e24bollywood.com. The company generates revenue through digital advertising, content aggregators like Times Internet and Dailyhunt, direct clients including government agencies, and partnerships with CTV platforms.

Digital Services

BAG Convergence specializes in multi-format digital content, including text, audio, video, and infographics, covering categories such as Current Affairs, Sports, Infotainment, Automobiles, Technology, Health, and Spirituality. Its digital offerings include:

1. Website Development & Maintenance – User-friendly and secure websites.
2. SEO & SMO – Optimized content and social media presence for higher visibility.
3. App Optimization – Enhancing mobile app performance and discoverability.
4. Business Partnerships – Collaborations and joint ventures to expand reach.

Technological Adaptation

The company shifted focus to mobile-first platforms with Google’s mobile-first indexing, launched mobile apps (News24 and E24), and entered the Connected TV (CTV) space through a partnership with Samsung TV Plus, enhancing engagement across devices.

Competitive Strengths

1. Leadership Position – News24 is a trusted Hindi news platform, and E24 is a leading entertainment channel, both with strong digital presence across YouTube, Facebook, and Instagram.

2. Experienced Promoter & Management Team – Led by Anuradha Prasad Shukla, a renowned media professional with over 30 years of experience, supported by a skilled management team.

3. Strategic Partnerships – Collaborations with Dailyhunt, Times Internet, Taboola, Facebook, Google, Inshorts, Shareit, and Samsung CTV, enabling wide content distribution and monetization.

Expansion Strategy

BAG Convergence focuses on launching new digital channels, regional market penetration (especially Hindi-speaking regions), podcasting, and CTV integration, aiming to provide engaging, multi-format content for diverse audiences across India.

Objects of the B.A.G.Convergence Limited IPO:

Company proposes to utilise the Net Proceeds towards funding the following objects: 1 Expansion of Existing Business (₹13.48 cr) 2 Acquisition/ Production of Content (₹13.29 cr) 3 Brand building expenses (₹5 cr) 4 General Corporate Purposes
DRHP of B.A.G.Convergence Limited IPO
RHP of B.A.G.Convergence Limited IPO

B.A.G.Convergence Limited IPO Details:

Open Date: Sep 30 2025
Close Date: Oct 03 2025
Total Shares: 56,00,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 48.72 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 82-87 Per Equity Share
Listing At: NSE Emerge
Listing Date: Oct 08 2025

Promoters And Management:

1. Anuradha Prasad Shukla – Founding Promoter and Chairperson & Managing Director (reappointed June 10, 2024). With a BA from Bihar Pariksha Samiti Vidyalaya and MA in Political Science from Delhi University, she has over 30 years of experience in media. She founded B.A.G. Films and Media Ltd and other group companies, producing and directing popular TV programs including Khul Ja Sim Sim, Kumkum, and Haqeeqat. Recipient of the Pt. Haridutt Sharma Award (2015). 2. Vijender Negi – Executive Director (confirmed July 5, 2024). Holds a B.Com from Delhi Vishwa Vidyalaya, a PG Diploma in IT from Symbiosis, and is a Microsoft Certified Professional. With 19+ years in IT and broadcasting, he manages technical operations, R&D, AI integration, and software/hardware systems across BAG group companies. 3. Shashi Shekhar Mishra – Non-Executive Director since June 2018. Holds a BA from Patna University and MA from Delhi University, with 21 years’ experience in programming and packaging news bulletins and special shows for News24.

Financials of B.A.G.Convergence Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 35.85 30.31 24.95
EBITDA (Cr) 13.99 10.87 6.49
EBITDA Margins 39.04% 35.87% 26.02%
PAT (Cr) 9.09 8.03 4.97
PAT Margins 25.37% 26.48% 19.95%
ROCE 40.96% 112.94% -
Debt to Equity Ratio(In Times) 0.57 0 0
Operating Cash Flows (Cr) 3.61 3.82 0.57

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
TV Today Network Limited 993.00 10.00% 7.55% 12.40% 0.02 853.00 26.20
Zee Media Limited 622 -3% -19.13% -27.10% 0.79 710 -
B.A.G. Convergence Limited 35.85 39.04% 25.37% 40.96% 0.57 184.6 20.30

Lead Manager of B.A.G.Convergence Limited IPO:

  1. Inventure Merchant Banker Services Private Limited

Registrar of B.A.G.Convergence Limited IPO:

  1. Maashitla Securities Pvt. Limited.

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