BAG Convergence shares list at 16% premium over IPO price on NSE SME platform

Shares of BAG Convergence debuted at a premium of 16% over the IPO price on Wednesday. The stock listed at Rs 101 against its issue price of Rs 87 on the NSE SME platform.

The Rs 48.72 crore IPO, which closed on October 3, was subscribed 1.38 times overall. While non-institutional investors subscribed 2.63 times and QIBs 1.38 times, the retail portion remained undersubscribed at just 0.83 times, reflecting lukewarm retail participation. The company had earlier raised Rs 13.57 crore from anchor investors, but secondary market interest has been limited since then.

Priced in the band of Rs 82–87 per share, the IPO comprised a fresh issue of 56 lakh shares. The minimum investment for retail investors was Rs 2.78 lakh for 3,200 shares, setting a high entry barrier typical of SME issues.


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Founded in 2007, BAG Convergence provides production and technical services for TV channels, digital platforms, and websites. It manages and produces video content for News24Online and social platforms such as YouTube, Facebook, and Instagram.

The company has also entered the Connected TV (CTV) segment through a partnership with Samsung, pre-installing its apps on Smart TVs. Its focus areas include AI-driven content automation, cloud-based broadcasting, and 4K production.

Financially, BAG Convergence has shown steady performance. Revenue grew 18% year-on-year to Rs 35.85 crore in FY25, while profit rose 17% to Rs 9.41 crore.

The company’s association with the BAG Films group and focus on digital media are positives. But the modest subscription and absence of GMP point to a quiet debut.

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