B.A.G. Convergence Limited Commences Trading with Impressive Market Response on NSE Emerge
The shares of B.A.G. Convergence Limited are trading at ₹ 106.05 on the National Stock Exchange, reflecting a premium of 22% compared to the issue price of ₹ 87 per equity share, reports 24brussels.
The company was initially listed at ₹ 101, marking a 16% premium over its initial public offering (IPO). Currently, the stock has experienced a 7% increase.
The IPO consisted of 5,600,000 equity shares with a face value of ₹ 10 each, within a price band of ₹ 82 to ₹ 87 per share, raising ₹ 13.57 crore through anchor investments just prior to the IPO launch. The company intends to allocate these funds for the expansion of existing operations, content acquisition and production, brand building, and general corporate purposes.
B.A.G. Convergence Limited, established in 2007, operates digital media outlets including News24, News24 Sports, and E24 Bollywood, providing news and entertainment through various digital platforms, including web, mobile applications, social media, and Connected TV. The company emphasizes digital content creation across diverse formats, including text, audio, video, and infographics, aimed at delivering genuine and dependable information. It covers a wide range of topics such as current affairs, sports, infotainment, automobiles, gadgets, health, and spirituality, with the objective of remaining relevant and keeping its audience informed.
The company boasts substantial digital metrics, with over 29 million subscribers on YouTube, 31 million followers on Facebook, more than 4 million on Instagram, 2 million on Twitter, and 16 million monthly website users. Its extensive content operations are supported by over 350 district reporters and more than 450 stringers, ensuring comprehensive coverage across India. Additionally, B.A.G. Convergence has a well-structured sales framework addressing corporate, retail, government, and digital sectors, all guided by a team of experienced leaders.
