Comparison between B.A.G.Convergence IPO and Star Imaging IPO.
B.A.G.Convergence IPO is a SME Bookbuilding IPO proposed to list at NSE SME while Star Imaging IPO is a SME Bookbuilding proposed to list at BSE SME.
| B.A.G.Convergence IPO | Star Imaging IPO | |
|---|---|---|
| Logo |  |  |
| Issue Category | SME | SME |
| Issue Type | IPO | IPO |
| Process Type | Bookbuilding | Bookbuilding |
| Listing At | NSE SME | BSE SME |
| Lead Managers | Inventure Merchant Banker Services Pvt.Ltd. | Share India Capital Services Pvt.Ltd. |
| Registrar | Maashitla Securities Pvt.Ltd. | Kfin Technologies Ltd. |
| Market Maker | ACME Capital Market Ltd. | Share India Securities Ltd. |
| DRHP | DRHP  | DRHP |
| RHP | RHP | RHP |
| Final Prospectus | Final Prospectus | Final Prospectus |
| Anchor Investor | Anchor Investor | Anchor Investor |
| IPO Allotment URL | IPO Allotment URL | IPO Allotment URL |
The total issue size of B.A.G.Convergence IPO is up to ₹46.28 Cr whereas the issue size of the Star Imaging IPO is up to ₹62.65 Cr. The final issue price of B.A.G.Convergence IPO is ₹87.00 per share and of Star Imaging IPO is ₹142.00 per share.
| B.A.G.Convergence IPO | Star Imaging IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹82.00 per share | ₹135.00 per share |
| Issue Price (Upper) | ₹87.00 per share | ₹142.00 per share |
| Issue Price (Final) | ₹87.00 per share | ₹142.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 1600 shares | 1000 shares |
| Fresh Issue Size | 53,20,000 shares | 34,40,000 shares |
| Fresh Issue Size (Amount) | up to ₹46.28 Cr | up to ₹48.85 Cr |
| OFS Issue Size | 0 shares | 9,72,000 shares |
| OFS Issue Size (Amount) | up to ₹0.00 Cr | up to ₹13.80 Cr |
| Issue Size Total | 53,20,000 shares | 44,12,000 shares |
| Issue Size Total (Amount) | up to ₹46.28 Cr | up to ₹62.65 Cr |
B.A.G.Convergence IPO opens on Sep 30, 2025, while Star Imaging IPO opens on Aug 08, 2025. The closing date of B.A.G.Convergence IPO and Star Imaging IPO is Oct 03, 2025, and Aug 12, 2025, respectively.
| B.A.G.Convergence IPO | Star Imaging IPO | |
|---|---|---|
| Anchor Bid Date | Sep 29, 2025 | Aug 07, 2025 |
| Issue Open | Sep 30, 2025 | Aug 08, 2025 |
| Issue Close | Oct 03, 2025 | Aug 12, 2025 |
| Basis Of Allotment (Tentative) | Oct 06, 2025 | Aug 13, 2025 |
| Initiation of Refunds (Tentative) | Oct 07, 2025 | Aug 14, 2025 |
| Credit of Share (Tentative) | Oct 07, 2025 | Aug 14, 2025 |
| Listing date (Tentative) | Oct 08, 2025 | Aug 18, 2025 |
| Anchor Lockin End date 1 | Nov 05, 2025 | Sep 12, 2025 |
| Anchor Lockin End date 2 | Jan 04, 2026 | Nov 11, 2025 |
B.A.G.Convergence IPO P/E ratio is 14.45, as compared to Star Imaging IPO P/E ratio of 12.01.
| B.A.G.Convergence IPO | Star Imaging IPO | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financials | Company Financials (Restated Consolidated)B.A.G.Convergence Ltd.'s revenue increased by 18% and profit after tax (PAT) rose by 17% between the financial year ending with March 31, 2025 and March 31, 2024.
| Company Financials (Restated Consolidated)Star Imaging & Path Lab Ltd.'s revenue increased by 5% and profit after tax (PAT) rose by 28% between the financial year ending with March 31, 2025 and March 31, 2024.
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| Promoter Shareholding (Pre-Issue) | 89.58 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 65.93 | 71.92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 14.45 | 12.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹184.60 Cr. | ₹247.36 Cr. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 40.65 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 29.92 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 0.57 | 0.69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹6.02 | ₹11.82 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 40.96 | 40.65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the B.A.G.Convergence IPO Retail Individual Investors (RII) are offered 18,88,000 shares while in Star Imaging IPO retail investors are offered 18,88,000 shares. Qualified Institutional Buyers (QIB) are offered 10,40,000 shares in B.A.G.Convergence IPO and 8,71,000 shares in Star Imaging IPO.
| B.A.G.Convergence IPO | Star Imaging IPO | |
|---|---|---|
| Anchor Investor Reservation | 15,60,000 shares | 13,04,000 shares |
| Market Maker Reservation | 2,80,000 shares | 4,80,000 shares |
| QIB | 10,40,000 shares | 8,71,000 shares |
| NII | 8,32,000 shares | 6,57,000 shares |
| RII | 18,88,000 shares | 15,28,000 shares |
| Employee | 0 shares | 52,000 shares |
| Others | ||
| Total | 53,20,000 shares | 44,12,000 shares |
B.A.G.Convergence IPO subscribed 1.38x in total, whereas Star Imaging IPO subscribed 5.67x.
| B.A.G.Convergence IPO | Star Imaging IPO | |
|---|---|---|
| QIB (times) | 1.38x | 12.85x |
| NII (times) | 2.63x | 4.38x |
| Big NII (times) | 3.63x | 5.12x |
| Small NII (times) | 0.62x | 2.89x |
| RII (times) | 0.83x | 2.32x |
| Employee (times) | 0.31x | |
| Other (times) | ||
| Total (times) | 1.38x | 5.67x |
