Comparison between B.A.G.Convergence IPO and Gallard Steel IPO.
B.A.G.Convergence IPO is a SME Bookbuilding IPO proposed to list at NSE SME while Gallard Steel IPO is a SME Bookbuilding proposed to list at BSE SME.
| B.A.G.Convergence IPO | Gallard Steel 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. | Seren Capital Pvt.Ltd. |
| Registrar | Maashitla Securities Pvt.Ltd. | Ankit Consultancy Pvt.Ltd. |
| Market Maker | ACME Capital Market Ltd. | Asnani Stock Broker Pvt.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 Gallard Steel IPO is up to ₹35.63 Cr. The final issue price of B.A.G.Convergence IPO is ₹87.00 per share and of Gallard Steel IPO is ₹150.00 per share.
| B.A.G.Convergence IPO | Gallard Steel IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹82.00 per share | ₹142.00 per share |
| Issue Price (Upper) | ₹87.00 per share | ₹150.00 per share |
| Issue Price (Final) | ₹87.00 per share | ₹150.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 1600 shares | 1000 shares |
| Fresh Issue Size | 53,20,000 shares | 23,75,000 shares |
| Fresh Issue Size (Amount) | up to ₹46.28 Cr | up to ₹35.63 Cr |
| OFS Issue Size | 0 shares | 0 shares |
| OFS Issue Size (Amount) | up to ₹0.00 Cr | up to ₹0.00 Cr |
| Issue Size Total | 53,20,000 shares | 23,75,000 shares |
| Issue Size Total (Amount) | up to ₹46.28 Cr | up to ₹35.63 Cr |
B.A.G.Convergence IPO opens on Sep 30, 2025, while Gallard Steel IPO opens on Nov 19, 2025. The closing date of B.A.G.Convergence IPO and Gallard Steel IPO is Oct 03, 2025, and Nov 21, 2025, respectively.
| B.A.G.Convergence IPO | Gallard Steel IPO | |
|---|---|---|
| Anchor Bid Date | Sep 29, 2025 | Nov 18, 2025 |
| Issue Open | Sep 30, 2025 | Nov 19, 2025 |
| Issue Close | Oct 03, 2025 | Nov 21, 2025 |
| Basis Of Allotment (Tentative) | Oct 06, 2025 | Nov 24, 2025 |
| Initiation of Refunds (Tentative) | Oct 07, 2025 | Nov 25, 2025 |
| Credit of Share (Tentative) | Oct 07, 2025 | Nov 25, 2025 |
| Listing date (Tentative) | Oct 08, 2025 | Nov 26, 2025 |
| Anchor Lockin End date 1 | Nov 05, 2025 | Dec 25, 2025 |
| Anchor Lockin End date 2 | Jan 04, 2026 | Feb 23, 2026 |
B.A.G.Convergence IPO P/E ratio is 14.45, as compared to Gallard Steel IPO P/E ratio of 17.31.
| B.A.G.Convergence IPO | Gallard Steel 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 (Proforma Consolidated)Gallard Steel Ltd.'s revenue increased by 92% and profit after tax (PAT) rose by 90% between the financial year ending with March 31, 2025 and March 31, 2024.
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| Promoter Shareholding (Pre-Issue) | 89.58 | 91.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 65.93 | 67.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 14.45 | 17.31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹184.60 Cr. | ₹142.50 Cr. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 43.16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 26.59 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 0.57 | 1.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹6.02 | ₹8.67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 40.96 | 35.51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the B.A.G.Convergence IPO Retail Individual Investors (RII) are offered 18,88,000 shares while in Gallard Steel 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 4,74,000 shares in Gallard Steel IPO.
| B.A.G.Convergence IPO | Gallard Steel IPO | |
|---|---|---|
| Anchor Investor Reservation | 15,60,000 shares | 7,09,000 shares |
| Market Maker Reservation | 2,80,000 shares | 1,25,000 shares |
| QIB | 10,40,000 shares | 4,74,000 shares |
| NII | 8,32,000 shares | 3,60,000 shares |
| RII | 18,88,000 shares | 8,32,000 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 53,20,000 shares | 23,75,000 shares |
B.A.G.Convergence IPO subscribed 1.38x in total, whereas Gallard Steel IPO subscribed 375.54x.
| B.A.G.Convergence IPO | Gallard Steel IPO | |
|---|---|---|
| QIB (times) | 1.38x | 228.48x |
| NII (times) | 2.63x | 624.56x |
| Big NII (times) | 3.63x | 745.96x |
| Small NII (times) | 0.62x | 381.75x |
| RII (times) | 0.83x | 351.58x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 1.38x | 375.54x |
