Comparison between B.A.G.Convergence IPO and Karbonsteel Engineering IPO.
B.A.G.Convergence IPO is a SME Bookbuilding IPO proposed to list at NSE SME while Karbonsteel Engineering IPO is a SME Bookbuilding proposed to list at BSE SME.
| B.A.G.Convergence IPO | Karbonsteel Engineering 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. | Maashitla Securities Pvt.Ltd. |
| Market Maker | ACME Capital Market Ltd. | SS Corporate 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 Karbonsteel Engineering IPO is up to ₹56.31 Cr. The final issue price of B.A.G.Convergence IPO is ₹87.00 per share and of Karbonsteel Engineering IPO is ₹159.00 per share.
| B.A.G.Convergence IPO | Karbonsteel Engineering IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹82.00 per share | ₹151.00 per share |
| Issue Price (Upper) | ₹87.00 per share | ₹159.00 per share |
| Issue Price (Final) | ₹87.00 per share | ₹159.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 1600 shares | 800 shares |
| Fresh Issue Size | 53,20,000 shares | 28,51,600 shares |
| Fresh Issue Size (Amount) | up to ₹46.28 Cr | up to ₹45.34 Cr |
| OFS Issue Size | 0 shares | 6,90,000 shares |
| OFS Issue Size (Amount) | up to ₹0.00 Cr | up to ₹10.97 Cr |
| Issue Size Total | 53,20,000 shares | 35,41,600 shares |
| Issue Size Total (Amount) | up to ₹46.28 Cr | up to ₹56.31 Cr |
B.A.G.Convergence IPO opens on Sep 30, 2025, while Karbonsteel Engineering IPO opens on Sep 09, 2025. The closing date of B.A.G.Convergence IPO and Karbonsteel Engineering IPO is Oct 03, 2025, and Sep 11, 2025, respectively.
| B.A.G.Convergence IPO | Karbonsteel Engineering IPO | |
|---|---|---|
| Anchor Bid Date | Sep 29, 2025 | Sep 04, 2025 |
| Issue Open | Sep 30, 2025 | Sep 09, 2025 |
| Issue Close | Oct 03, 2025 | Sep 11, 2025 |
| Basis Of Allotment (Tentative) | Oct 06, 2025 | Sep 12, 2025 |
| Initiation of Refunds (Tentative) | Oct 07, 2025 | Sep 15, 2025 |
| Credit of Share (Tentative) | Oct 07, 2025 | Sep 15, 2025 |
| Listing date (Tentative) | Oct 08, 2025 | Sep 16, 2025 |
| Anchor Lockin End date 1 | Nov 05, 2025 | Oct 15, 2025 |
| Anchor Lockin End date 2 | Jan 04, 2026 | Dec 15, 2025 |
B.A.G.Convergence IPO P/E ratio is 14.45, as compared to Karbonsteel Engineering IPO P/E ratio of 12.47.
| B.A.G.Convergence IPO | Karbonsteel Engineering 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)Karbonsteel Engineering Ltd.'s revenue increased by 25% and profit after tax (PAT) rose by 50% between the financial year ending with March 31, 2025 and March 31, 2024.
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| Promoter Shareholding (Pre-Issue) | 89.58 | 72.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 65.93 | 51.78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 14.45 | 12.47 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹184.60 Cr. | ₹224.85 Cr. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 27.19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 24.63 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 0.57 | 1.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹6.02 | ₹12.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 40.96 | 23.45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the B.A.G.Convergence IPO Retail Individual Investors (RII) are offered 18,88,000 shares while in Karbonsteel Engineering 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 7,08,000 shares in Karbonsteel Engineering IPO.
| B.A.G.Convergence IPO | Karbonsteel Engineering IPO | |
|---|---|---|
| Anchor Investor Reservation | 15,60,000 shares | 10,60,800 shares |
| Market Maker Reservation | 2,80,000 shares | 1,88,000 shares |
| QIB | 10,40,000 shares | 7,08,000 shares |
| NII | 8,32,000 shares | 5,32,800 shares |
| RII | 18,88,000 shares | 12,40,000 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 53,20,000 shares | 35,41,600 shares |
B.A.G.Convergence IPO subscribed 1.38x in total, whereas Karbonsteel Engineering IPO subscribed 76.59x.
| B.A.G.Convergence IPO | Karbonsteel Engineering IPO | |
|---|---|---|
| QIB (times) | 1.38x | 121.61x |
| NII (times) | 2.63x | 85.99x |
| Big NII (times) | 3.63x | 102.58x |
| Small NII (times) | 0.62x | 52.80x |
| RII (times) | 0.83x | 46.84x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 1.38x | 76.59x |
