B.A.G. Convergence Limited, the digital media company behind News24 and E24, will launch an initial public offering (IPO) on September 30. The public issue is estimated to be worth up to Rs 48.72 crore at the upper price band. The shares will be listed on the NSE Emerge platform.

The IPO comprises 56,00,000 equity shares with a face value of Rs 10 each. The price band has been fixed at Rs 82-Rs 87 per share. Investors will have to apply for a minimum of two lots, with each lot containing 1,600 shares, translating into a minimum bid size of 3,200 shares.

The allocation structure includes up to 15,60,000 shares for anchor investors, 10,40,000 shares for qualified institutional buyers, 8,32,000 shares for non-institutional investors and not less than 18,88,000 shares for retail participants

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