Amagi files INR 1,789-crore IPO, January debut set

Bengaluru-based SaaS company, Amagi Media Labs, has filed its Red Herring Prospectus (RHP) for an initial public offering worth INR 1,789 crore, scheduled to open on January 13, 2026, at a valuation of over INR 7,800 crore. The price band has been fixed at INR 343–361 per share, with the issue closing on January 16. The company’s shares are expected to list on the BSE and NSE on January 21.

The IPO comprises a fresh issue of equity shares aggregating up to INR 816 crore and an offer-for-sale of up to 2.69 crore equity shares worth INR 972.6 crore at the upper price band. Seventy-five percent of the issue has been reserved for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors. Bids can be made for a minimum of 41 shares and in multiples thereafter.

Amagi had first filed its IPO papers with the Securities and Exchange Board of India (SEBI) in July 2025, receiving approval in November. The current issue size is lower than the INR 2,254 crore IPO planned earlier, which included a fresh issue of INR1,020 crore and an offer-for-sale of 3.41 crore equity shares.

The offer-for-sale includes shares being sold by PI Opportunities Fund I, Accel India VI (Mauritius) Ltd, Trudy Holdings, PI Opportunities Fund II and Norwest Venture Partners X – Mauritius, along with a small number of shares from individual selling shareholders including Rahul Garg and Rajat Garg. Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, IIFL Capital Services Limited and Avendus Capital Private Limited are acting as the book running lead managers.

Founded in 2008, Amagi Media Labs is a global SaaS provider of cloud-based media technology focused on streaming and advertising monetisation. As of March 2025, it claimed to have served over 400 content providers, more than 300 distributors and over 80 advertisers across 40 countries.

The company’s platforms support cable-free streaming on smart TVs and apps, alongside targeted advertising solutions for broadcasters and advertisers. Its technology has been used to power large-scale global events such as the Paris Olympics 2024, UEFA tournaments, the Oscars and US election debates, underlining its ability to manage high-volume streaming and ad inventory.

According to the RHP, Amagi plans to deploy INR 667.21 crore from the IPO proceeds towards technology and cloud infrastructure investments, positioning the business for AI-led scalability and next-generation streaming capabilities. The remaining funds will be used for inorganic growth through unidentified acquisitions and for general corporate purposes.

The company has reported strong revenue growth, with revenue rising from INR 724 crore in FY2023 to INR 1,223 crore in FY2025, reflecting demand for free ad-supported streaming and adtech solutions amid global cord-cutting trends. However, profitability has come under pressure. Profit after tax declined sharply from INR 321 crore in FY2023 to INR 68 crore in FY2025, translating into a PAT margin of -5.62 percent and a negative return on net worth of -13.49 percent.

In an advisory note, JM Financials flagged execution and strategic risks. It noted that Amagi’s “heavy reliance on INR 667 crore IPO funds for tech infra (87%+ of proceeds) creates execution risk if projects delay or underperform.” The note also cautioned that “‘Unidentified acquisitions’ for inorganic growth introduces uncertainty on targets, integration and value creation,” while highlighting intense competition from global cloud and ad-tech players such as AWS and Google Cloud, alongside regulatory risks around data privacy and AI-driven disruption.