Amagi Media Labs secures SEBI approval for planned IPO

Amagi Media Labs Limited, a Bengaluru-based software-as-a-service provider specialising in cloud-native technology for the media sector, has received approval from SEBI to raise capital through an initial public offering. The company enables broadcasters, content owners and distributors to deliver video over the internet via smart televisions, smartphones and digital applications.

According to the draft red herring prospectus, the IPO will comprise a fresh issue of equity shares totalling up to INR 1,020 crore and an offer for sale of up to 3.41 crore equity shares by existing shareholders. Investor selling shareholders participating in the OFS include PI Opportunities Fund I, PI Opportunities Fund II, Norwest Venture Partners X – Mauritius, Accel India VI (Mauritius) Ltd., Accel Growth VI Holdings (Mauritius) Ltd., Trudy Holdings, AVP I Fund and various individual shareholders.

Amagi intends to allocate INR 667 crore from the fresh issue towards strengthening technology and cloud infrastructure. The balance will be directed towards inorganic growth through acquisitions and general corporate purposes. The company filed its draft papers with SEBI in July 2025 and received formal observations on 18 November, signalling regulatory clearance to proceed.

Founded in 2008 by Baskar Subramanian, Srividhya Srinivasan and Arunachalam Srinivasan Karapattu, Amagi is backed by Accel, Avataar Ventures, Norwest Venture Partners and Premji Invest. It positions itself as an end-to-end, AI-enabled cloud platform for the media and entertainment industry, serving content providers, distributors and advertising platforms. Its operations are structured across three divisions: cloud modernization, streaming unification and monetization and marketplace.

Amagi works with more than 45% of the top 50 listed media and entertainment companies by revenue. The company reported revenue of INR 1,162 crore in FY25, reflecting a compound annual growth rate of 30.70% between FY2023 and FY2025. It may explore a pre-IPO placement of up to INR 204 crore, which could reduce the size of the fresh issue.

The issue is being managed by 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. The equity shares are proposed to be listed on BSE and NSE.