Amagi Media Labs IPO Opens for Public Subscription
Amagi Media Labs, a cloud-based SaaS company, has opened its initial public offering for subscription. The IPO subscription window opened on Tuesday, January 13, and will close on Friday, January 16. The company helps media firms stream and monetise digital video content effectively.
IPO Price Band and Anchor Investment Details
The Amagi Media Labs IPO price band has been fixed between ₹343 and ₹361 per share. One day before the public opening, on January 12, the company secured a strong commitment from anchor investors. Amagi Media Labs raised ₹804.87 crore from 42 anchor investors.
On Monday, the company confirmed the allocation of 2.22 crore equity shares to these anchor investors at the maximum price band of ₹361 per share.
Breakdown of Anchor Investor Participation
Domestic mutual funds showed significant interest in the offering. Out of the total shares allocated to anchor investors, 1.69 crore equity shares valued at ₹613 crore went to 11 domestic mutual funds.
Major mutual fund participants include:
- SBI Mutual Fund
- ICICI Prudential Mutual Fund
- Aditya Birla Sun Life AMC
- HDFC AMC
- Motilal Oswal AMC
- Franklin India
- PGIM India
- Helios
Insurance providers also participated actively. HDFC Life Insurance, Bharti Axa Life Insurance, and Edelweiss Life Insurance acquired 14.95 lakh shares in Amagi for ₹53.98 crore.
IPO Allocation Structure
The total issue size follows a specific allocation pattern. Qualified institutional buyers will receive 75% of the issue. Non-institutional investors get 15% allocation. Retail investors have access to the remaining 10% of shares.
Tentative Timeline for Allotment and Listing
The company plans to finalise the basis of allotment of shares on Monday, January 19. Refunds will begin on Tuesday, January 20. Shares will be credited to the demat accounts of successful allottees on the same day following refund completion.
Amagi Media Labs share price is expected to list on both BSE and NSE on Wednesday, January 21.
Financial Performance Highlights
Amagi recorded operational revenue of ₹1,162 crore in FY25. This reflects a compound annual growth rate of 31% from FY23 to FY25. The growth came from new customer additions and increased engagement from existing platform users.
For the six-month period ending September 30, 2025, the company declared a profit of ₹6.4 crore. Total revenue for this period amounted to ₹704.8 crore.
Grey Market Premium and Estimated Listing Price
Amagi Media Labs IPO GMP today stands at ₹20. Considering the upper end of the IPO price band and this premium, the estimated listing price reaches ₹381 per share. This represents a 5.54% increase over the IPO price of ₹361.
The current GMP of ₹20 shows a downward trend based on grey market activities over the last seven sessions. Experts note the lowest recorded GMP was ₹0.00, while the highest reached ₹43. Grey market premium indicates investor willingness to pay above the issue price.
Complete IPO Structure and Size
Amagi Media Labs IPO includes a fresh issue of shares worth ₹816 crore. It also features an Offer For Sale of 2.7 crore shares valued at ₹972.6 crore at the upper price band. This comes from existing shareholders. The total issue size amounts to ₹1,788.6 crore.
OFS participants include:
- PI Opportunities Fund I
- PI Opportunities Fund II
- Norwest Venture Partners X – Mauritius
- Accel India VI (Mauritius) Ltd
- Trudy Holdings
- Several individual selling shareholders
Proceeds from the fresh issue, amounting to ₹550 crore, will fund specific initiatives. These include enhancing Amagi's technology and cloud infrastructure, supporting inorganic growth through acquisitions, and covering general corporate expenses.
The fund deployment will occur in phases. ₹82 crore is designated for FY26, ₹359 crore for FY27, and ₹108 crore for FY28.
Book-Running Managers and Registrar
Multiple financial institutions manage the issue. The main book-running managers are Kotak Mahindra Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities, IIFL Capital Services, and Avendus Capital. MUFG Intime India Pvt. Ltd. serves as the registrar for the issue.
Brokerage Reviews and Recommendations
Anand Rathi provided analysis on the offering. At the highest price range, the firm's valuation stands at 6.7 times FY25 price-to-sales ratio. This results in a post-issue market capitalization of ₹78,098 million. The company achieved profitability in the first half of FY26. Strong operating leverage positions it for full-year profitability in FY26.
The brokerage notes ongoing investments in research and development will boost scalability, automation, performance, and user experience. This solidifies its status as the “industry cloud” for video within media and entertainment. Considering these factors, the IPO appears fully valued. Anand Rathi advises “Subscribe – Long Term.”
SBICAP Securities offered a different perspective. The IPO seems poised to achieve profitability for the entire FY26 based on first-half results. However, the global Media & Entertainment sector faces consolidation waves, particularly in Amagi's main North American market. This may affect pricing power for the company.
At the upper price band of ₹361, the IPO evaluates at 6.7 times FY25 price-to-sales ratio based on post-issue capital. SBICAP Securities gives a NEUTRAL rating to the offering. The brokerage intends to monitor the company’s performance for several quarters after listing.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies. We advise investors to consult certified experts before making any investment decisions.
