Amagi IPO

Amagi Media Labs Limitedamagi.com

ListedMainboardInformation TechnologyNSE · BSE

Price band: ₹343 – ₹361
Issue size: ₹1,789 Cr
Lot size: 41 sh
Bidding: 13 – 16 Jan
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Amagi Media Labs is a Bengaluru cloud-software company founded in 2008 with 986 employees, and it raised Rs 1,788.62 Cr in January 2026 — Rs 816 Cr of fresh issue and Rs 972.62 Cr of offer for sale, so new money was 45.62% of the total. Revenue from operations was Rs 680.56 Cr in FY23, Rs 879.16 Cr in FY24 and Rs 1,162.64 Cr in FY25, with losses after tax of Rs 321.27 Cr, Rs 245.00 Cr and Rs 68.71 Cr in those years; the six months to 30 September 2025 recorded revenue of Rs 704.82 Cr and a profit after tax of Rs 6.47 Cr. The issue was subscribed 30.24 times on its final day, 16 January 2026. It listed on 21 January 2026 at Rs 318 against a band top of Rs 361, 11.91% below it, and last traded at Rs 544.45 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

58Balanced

IPOVista score

Scaling fast, not yet earning

58% of the scoring model was backed by disclosed data for Amagi, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Loss-making in the latest full year
The company reported a net loss of ₹68.7 Cr in FY25. P/E is undefined, so valuation is scored on sales instead of earnings.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2008 · Raj Alkaa Park, Survey No. 29/3 and 32/2, 4th Floor, Kalena Agrahara Village, Begur Hobli, Bengaluru 560076, Karnataka, India · 986 employees

Amagi Media Labs is a Bengaluru software company, founded in 2008, that runs television channels for media companies on public-cloud infrastructure instead of broadcast hardware. Its products prepare, schedule, play out and deliver video to streaming and connected-TV services — Amagi CLOUDPORT for channel playout, PLANNER for scheduling, ON DEMAND for library delivery — and then insert and sell the advertising that runs inside that video, through THUNDERSTORM and ADS PLUS. Customers are content owners, broadcasters and distributors: 481 active customers and 384 distributors as of September 30, 2025, served by 986 full-time employees. The business is sold abroad rather than at home — the America region produced 72.86% of FY25 revenue from operations, Europe 17.34%, and India 1.39%.

Revenue is recurring platform fees: a fixed monthly fee per channel for playout, usage-based charges per hour of content processed or per ad impression delivered, and inventory- or revenue-share on advertising sold through its marketplace. Revenue from operations was ₹1,162.64 crore in FY25, up 32.24% on FY24, with net revenue retention of 126.90% — growth comes mostly from existing customers spending more. Direct costs are cloud infrastructure (₹321.42 crore in FY25) plus support staff, leaving a 69.33% gross margin. The constraint sits below that line: employee benefits expense of ₹694.81 crore equalled 59.76% of revenue from operations, which is why adjusted EBITDA only turned positive in FY25, at ₹23.49 crore. Borrowings were nil throughout.

The company on paper

Legal name: Amagi Media Labs Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 1 Feb 2008
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U73100KA2008PLC045144
Sector: Information Technology · Cloud-native SaaS for broadcast and streaming TV playout, content delivery and ad monetization
Employees: 986
Registered office: Raj Alkaa Park, Survey No. 29/3 and 32/2, 4th Floor, Kalena Agrahara Village, Begur Hobli, Bengaluru 560076, Karnataka, India
Promoters: Baskar Subramanian, Srividhya Srinivasan, Arunachalam Srinivasan Karapattu
Promoter holding, pre-issue: 15.8%
Promoter holding, post-issue: 14.1%
Website: amagi.com

The numbers

Financial performance

Revenue has compounded at 30.7% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

46% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹816 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹973 Cr
Total issue size: ₹1,789 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 1.6% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription30.24×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹361.00
Listed at: ₹318.00
Listing gain: down 11.9%
Since listing: up 70.0%
Against the issue price: up 49.8%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 41
At cut-off price: ₹361.00
Amount blocked: ₹14,801

One lot is 41 shares at ₹14,801. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~10%

chance of one lot, per application

Retail subscription: 9.54×
Applicants per share available: 9.5× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹318.00

listed at, −11.9% against the issue price

Issue price: ₹361.00
Premium said: —
If allotted 41 shares: −₹1,763

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations was Rs 680.56 Cr in FY23 and rose in both years after it: to Rs 879.16 Cr in FY24, up 29.18%, and to Rs 1,162.64 Cr in FY25, up 32.24%. The six months to 30 September 2025 brought in Rs 704.82 Cr, which is 60.62% of the full FY25 figure.
The loss after tax narrowed in both years after FY23, from Rs 321.27 Cr to Rs 245.00 Cr and then to Rs 68.71 Cr, and the six months to 30 September 2025 show a profit after tax of Rs 6.47 Cr. EBITDA was minus Rs 140.34 Cr in FY23, minus Rs 155.53 Cr in FY24, Rs 23.49 Cr in FY25 and Rs 58.23 Cr in that half-year.
Total borrowings were nil in all four periods on record — FY23, FY24, FY25 and the six months to 30 September 2025.
The record states net revenue retention of 126.90%, and 481 active customers and 384 distributors as of 30 September 2025.

What to weigh against it

All three full years on record are loss-making at the profit-after-tax line: Rs 321.27 Cr in FY23, Rs 245.00 Cr in FY24 and Rs 68.71 Cr in FY25. The single profitable period is the half-year to 30 September 2025, where Rs 6.47 Cr on revenue of Rs 704.82 Cr is a margin of 0.92%.
Two cost lines account for most of FY25 revenue: employee benefits expense of Rs 694.81 Cr, which the record puts at 59.76% of revenue from operations, and cloud infrastructure cost of Rs 321.42 Cr. Together they come to Rs 1,016.23 Cr against revenue from operations of Rs 1,162.64 Cr, or 87.41%.
The record places 72.86% of FY25 revenue from operations in the America region, 17.34% in Europe and 1.39% in India.
Net worth fell from Rs 644.49 Cr in FY23 to Rs 496.80 Cr in FY24, down 22.92%, before Rs 509.45 Cr in FY25 and Rs 859.34 Cr at 30 September 2025.

Easy to miss in the prospectus

EBITDA margin: Rs 58.23 Cr on Rs 704.82 Cr of revenue in the six months to 30 September 2025 is 8.26%, against Rs 23.49 Cr on Rs 1,162.64 Cr in FY25, which is 2.02%.
The price: Rs 318 at listing — 7.29% below the band floor of Rs 343 and 11.91% below the top of Rs 361 — Rs 348.25 at the close of day one, and Rs 544.45 on 23 October 2026, 50.82% above Rs 361 and 71.21% above the Rs 318 listing price.
Promoter holding across the three named promoters was 15.76% before the issue and 14.14% after it.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Amagi — Red Herring Prospectus dated 2026-01-077 Jan 2026The document the issue was bid on. Carries the price band and the dates.Opens on amagi.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, IIFL Capital Services Limited, Avendus Capital Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Reconciled to Amagi's own prospectus and to exchange disclosures, then cross-checked against 9 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Amagi Media Labs Limited — Red Herring Prospectus dated January 7, 2026 (517 pp, filed with SEBI/RoC; hosted on the company's own site) · read 16 Oct 2026
Amagi newsroom — IPO to open on Tuesday, January 13, 2026 (company press release) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 13 Jan 2026
Closes: 16 Jan 2026
Allotment: 19 Jan 2026
Lists: 21 Jan 2026
Revenue (FY25): ₹1,163 Cr
Profit (FY25): −₹68.71 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.