Amagi Media Labs IPO opens Today: Price band, GMP, business and key details
- 13th January 2026
- 10:00 AM
- 4 min read
Summary
Amagi Media Labs will open its initial public offering on January 13, 2026. The Bengaluru-based media technology company is looking to raise ₹1,789 crore through a mix of fresh issue and offer for sale. A grey market premium of around 10%, along with improving operating performance, has put the IPO in focus ahead of its opening.Mumbai | January 13
The ₹1,789-crore Amagi Media Labs IPO opens for subscription Today. Here are the key details investors should know.
IPO details
The Amagi Media Labs IPO will open for subscription on January 13 and close on January 16, 2026. The company has fixed a price band of ₹343–361 per share.
The issue size stands at ₹1,788.62 crore, comprising a fresh issue of ₹816 crore and an offer for sale of ₹972.62 crore by existing shareholders. Shares will be listed on the BSE and NSE, with listing expected on January 21.
Investors can apply in lots of 41 shares, translating into a minimum investment of ₹14,801 at the upper end of the band.
Kotak Mahindra Capital Co. Ltd. is the book running lead manager and MUFG Intime India Pvt. Ltd. is the registrar of the issue.
Grey market premium (GMP)
In the unofficial market, Amagi shares are trading at a premium of around ₹36–37 per share. This suggests a potential listing price of about ₹397, implying a listing gain of nearly 10% over the upper issue price.
Note: Grey market premium is unofficial and only indicative. It does not guarantee listing gains.
What does Amagi do?
Amagi is a cloud-based media technology company founded in 2008 and headquartered in Bengaluru. It helps broadcasters and content owners earn revenue from television and streaming platforms, with a strong focus on Free Ad-supported Streaming TV (FAST).
Amagi’s platform enables the launch and management of live channels and supports functions such as cloud playout, ad insertion and analytics across connected TV platforms including Pluto TV, Samsung TV Plus and The Roku Channel.
With a strong presence in the US, Europe and Asia, Amagi works with over 700 content brands and has delivered more than 2,000 channel deployments across 100+ countries. Its SaaS-led model helps media companies significantly reduce infrastructure costs while improving scalability and monetisation efficiency.
As of March 31, 2025, the company had 884 full-time employees globally, with a majority in technology and engineering roles, reflecting its focus on product development and platform execution.
How will IPO proceeds be used?
Funds raised through the fresh issue will be primarily used to invest up to ₹550 crore in technology and cloud infrastructure, aimed at strengthening the company’s platform and scalability. The remaining proceeds will be deployed towards inorganic growth opportunities, including acquisitions, and for general corporate purposes.
Financial performance
Amagi has scaled rapidly over the past three years. Revenue grew from ₹681 crore in FY23 to ₹1,163 crore in FY25, a 30.7% CAGR, driven by new customer additions and higher spending by existing clients.
The company turned adjusted EBITDA positive in FY25, reporting ₹23.5 crore, while gross margins improved to over 69%. Net losses narrowed sharply during the year, and operating cash flows also turned positive.
As of September 2025, Amagi’s net worth stood at about ₹859 crore, with no outstanding borrowings.
Key strengths
Amagi operates a full-stack, cloud-based SaaS platform across the FAST and connected TV ecosystem, giving it a differentiated position in a fast-growing global market.
The company has shown strong revenue growth and improving operating metrics, with expanding gross margins and positive adjusted EBITDA in FY25.
Its deep presence in the US and long-term relationships with large content partners provide scale, repeat business and revenue visibility.
Key risks
Despite improving performance, Amagi is still a net loss-making company. Any slowdown in revenue growth or pressure on margins could delay its path to sustained profitability.
The company also operates in a competitive and fast-evolving market, where global technology players and ad-tech firms continue to expand aggressively.
Valuations
At the upper price band of Rs 361 per share, Amagi is valued at about 6.1x FY25 EV/Sales, which appears reasonable for a high-growth SaaS-led media technology platform with improving margins.
PL Capital view
Uday Patil, Executive Director at PL Capital Markets, said Amagi’s IPO pricing appears realistic given current market conditions and the company’s operating profile. He pointed out that Amagi has turned profitable only recently.
Patil noted that while the business has scaled rapidly, investors will closely track the sustainability of margins and earnings as the company moves beyond its early profitability phase. Patil added that in the absence of listed peers, earnings execution and cash-flow visibility will matter more than headline growth, especially in the first few years after listing.
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