Amagi Media Labs Makes Muted Market Debut, Lists At 12% Discount to IPO Price
- 21st January 2026
- 11:50 AM
- 3 min read
Summary
Shares of Amagi Media Labs Ltd listed at a discount on Wednesday, January 21, falling short of IPO expectations despite strong subscription. The stock debuted nearly 12% lower than its issue price on both NSE and BSE, even as the ₹1,789 crore IPO had seen robust demand across investor categories.Mumbai | January 21
Shares of Amagi Media Labs made a tepid debut on Dalal Street on Wednesday, listing at a discount to their issue price despite decent subscription during the IPO window.
On the NSE, the stock opened at ₹318 per share, down 11.91% from the issue price of ₹361. On the BSE, shares listed at ₹317, marking a 12.19% discount. At the listing price, Amagi’s market capitalisation stood at around ₹6,858 crore.
Listing Price Vs Grey Market Expectations
The listing performance fell short of grey market expectations. Ahead of the debut, Amagi’s unlisted shares had been indicating a largely flat to mildly positive listing, but the stock opened well below those levels.
Note: Grey market indicators are unofficial and only reflect market sentiment, not guaranteed listing outcomes.
IPO Subscription
The muted listing came despite strong investors interest during the IPO. Amagi Media Labs’ public issue was subscribed over 30 times overall between January 13 and January 16.
- Qualified Institutional Buyers (QIBs): 33.77x
- Non-Institutional Investors (NIIs): 37.36x
- Retail Individual Investors (RIIs): 9.31x
The subscription was led by NIIs, followed closely by institutional investors.
IPO Structure and Use of Proceeds
The ₹1,789-crore IPO comprised a fresh issue of ₹816 crore and an offer for sale (OFS) of ₹973 crore by existing shareholders. The company will not receive proceeds from the OFS portion.
Proceeds from the fresh issue are to be used for inorganic growth through potential acquisitions and general corporate purposes.
Ahead of the public issue, Amagi had raised ₹804.87 crore from 42 anchor investors, with domestic mutual funds accounting for a significant portion of the allocation.
About The Company
Founded in 2008, Amagi Media Labs is a global software-as-a-service (SaaS) company that provides cloud-based solutions to broadcasters, content owners and streaming platforms to create, distribute and monetise video content. The company has a strong presence in the Free Ad-Supported Streaming TV (FAST) ecosystem.
Amagi turned profitable only in the first half of FY26, after narrowing losses in FY25. For FY25, losses stood at ₹69 crore, sharply lower than ₹245 crore in FY24.
Valuation Snapshot
At the upper end of the IPO price band, Amagi was valued at around 6.7 times FY25 price-to-sales, implying a post-issue valuation of about ₹7,800 crore. The discounted listing suggests investors remain cautious on near-term valuations, even as interest in digital media and ad-tech platforms continues.
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