About Amagi Labs
Amagi Media Labs, a cloud-based technology firm specializing in broadcast and connected TV, was founded in Bengaluru in 2008. The company offers complete
solutions for content creation, distribution, and monetization, servicing both traditional TV and digital streaming platforms. Amagi collaborates with content owners, distributors, and advertisers, enabling them to manage and generate revenue from video content using cloud-based tools. It has established a significant presence in connected TV and digital advertising, particularly in international markets.
Financial Performance Overview
Amagi Media Labs displayed revenue growth of 29.18% in 2024 and 32.24% in fiscal year 2025, according to Mehta Equities. The company has shown a steady improvement in profitability, with net losses decreasing significantly from Rs 245 crores in FY2024 to Rs 68.71 crores in FY2025. In the first half of FY2026, the company reported a net profit of Rs 6.47 crores. The company turned profitable in the first half of fiscal year 2026 and is expected to maintain full-year profitability, backed by strong operating leverage.
IPO Details and Pricing
The Amagi Media Labs IPO, valued at Rs 1,788.62 crore, opened for subscription on January 13, 2026, and closed on January 16, 2026. The price band was set between Rs 343 and Rs 361 per share. At the upper price band, a retail investor would have needed to invest a minimum of Rs 14,801. The IPO comprised a fresh issue of 2.26 crore shares, raising Rs 816.00 crore, along with an offer for sale of 2.69 crore shares, worth Rs 972.62 crore. The lot size for retail investors was 41 shares.
Valuation and Market Capitalization
According to an Anand Rathi note, the company's valuation at the upper price band was 6.7x FY25 price-to-sales, translating to a post-issue market capitalization of around Rs 78,098 million. On valuation, an analyst note mentioned that at the upper price band of Rs 361, the issue was asking for a market cap of Rs 7,810 crores. Based on FY2025 actuals, the company was valued at around 7x market cap to sales, and approximately 5.5x annualized revenue for FY2026, figures considered reasonable for a SaaS player in a high-growth cloud media tech segment.
Expert Recommendations and GMP
Mehta Equities recommended a 'Subscribe – Long Term' approach. The grey market premium (GMP) for the Amagi Media Labs IPO stood at Rs 20 per share as of January 13, 2026, at 09:34 AM. Based on the upper price band of Rs 361, the estimated listing price was around Rs 381 per share, suggesting an expected gain of about 5.54% per share on listing, assuming the current GMP trend continued. The allotment for the Amagi Media Labs IPO was expected to be finalized on January 19, 2026, with shares likely to list on BSE and NSE on January 21, 2026.
Investor Considerations
Investors were advised to consider their risk appetite, investment horizon, and overall market conditions before investing. The IPO appears to be geared more towards long-term investors rather than those seeking quick gains upon listing, based on analyst reports. For small non-institutional investors, the minimum application was 14 lots, or 574 shares, requiring Rs 2,07,214. For big non-institutional investors, the application size was 68 lots, or 2,788 shares, which necessitated an investment of Rs 10,06,468.
Industry and Growth Potential
The company operates in a growing sector linked to connected TV, programmatic advertising, and the global streaming ecosystem. According to the analyst, the company is well-aligned with these secular trends. Analysts noted that the company's end-to-end cloud-based platform and increasing integration of artificial intelligence enhance scalability, operating leverage, and monetization potential as streaming adoption accelerates globally. The company's strong relationships with global media leaders, proven execution in marquee live events, and disciplined geographic expansion support its growth outlook.
