About The IPO
The Amagi Media Labs IPO, which opened for subscription on January 13, 2026, and closed on January 16, 2026, was a book-built issue valued at Rs 1,788.62
crore. This involved both a fresh issue and an offer for sale. The fresh issue comprised 2.26 crore shares, intended to raise Rs 816.00 crore, while the offer for sale included 2.69 crore shares, worth Rs 972.62 crore. The company, operating in the cloud-based broadcast and connected TV technology sector, set the price band at Rs 343 to Rs 361 per share. For retail investors, the lot size was 41 shares, requiring a minimum investment of Rs 14,801 at the upper price band. Small non-institutional investors had a minimum application of 14 lots, equivalent to 574 shares, costing Rs 2,07,214. Large non-institutional investors needed to apply for 68 lots, which meant 2,788 shares and an investment of Rs 10,06,468.
Company Overview
Amagi Media Labs, established in 2008 and based in Bengaluru, offers cloud-based solutions for content creation, distribution, and monetization. These solutions cater to both traditional television and digital streaming platforms, with a focus on connected TV, programmatic advertising, and global streaming. The company provides end-to-end services, assisting content owners, distributors, and advertisers in managing and monetizing video content through cloud-based tools. Amagi's strong presence in the connected TV and digital advertising space, especially in international markets, is a key factor in its operations. The company's technology is designed to enable the shift from traditional broadcasting to streaming and data-driven video monetization, making it a crucial player in the evolving media industry.
Financial Performance
Amagi Media Labs demonstrated significant improvements in its financial results. Net losses decreased substantially from Rs 245 crore in FY2024 to Rs 68.71 crore in FY2025. In the first half of FY2026, the company achieved a net profit of Rs 6.47 crore. Revenue growth was also robust, with a 29.18% increase in 2024 and a 32.24% rise in FY2025. According to analysis, the valuation, at the upper price band of Rs 361, equated to a market capitalization of Rs 7,810 crore. This resulted in a valuation of around 7x market capitalization to sales based on the actuals for FY2025 and approximately 5.5x of the annualized revenue for FY2026, suggesting a reasonable valuation for a SaaS player in a niche, high-growth cloud media tech segment. The company's profitability and revenue growth underscore its position in the market.
Valuation and Analysis
Analysts provided insights into the valuation of Amagi Media Labs, with one report indicating that at the upper price band, the company was valued at 6.7x FY25 price-to-sales. This translates to a post-issue market capitalization of roughly Rs 78,098 million. The report also emphasized that the company had turned profitable in the first half of FY26, projecting full-year profitability for FY26. Based on these figures, the issue appeared fully priced. Another note highlighted the company's alignment with trends in connected TV, programmatic advertising, and the global streaming ecosystem. The valuation at the upper price band of Rs 361 placed the company at around 7x market cap to sales, based on FY2025 actuals, and approximately 5.5x FY2026 annualized revenue, considered reasonable for a SaaS player in the cloud media tech segment.
Expert Recommendations
Several analysts shared their recommendations on the Amagi Media Labs IPO. Mehta Equities advised subscribing to the IPO for a long-term perspective, emphasizing the company's position in connected TV, programmatic advertising, and the global streaming ecosystem. Anand Rathi's report also recommended the IPO, citing Amagi's leadership position in cloud-native playout and its strong penetration among global media companies. The note added that Amagi brings an opportunity for investors to participate in the structural shift from traditional broadcasting to streaming and data-driven video monetization. The recommendation underscores confidence in the company's growth outlook, driven by its relationships with global media leaders and geographic expansion.
Listing Expectations
The IPO's allotment was anticipated to be finalized on January 19, 2026, with the shares expected to be listed on the BSE and NSE on January 21, 2026. 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 this, the estimated listing price was around Rs 381 per share, suggesting an expected gain of about 5.54% per share on listing if the GMP trend held. However, market participants noted that the GMP is an unofficial indicator that can fluctuate based on the overall market sentiment and demand, especially closer to the listing date. Investors should consider their risk appetite, investment horizon, and overall market conditions before making a decision.
