January 10, 2026
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Amagi Media Labs IPO
Amagi Media Labs Ltd. is launching a book-building IPO of Rs. 1,788.62 crore, comprising a fresh issue of Rs. 816.00 crore and an offer for sale (OFS) of Rs. 972.62 crore by existing shareholders.
The IPO opens for subscription on Tuesday, January 13, 2026 and closes on Friday, January 16, 2026. The shares are proposed to be listed on BSE and NSE, with a tentative listing date of Wednesday, January 21, 2026.
The price band is fixed at Rs. 343 to Rs. 361 per share. At the upper end of the price band, the company is valued at a pre-IPO market capitalisation of Rs. 7,809.84 crore.
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IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Opening Date | Tuesday, January 13, 2026 |
| IPO Closing Date | Friday, January 16, 2026 |
| Listing Date (Tentative) | Wednesday, January 21, 2026 |
| Face Value | Rs. 5 per share |
| Price Band | Rs. 343 to Rs. 361 per share |
| Lot Size | 41 shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Issue + Offer for Sale |
| Total Issue Size | 4,95,46,221 shares |
| Total Issue Amount | Rs. 1,788.62 crore |
| Fresh Issue | 2,26,03,878 shares (Rs. 816.00 crore) |
| Offer for Sale | 2,69,42,343 shares (Rs. 972.62 crore) |
| Listing At | BSE, NSE |
| Market Cap (Pre-IPO) | Rs. 7,809.84 crore |
IPO Timetable (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Tuesday, January 13, 2026 |
| IPO Closes | Friday, January 16, 2026 |
| Basis of Allotment | Monday, January 19, 2026 |
| Refunds Initiated | Tuesday, January 20, 2026 |
| Credit of Shares to Demat | Tuesday, January 20, 2026 |
| Listing on BSE & NSE | Wednesday, January 21, 2026 |
Investor Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | Not less than 75% of Net Issue |
| NII | Not more than 15% of Net Issue |
| Retail | Not more than 10% of Net Issue |
IPO Lot Size & Investment Amount
| Application Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Minimum) | 1 | 41 | 14,801 |
| Retail (Maximum) | 13 | 533 | 1,92,413 |
| S-HNI (Minimum) | 14 | 574 | 2,07,214 |
| S-HNI (Maximum) | 67 | 2,747 | 9,91,667 |
| B-HNI (Minimum) | 68 | 2,788 | 10,06,468 |
About Amagi Media Labs Ltd.
Founded in 2008 and headquartered in Bengaluru, Amagi Media Labs Ltd. operates in the cloud-based broadcast and connected TV (CTV) technology segment. The company provides end-to-end solutions for content creation, distribution, and monetisation across traditional television and digital streaming platforms.
Amagi is a leading enabler of Free Ad-Supported Streaming TV (FAST) channels and works with global platforms such as Pluto TV, Samsung TV Plus, Roku Channel, and others. Its offerings include cloud playout, content scheduling, server-side ad insertion, and advanced analytics.
As of March 31, 2025, Amagi served 700+ content brands, managed 2,000+ channel deployments, and operated across 100+ countries, with a strong presence in the US, Europe, and Asia.
Products & Solutions
• CLOUDPORT – Cloud-based linear TV playout platform supporting UHD/HD/SD formats
• PLANNER – Content scheduling and block management interface
• THUNDERSTORM – Server-side ad insertion (SSAI) platform for OTT and FAST channels
• FAST & On-Demand Solutions – End-to-end channel launch, monetisation, and revenue-sharing models
Competitive Strengths
• One-stop, glass-to-glass cloud broadcasting solutions
• Strong network effects through a three-sided marketplace
• Proprietary AI-enabled technology platform
• Long-standing relationships with global customers
• Experienced promoters with strong execution capabilities
Company Financials (Rs. crore – Consolidated)
| Period Ended | Sep 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Total Income | 733.93 | 1,223.31 | 942.24 | 724.72 |
| EBITDA | 58.23 | 23.49 | -155.53 | -140.34 |
| Profit After Tax | 6.47 | -68.71 | -245.00 | -321.27 |
| Net Worth | 859.34 | 509.45 | 496.80 | 644.49 |
| Total Borrowings | 0.00 | 0.00 | 0.00 | 0.00 |
The company has recently turned marginally profitable after several loss-making years.
Objects of the Issue
| No. | Objects | Estimated Amount (Rs. crore) |
|---|---|---|
| 1 | Investment in technology and cloud infrastructure | 550.06 |
| 2 | Inorganic growth through acquisitions & general corporate purposes | Balance amount |
Key Performance Indicators (as of March 31, 2025)
| KPI | Value |
|---|---|
| RoNW | -13.49% |
| PAT Margin | -5.62% |
| EBITDA Margin | 2.02% |
| Price to Book Value | 14.10 |
| EPS (Post IPO) | Rs. 0.60 |
| Post-IPO P/E | 603.54x |
Promoters & Shareholding
The promoters of the company are Baskar Subramanian, Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu.
| Particulars | Holding |
|---|---|
| Promoter Holding (Pre-IPO) | 15.76% |
| Promoter Holding (Post-IPO) | 14.14% |
- 080- 46634406
- compliance@amagi.com
IPO Lead Managers & Registrar
Book Running Lead Managers
• Kotak Mahindra Capital Co. Ltd.
• Citigroup Global Markets India Pvt. Ltd.
• Goldman Sachs (India) Securities Pvt. Ltd.
• IIFL Capital Services Ltd.
• Avendus Capital Pvt. Ltd.
Registrar to the Issue
• MUFG Intime India Pvt. Ltd.
Chanakya View (Valuation & Risks)
Amagi Media Labs operates in a structurally strong segment of Connected TV (CTV) and FAST platforms, where global ad budgets are steadily shifting from traditional television to data-driven digital formats. The company has built a credible global franchise with strong relationships across content owners and streaming platforms, particularly in the US market.
However, from a valuation standpoint, the IPO appears aggressively priced. At the upper band of Rs. 361, the company commands a pre-IPO market capitalisation of about Rs. 7,810 crore, despite a long history of losses and only recent marginal profitability. The post-IPO P/E of over 600x (based on FY25 numbers) leaves little room for near-term earnings disappointment.
While revenue visibility is improving and EBITDA has turned positive, margins remain thin and return ratios are still negative. Any slowdown in global ad spends, especially in the US, could materially impact growth. Overall, the issue is more suitable for long-term investors with high risk appetite, who believe in the scalability of the CTV/FAST opportunity rather than short-term valuation comfort.
IPO Review
Amagi Media Labs IPO offers investors exposure to the fast-growing Connected TV and FAST ecosystem with a strong global client base.
The company has demonstrated robust revenue growth and has recently turned EBITDA and PAT positive after several loss-making years.
Its asset-light, cloud-based SaaS model provides scalability and operating leverage over the long term.
However, the IPO valuation is demanding, with a steep post-issue P/E multiple and negative return ratios.
A large portion of the issue is Offer for Sale, limiting immediate balance-sheet strengthening benefits.
Dependence on global advertising cycles, especially the US market, remains a key risk.
Near-term listing gains may be capped due to valuation concerns.
Long-term prospects hinge on sustained profitability and margin expansion.
Overall, the IPO is suitable only for risk-tolerant investors with a long-term horizon.
Note: Investors are advised to refer to the Amagi Media Labs IPO DRHP for detailed risk factors, financial disclosures, and statutory information
Quicklinks
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Disclaimer
This IPO coverage is for informational and educational purposes only. Chanakya Ni Pothi does not recommend investments based on GMP data. Investors should read the RHP carefully and consult a SEBI-registered investment advisor before investing.
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