Summary of this article
The NII and retail portion of Amagi Media Labs' IPO got fully subscribed on final day
The QIB segment still lags behind with just 3 per cent subscription
Amagi Media Labs IPO shares' GMP indicates a 7.50 per cent listing pop
Amagi Media Labs’ initial public offering (IPO) appears to be limping towards the finish line, as the subscription for the Rs 1,788.62-crore public issue is still languishing at a scant 68 per cent, as on 11:00 AM on the final day of bidding, January 16.
The IPO, which opened for subscription on January 13, struggled to attract investor interest across categories even as the company pitches itself as a “software-as-a-service (SaaS) company that connects media companies to their audiences through cloud-native technology”.
Amid a lackluster response, the grey market premium (GMP) of its unlisted shares also fell from what it quoted prior to the subscription window opening.
Founded in 2008, the Bengaluru-based Amagi Media Labs, is a media technology company that helps broadcasters and content owners to monetise television and streaming platforms. The company provides cloud-based tools that enable media companies to launch, manage, and scale channels across traditional TV and connected TV platforms.
Ahead of the IPO, Amagi Media Labs has a market capitalisation of Rs 7,809.84 crore. The company’s price-to-book (P-B) ratio has come down to 8.61 as of September 30, from 14.10 as on March 31, indicating some moderation in valuations.
Post listing, the company’s earnings per share (EPS) are expected to turn positive at Rs 0.60, assuming the shares debut at the upper end of the price band. This is a turnaround from a pre-IPO loss of Rs 3.55 per share. As a result, the post-IPO price-to-earnings (P-E) ratio is estimated at 603.54, compared with a negative P-E of -101.78 before the issue.
Amagi Media Labs IPO Details
Issue Size: The Amagi Media Labs IPO is a book-built issue of Rs 1,788.62 crore, which comprises a fresh issue of 22.60 million shares worth Rs 816 crore and an offer for sale (OFS) of 26.94 million shares aggregating to Rs 972.62 crore.
Price Band, Lot Size, Minimum Investment: The company has fixed the price band at Rs 343-361 per share. Investors can apply in lots of 41 shares, translating into a minimum retail investment of Rs 14,801 at the upper end of the band.
Allotment, Listing Dates: The allotment is likely to be finalised on January 19, and shares are set to list on the BSE and NSE on January 21.
BRLMs, Registrar: Kotak Mahindra Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities, IIFL Capital Services and Avendus Capital are the book-running lead managers to the issue. MUFG Intime India is acting as the registrar.
Amagi Media Labs IPO Objectives
Amagi Media Labs intends to use the net proceeds of Rs 816 crore from the public issue to scale up its technology stack and strengthen its cloud infrastructure, as mentioned in its red herring prospectus (RHP). A portion of the funds will also be allocated for inorganic growth opportunities, including potential acquisitions, and the remaining is proposed to be used for meeting general corporate requirements.
The IPO also features an offer-for-sale (OFS) component worth Rs 972.62 crore, which will provide a window for early backers to pare their holdings. Sellers in the OFS include investment funds such as PI Opportunities Fund I and II, Norwest Venture Partners, Accel entities, AVP I Fund and Trudy Holdings. Promoters Prem Gupta, Rahul Garg, Rajesh Ramaiah and Rajat Garg are also offloading small portions of their stakes through the issue.
Amagi Media Labs IPO Subscription Status: Final Day
The Amagi Media Labs IPO consists of a total of 4,95,46,221 shares. Of this, 3,71,59,666 shares, or 75 per cent of the issue, are reserved for qualified institutional buyers (QIBs). The anchor investor portion alone accounts for 2,22,95,799 shares, translating into 45 per cent of the total issue, while QIBs excluding anchors have been allocated 1,48,63,867 shares, or 30 per cent.
Non-institutional investors (NIIs) have been allotted 74,31,933 shares, representing 15 per cent of the offer, while retail investors have been allocated 49,54,622 shares, or 10 per cent of the issue.
The QIB portion lags behind with only 3 per cent subscription. The NIIs and retail investors quota has been booked 162 per cent and 112 per cent, so far.
Amagi Media Labs IPO GMP Today
The Amagi Media Labs IPO’s GMP stood at Rs 27 per share over the issue price, according to websites that track grey market trades.
Given the current GMP and the upper end of the price band, Rs 361, its issue is expected to list at Rs 388 per share. This represents a prospective 7.50 per cent listing gain.
Amagi Media Labs: Financial Performance
For the half-year ended September 30, 2025 (H1FY26), Amagi Media Labs reported a total income of Rs 733.93 crore, earnings before interest tax depreciation and amortisation (Ebitda) of Rs 58.23 crore and a profit after tax (PAT) of Rs 6.47 crore.
For the full year FY25, the media-tech company posted total income of Rs 1,223.31 crore, up from Rs 942.24 crore in FY24 and Rs 724.72 crore in FY23. Despite the revenue growth, Amagi remained in the red, reporting a net loss of Rs 68.71 crore in FY25, narrower than losses of Rs 245 crore in FY24 and Rs 321.27 crore in FY23.
The company turned Ebitda positive in FY25 at Rs 23.49 crore, a significant recovery from negative Ebitda of Rs 155.53 crore in FY24 and Rs 140.34 crore in FY23.
As of September 30, 2025, Amagi Media Labs' net worth stood at Rs 859.34 crore and remained net debt-free.
