Bengaluru-based SaaS firm to open book on Jan 14; targets ₹7,810 crore valuation despite losses
Amagi Media Labs Ltd., India’s largest cloud-native broadcast technology provider, is set to launch its initial public offering on Tuesday, seeking to raise up to ₹1,789 crore ($214 million) as it rides the wave of streaming media’s explosive growth.
The Bengaluru-based company, which powers video streaming for marquee events including the 2024 Paris Olympics and UEFA football tournaments, has set a price band of ₹343-361 per share for the offering. At the upper end, Amagi would command a market capitalization of ₹7,810 crore, making it one of the largest tech IPOs in India this year.
Deal Structure
The IPO comprises a fresh issue of shares worth ₹816 crore and an offer-for-sale of 2.69 crore shares by existing investors including Premji Invest, Norwest Venture Partners, and Accel India. The issue opens January 14 and closes January 16, with listing scheduled for January 21.
IPO SNAPSHOT
| Parameter | Details |
|---|---|
| Issue Opens | Tuesday, January 14, 2026 |
| Issue Closes | Friday, January 16, 2026 |
| Price Band | ₹343 – ₹361 per share |
| Issue Size | ₹1,740 – 1,789 crore |
| Fresh Issue | ₹816 crore |
| Offer for Sale | 2,69,42,343 shares |
| Face Value | ₹5 per share |
| Lot Size | 41 shares |
| Minimum Investment (Retail) | ₹14,801 |
| Minimum Investment (sHNI) | ₹2,07,214 |
| Minimum Investment (bHNI) | ₹10,06,468 |
| Post-Issue Market Cap | ₹7,461 – 7,810 crore |
| Book Running Lead Managers | Kotak Mahindra Capital, Citigroup Global Markets, Goldman Sachs (India), IIFL Capital, Avendus Capital |
| Registrar | MUFG Intime India |
| Listing | BSE & NSE |
VALUATION METRICS (At ₹361 per share)
| Metric | Value | Remarks |
|---|---|---|
| Price-to-Sales (FY25) | 6.7x | Based on FY25 revenue of ₹1,162.64 crore |
| Price-to-Book | 8.6x | Based on Sep’25 NAV of ₹41.93 |
| P/E Ratio | N.A. | Company is currently loss-making |
| EV/Revenue | 6.7x | At upper price band |
| Market Cap/Sales | 6.7x | Premium to SaaS peers |
From Red to Black
Founded by Baskar Subramanian, Srividhya Srinivasan, and Arunachalam Srinivasan in 2008, Amagi has grown to become what it claims is the only end-to-end, AI-enabled cloud platform serving the video segment of the media and entertainment industry.
The company has shown rapid revenue growth—sales surged 32% to ₹1,162.64 crore in fiscal 2025 from ₹879.16 crore the prior year. In the six months ended September 2025, revenue jumped 35% year-over-year to ₹704.82 crore.
More importantly, Amagi appears to be turning a corner on profitability. After posting adjusted EBITDA losses of ₹140.34 crore in fiscal 2023, the company narrowed its loss to ₹155.53 crore in fiscal 2024 before swinging to positive adjusted EBITDA of ₹23.49 crore in fiscal 2025. For the first half of fiscal 2026, adjusted EBITDA stood at ₹58.23 crore, representing an 8.3% margin.
FINANCIAL PERFORMANCE
| H1 FY26 | H1 FY25 | YoY % | FY25 | FY24 | FY23 | |
|---|---|---|---|---|---|---|
| Revenue from Operations | 704.82 | 523.71 | 34.6% | 1,162.64 | 879.16 | 680.56 |
| Revenue Growth | – | – | – | 32.2% | 29.2% | – |
| Gross Profit | 490.54 | 364.40 | 34.6% | 806.04 | 607.51 | 440.55 |
| Gross Margin | 69.6% | 69.6% | – | 69.3% | 69.1% | 64.7% |
| Adjusted EBITDA | 58.23 | (18.66) | – | 23.49 | (155.53) | (140.34) |
| EBITDA Margin | 8.3% | (3.6)% | – | 2.0% | (17.7)% | (20.6)% |
| Net Profit/(Loss) | 6.47 | (66.01) | – | (68.71) | (245.00) | (321.27) |
| PAT Margin | 0.9% | (12.6)% | – | (5.9)% | (27.9)% | (47.2)% |
| EPS (₹) | 0.32* | (3.35)* | – | (3.48) | (12.52) | (17.22) |
| Operating Cash Flow | (200.60) | (86.21) | – | 33.57 | (182.99) | (245.24) |
*Not annualized | Source: Company RHP
KEY OPERATING METRICS
| Metric | H1 FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total Customers | 481 | 463 | 396 | 283 |
| Customers >$1M Revenue | 11 | 28 | 22 | 19 |
| Content Providers | 400+ | – | – | – |
| Distributors | 384 | 329 | 298 | 205 |
| Advertisers | 75+ | – | – | – |
| Net Revenue Retention | 126.8% | 126.9% | 121.6% | – |
| Ad Impressions (Billion) | 18.23 | 26.12 | 17.12 | 19.44 |
| Countries Served | 40+ | 40+ | – | – |
Cloud-First Advantage
The company’s platform addresses three distinct customer segments:
Content Providers (Television networks, studios, sports leagues): Amagi helps them manage live, linear, and on-demand content through a single platform, supporting global distribution and ad-supported monetization.
Distributors (OTT platforms, telecom operators, smart TV manufacturers): The platform aggregates content from multiple providers and enables delivery across devices and geographies.
Advertisers (Demand-side platforms, agencies, brands): Amagi provides tools for targeted advertising, enhanced inventory yield, and performance measurement.
Geographic Mix
The company derives 73% of its revenue from the Americas, with Europe contributing 17%, Asia-Pacific 7%, the Middle East 2%, and India just 1%. This geographic concentration presents both opportunities and risks—while it demonstrates strong traction in the world’s largest media market, it also creates exposure to U.S. economic conditions and advertising cycles.
Use of Proceeds
Amagi plans to deploy Rs 550.06 crore from the fresh issue toward technology and cloud infrastructure expenses. The company has also earmarked funds for unidentified acquisitions, following its strategy of bolt-on deals to expand capabilities. In November 2023, it acquired Tellyo for live production capabilities, and in December 2024, it bought Argoid.AI to deepen its artificial intelligence and machine learning prowess.
Amagi positions itself as the only software-as-a-service provider offering end-to-end solutions across live production, content preparation, distribution, and monetization—what it calls “glass-to-glass” (camera to screen) technology.
Traditional competitors like Grass Valley, Harmonic, and Evertz have historically been hardware-first vendors now transitioning to cloud. In streaming unification, companies like Frequency and Wurl offer FAST channel creation tools, while in CTV advertising, Yospace and Transmit.Live provide fragmented ad-tech solutions. Amagi argues its integrated platform gives it an edge.
Shareholding Structure
Post-IPO, promoters will hold 13.3% of the company, down from 14.9% pre-issue. Public shareholders will own 85.1%, with Premji Invest entities holding approximately 14.6% and Norwest Venture Partners and Accel India holding smaller stakes.
Risk Factors
Investors should note several risks:
- Customer Concentration: The loss of one or more key customers could materially impact revenue
- Geographic Concentration: 73% revenue exposure to Americas creates macroeconomic dependency
- Continued Losses: Despite improvement, the company remains in net loss with negative cash from operations in H1 FY26
- Competition: Intense competition from both legacy vendors and cloud-native startups
- Technology Risk: Rapid changes in streaming technology require continuous R&D investment
Industry Factors
The IPO comes at a time when global streaming advertising is projected to grow from $36 billion in 2024 to $60 billion by 2028, according to industry estimates.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consult with their financial advisors before making investment decisions.
