Cloud-based media technology firm Amagi Media Labs’ received a lukewarm response on its opening day Tuesday, with the issue subscribed just 6 per cent by the close of trading. The three-day subscription window runs through January 16, with listing scheduled for January 21.
The retail investor category showed relatively stronger interest with 28 per cent subscription, while qualified institutional buyers and non-institutional investors remained largely on the sidelines at 0.00 per cent and 4 per cent respectively.
The company is seeking to raise ₹1,789 crore through a combination of fresh equity worth ₹816 crore and an offer-for-sale of ₹973 crore by existing shareholders.
The -based software-as-a-service company had earlier secured ₹805 crore from 42 anchor investors on Monday, including marquee names like SBI Mutual Fund, ICICI Prudential Mutual Fund, and HDFC Mutual Fund. The anchor round, which saw allocation of 2.23 crore shares at ₹361 per share, accounted for approximately 45 per cent of the total issue size.
Amagi provides cloud-native solutions enabling content providers and distributors to manage, distribute and monetize video content across streaming platforms, smart TVs and connected devices. The company serves over 400 content providers, 350 distributors, and 75 advertisers across more than 40 countries.
The company has shown strong revenue growth, with sales expanding at a 31 per cent compound annual growth rate between FY23 and FY25 to reach ₹1,162 crore. More significantly, Amagi turned profitable in the first half of FY26, posting a net profit of ₹6.47 crore compared to losses of ₹68.71 crore in FY25.
At the upper price band of ₹361, the company is valued at approximately 6.7 times its FY25 revenue, translating to a post-issue market capitalization of ₹7,810 crore.
Analysts from Lakshmishree Investment and Securities, Axis Capital, Anand Rathi, and Mehta Equities have issued “subscribe for long-term” recommendations, citing the company’s leadership position in cloud-native broadcast technology and exposure to the growing streaming and connected TV advertising markets.
The issue is managed by Kotak Mahindra Capital, Citigroup Global Markets India, Goldman Sachs India Securities, IIFL Capital Services, and Avendus Capital.