At a Glance
- Amagi shares opened at ₹318, 12% below ₹361 IPO price
- Company raised ₹17.89 billion ($196 million) in rare India tech listing
- Valuation fell to ₹75.44 billion ($825.81 million) from last private mark of $1.4 billion
- Why it matters: First major Indian tech export-first listing signals public-market appetite for cloud-media plays
Amagi Media Labs made a muted debut on Indian exchanges Wednesday, with shares sliding 12% below their issue price before clawing back most of the loss, capping a $196 million IPO that breaks the consumer-brand mold dominating India’s new-issue market.
The Bengaluru cloud-software provider, whose tools power TV and streaming-channel operations for clients such as Fox, Lionsgate, and Roku, opened at ₹318 versus the ₹361 offer price. The stock later touched ₹356.95 and settled near ₹348.85, giving the company a market value of ₹75.44 billion (about $825.81 million).
That figure is well below Amagi’s $1.4 billion private valuation set in November 2022, when General Atlantic led a $100 million round. The IPO nonetheless drew robust interest: investors bid for more than 30 times the shares on offer.
IPO Structure and Backers
The deal comprised:
- Fresh issue worth ₹8.16 billion ($89.33 million)
- Offer-for-sale of roughly 26.9 million shares by existing holders
Amagi originally planned a larger issue, but trimmed both the new-money component and the secondary portion, which had been slated at 34.2 million shares.
Selling shareholders included Norwest Venture Partners, Accel, and Premji Invest. CEO and co-founder Baskar Subramanian told News Of Philadelphia the divestments represented only a “very small portion” of each holder’s stake. Founders, he added, “were not selling a single share.”
Accel kept nearly a 10% stake post-listing, locking in about a 3.3× gain on shares it bought at roughly ₹108 apiece. “To make the IPO, we are reluctantly exiting as little as possible,” said Shekhar Kirani, an Accel partner.
Export-First Model
Founded in 2008 by Subramanian, Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu, Amagi earns almost all revenue outside India:
- 73% from the United States
- 20% from Europe
Subramanian positions the company as riding a secular shift away from satellite and hardware-heavy workflows toward cloud infrastructure. “For us as an event, it’s a pit stop in a long journey,” he said of the listing.
Growth Metrics
Amagi’s recent financials show accelerating adoption:
| Period | Revenue from Operations | YoY Growth | Net Revenue Retention |
|---|---|---|---|
| Six months to Sept 30, 2025 | ₹7.05 billion ($77.18 million) | 34.6% | 127% |
The retention figure indicates existing customers increased spending by 27%.
Market Opportunity
Subramanian estimates that less than 10% of broadcast and live-video workloads have migrated to the cloud, leaving a long runway as media companies modernize and ad-supported streaming expands. Amagi is pitching automation and AI-driven tools to help customers cut labor-intensive operating costs.
Rachit Parekh, an Accel partner, contends Amagi’s appeal rests on being a “premium” platform for blue-chip clients. Downtime during major live events, he notes, can be costly, driving high retention and upsell.
Competitive Landscape
The company faces dual pressure:
- Legacy broadcast vendors racing to cloud-enable their stacks
- Rising cloud costs that could erode margins as Amagi pushes beyond infrastructure into higher-margin software
Use of Proceeds
Amagi plans to deploy most of the fresh capital into technology and cloud infrastructure, allocating:
- ₹5.50 billion ($60.21 million) for tech and cloud expansion
- Remaining funds for potential acquisitions and general corporate purposes
Broader IPO Context
Amagi’s listing adds to a growing roster of tech-led IPOs in India. Domestic exchanges recorded 42 tech listings in 2025, up from 36 in 2024, per Tracxn. While late-stage private funding remains subdued, public markets have emerged as both a growth-financing route and an exit path for early investors.
Several venture-backed startups in consumer and fintech segments are expected to test the waters in 2026, underscoring the shift toward public-market liquidity amid choosier private capital.
Key Takeaways
- Amagi’s debut shows investor appetite for export-first Indian tech plays, despite the first-day dip
- Strong oversubscription and high retention metrics signal underlying business momentum
- Company’s cloud-native platform targets a largely untapped broadcast-modernization cycle
- Proceeds will bankroll infrastructure scale-up and selective M&A as competition intensifies
