Amagi Media Labs IPO booked over 14x on day 3 so far; GMP inched higher

The initial public offering (IPO) of Amagi Media Labs saw a decent interest from the investors on the third and final day of the bidding process, led by institutional and HNI bidders. The issue was subscribed only 7 per cent on the first day of bidding and ended day two with 13 per cent bidding.

Amagi Media Labs is selling its shares in the price band of Rs 343-361 apiece. Investors can apply for a minimum of 41 shares and its multiples thereafter. It is looking to raise Rs 1,789 crore via IPO, which includes a fresh share sale of Rs 816 crore and an offer-for-sale (OFS) of up to 2,69,42,343 equity shares worth Rs 973 crore.

According to the data, the investors made bids for 39,81,18,528 equity shares, or 14.60 times, compared to the 2,72,66,589 equity shares offered for the subscription by 2.50 pm on Friday, January 16, 2026. The three-day bidding for the issue, which kicked off on Tuesday, January 13, shall conclude today.

The allocation for non-institutional investors (NIIs) was subscribed 24.65 per cent, while the portion reserved for qualified institutional bidders (QIBs) saw a subscription of 12.57 per cent. However, the portion reserved for retail investors was booked 5.36 times as of the same time.

Founded in 2008, Bengaluru-based Amagi Media Labs is engaged in cloud-based broadcast and connected TV technology. Amagi provides end-to-end solutions for content creation, distribution, and monetisation across traditional TV and streaming platforms. Its suite of products includes cloud playout, content scheduling, ad insertion, and data analytics tools.

Brokerage firms are mostly positive views on this IPO with some suggesting to subscribe to it for a long-term basis citing its strong market position, shift in consumer demand and niche business. On the other hand, rich valuations, low margins and inconsistent profits are key concerns for the issue.

Amagi has positioned itself within a three-sided marketplace to leverage strong network effects. it is the only SaaS provider offering end-to-end solutions across live production, content preparation, distribution, and monetization in the broadcasting and streaming ecosystem, said Sushil Finance.

"Amagi is still transitioning to consistent profitability. Looking at all the factors, risks, opportunities and valuation, aggressive investors may invest with a long term horizon to the issue," it said.

For the period ended on September 30, 2025, Amagi Media Labs reported a net profit at Rs 6.47 crore with a revenue of Rs 733.93 crore. The company had incurred a net loss of Rs 68.71 crore with a revenue of Rs 1,223.31 crore for the financial year 2024-25. At the current valuations, Amagi Media Labs is commanding a total market capitalization of more than Rs 7,800 crore.

Amagi is a leading SaaS company in the media and entertainment industry, providing cloud-based technology solutions to content owners and platforms. It enables its clients to achieve cost savings of nearly 30-50 per cent, driving rapid adoption of its offerings. Despite this, industry penetration remains low, indicating significant headroom for growth, said KC Securities.

"Strong customer stickiness, coupled with cross-selling and upselling opportunities, positions Amagi well to sustain a revenue CAGR of around 30 per cent over the medium term. It has turned PAT positive in H1 FY26, and we believe it is well placed to benefit from the rising demand for cloud-based media solutions," it added with a 'neutral' view on the IPO.

Amagi Media has reserved 75 per cent of the issue for qualified institutional bidders (QIBs), while non institutional investors will have 15 per cent of the allocation. Retail investors have only a 10 per cent reservation in this IPO. Amagi Media Labs has seen a sharp correction in its grey market premium which has seen some rise to Rs 30-33, hinting at 8-9 per cent upside.

Kotak Mahindra Capital Company, Citigroup Global Markets India, Goldman Sachs (India) Securities, IIFL Capital Services and Avendus Capital are the book running lead managers and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Wednesday, January 21.