Indian cloud-based software firm Amagi Media Labs is preparing to launch a downsized initial public offering (IPO) next week, targeting a valuation of over $869 million. The General Atlantic-backed company has set a price band of $3.82–$4.02, with bidding scheduled from January 13 to January 16. Anchor investors will have the opportunity to place bids on January 12, according to a public advertisement.
Details of the Offering
Amagi’s IPO combines a fresh issue of shares with an offer for sale by existing shareholders, aiming to raise approximately $199 million. The company will issue new shares worth 816 crore rupees, while current investors, including Norwest Venture Partners, Accel India, and Premji Invest, plan to sell 26.9 million shares. This is a reduction from the earlier plan of selling 34.2 million shares, although the company has not provided an explanation for the trimmed offering.
Strong Investor Interest in Indian Tech IPOs
The offering comes amid a surge in India’s IPO market, which has drawn interest from technology-driven startups such as Groww, Lenskart, and Meesho. These companies are leveraging high investor appetite for growth-stage firms in the country’s digital economy. Amagi is poised to be the first startup from the Indian ecosystem to go public in 2026, highlighting its role as a bellwether for tech IPOs.
Shareholder Gains
Early backer Premji Invest stands to gain significantly from the IPO, with returns estimated at 14 times its original investment at an average acquisition cost of 24 rupees per share. Accel India is also set to benefit, with expected returns around 41%. Other institutional investors participating in the sale include Trudy Holdings and Norwest Venture Partners, underscoring broad confidence in the company’s growth potential.
Business Model and Market Reach
Founded in 2018, Amagi provides cloud-native software solutions that help media companies reach audiences efficiently through a software-as-a-service (SaaS) model. Its client portfolio includes A+E Networks UK, ABS-CBN, Lionsgate Studios, and NBCUniversal. The company generates roughly 73% of its revenue from the U.S. market, reflecting its international footprint and technology-driven approach.
Financial Performance
Amagi’s financials indicate strong momentum, with revenues of 1,163 crore rupees in FY25, representing a 32% growth from FY24’s 879 crore rupees. Losses have also narrowed significantly, falling from 245 crore rupees in FY24 to 69 crore rupees in FY25. For the six months ending September 30, 2025, the firm posted a profit of 64.7 million rupees, compared with a loss of 660.08 million rupees in the same period the previous year.
Use of IPO Proceeds
Funds raised through the fresh issuance will be directed toward technology and cloud infrastructure investments, acquisitions, and general corporate purposes. The move signals Amagi’s commitment to strengthening its technological capabilities and scaling operations. Analysts view the IPO as a critical step for the company’s long-term expansion plans.
Amagi Media’s IPO marks a key milestone for India’s SaaS and media technology sector, positioning the firm for further growth both domestically and abroad. Its strong investor backing and international client base underscore confidence in its cloud-based offerings. As the IPO opens next week, market observers will closely watch subscription levels and investor response to gauge sentiment toward Indian tech startups in the public markets.