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Amagi Media Labs IPO
Amagi Media Labs Ltd
₹14,063 /41 sharesMinimum Investment
Amagi Media Labs IPO listing details
| Listed on | Issue price | Listing price | Listing gains |
|---|---|---|---|
| BSE | ₹361.00 | ₹318.00 | -₹43.00 (11.91%) |
Amagi Media Labs IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 13 Jan ‘26 - 16 Jan ‘26 | ₹14,063 | 41 | ₹343 - ₹361 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 1,788.62 Cr | RHP PDF | 19 Jan ‘26 | 21 Jan ‘26 |
| Face value |
|---|
| 5 |
Subscription rate
As of 16 Jan'26, 05:01 PM
| Qualified Institutional Buyers | 18.82x |
| Non-Institutional Investor | 29.19x |
| Retail Individual Investor | 6.10x |
| Total | 19.35x |
About Amagi Media Labs
Founded in
2008
MD/CEO
Mr Baskar Subramanian
Parent organisation
Amagi Media Labs Ltd
Amagi Media Labs Ltd IPO
https://www.youtube.com/watch?v=ytZsblD62xU
Strengths & Risks of Amagi Media Labs
Highlights
Deep dive
Revenue grew at 30.70% CAGR from FY23-FY25.
Achieved 126.90% Net Revenue Retention in FY25.
Large customers ($1M+ revenue) grew to 28.
Reported a restated loss of ₹68.71 Crores in FY25.
High concentration with 72.86% revenue from America.
Largest customer contributes 11.41% of total revenue.
Amagi Media Labs Limited is a software-as-a-service (SaaS) company that connects media companies to their audiences through cloud-native technology. The company's platform helps content providers and distributors to upload, manage, deliver, and monetize video content across various platforms like OTT and internet-based video. This integrated platform covers the entire video value chain from production, preparation, and distribution to monetization, allowing customers to reduce complexity, improve operational efficiencies, and increase their content revenue. The company's offerings are structured across three divisions: Cloud Modernization, Streaming Unification, and Monetization and Marketplace.
Strengths
Risks
Amagi Media Labs claims to offer end-to-end, “glass-to-glass” technology solutions covering the full video value chain, from live content production and preparation to distribution and advertising-based monetisation. Its platform integrates multiple products, such as Amagi Now, Cloudport, Studio, Connect, Ads Plus, and Thunderstorm, to manage live, linear, and on-demand streaming workflows within a single cloud-based system.
Amagi Media Labs claims to operate across a three-sided ecosystem of content providers, distributors, and advertisers through its cloud-based platform. It states that it supports content providers by migrating live, linear, and on-demand workflows to the cloud and enabling monetisation through its connected TV (CTV) advertising marketplace, while also offering distributors a content acquisition and distribution marketplace with analytics and personalisation tools. For advertisers, it claims to provide access to context-aware CTV ad inventory and real-time analytics for targeting and performance measurement. The company says this model creates network effects across the three participant groups and states that its customers monetised 18.23 billion advertising impressions for the period ended September 30, 2025.
Amagi Media Labs claims to embed predictive and generative AI across its platform under “Amagi Intelligence,” including tools such as Amagi Planner for automated content scheduling and an AI-driven ad yield optimiser for ad monetisation decisions. It also reports multiple industry recognitions (including NAB Show Product of the Year awards in 2024 and a Technology & Engineering Emmy® Award in 2024) and states that, as of September 30, 2025, it had 547 R&D engineers and 10 granted patents.
Amagi Media Labs claims that, as of September 30, 2025, it served over 400 content providers, over 350 distributors, and over 75 advertisers, and that it worked with more than 45 percent of the top 50 listed media and entertainment companies by revenue (as cited in the 1Lattice Report). It also states that its platform supported major live events such as the 2024 Paris Olympics and the 2024 US Presidential debates, and that its 10 largest customers had an average relationship term of four years with no churn observed among them over the last three financial years.
The company has witnessed a consistent increase in its revenue from operations. It increased from Rs 680.56 crore in FY23 to Rs 879.15 crore in FY24 and Rs 1,162.64 crore in FY25.
Despite reporting a consistent increase in revenue from operations, the company incurred a loss over the years. It amounted to Rs 321.27 crore in FY23, Rs 245.00 crore in FY24, and Rs 68.71 crore in FY25. These losses were attributed to expansion-related costs, with employee benefit expenses and communication (including cloud and technology) costs forming major components. While for the six months ending September 2025, the company has shown a profit of Rs 6.47 crore, investors would need to see how this pans out for the full year and beyond.
Employee benefit expenses form a major portion of Amagi Media Labs’ cost base, and this can affect its ability to improve operating leverage as revenues scale. Employee benefits accounted for Rs 385.69 crore (54.72 percent) of the company’s revenue for the period ended September 30, 2025; Rs 694.81 crore (59.76 percent) in FY25; Rs 663.42 crore (75.46 percent) in FY24, and Rs 598.71 crore (87.97 percent) in FY23. Any inability to further improve operating leverage could result in the recurrence of losses and adversely affect its business, results of operations, financial condition, and cash flows.
The company reported negative cash flow from operating activities amounting to Rs 200.59 crore for the period ended September 30, 2025; Rs 182.99 crore in FY24, and Rs 245.24 crore in FY23. This was mainly attributed to expenses for business expansion and increases in employee-related costs. Additionally, negative cash flow from investing activities amounted to Rs 24.24 crore in FY25; Rs 438.27 crore in FY24, and Rs 257.15 crore in FY23. This was due to acquisitions of Tellyo, Argoid.AI, and Amagi Eastern Europe. The company also reported negative cash flow from financing activities amounting to Rs 38.25 crore for the period ended September 30, 2025; Rs 8.70 crore in FY25, and Rs 7.88 crore in FY24. Investors need to track whether the company is generating adequate operating cash flows to fund day-to-day operations and growth initiatives.
The American region accounted for Rs 516.11 crore (73.23 percent) of the company’s revenue for the period ended September 30, 2025; Rs 847.07 crore (72.86 percent) in FY25; Rs 638.63 crore (72.64 percent) in FY24, and Rs 528.43 crore (77.65 percent) in FY23. Any adverse changes in economic conditions, regulatory frameworks (including privacy/data protection, immigration, and employment laws), or trade policies and tariffs in this region could cause customers to reduce spending, delay renewals, or terminate engagements, which could hurt the company’s business, results of operations, financial condition, and cash flows.
Amagi Media Labs depends on third-party hyperscalers for hosting its platform and solutions, including Amazon Web Services (AWS) and another leading American cloud services provider. Technology and cloud infrastructure costs accounted for Rs 191.26 crore (26.48 percent) of the company’s total expenses for the period ended September 30, 2025; Rs 332.38 crore (26.07 percent) in FY25; Rs 239.74 crore (20.33 percent) in FY24, and Rs 202.91 crore (19.52 percent) in FY23. Any increase in hyperscaler pricing, changes in service terms, regional resilience requirements, or the need to shift providers could raise operating costs or cause service interruptions, and any disruption may lead to refunds, liability, and lower renewals, adversely affecting the business, results of operations, financial condition, and cash flows.
The top customer accounted for Rs 99.09 crore (14.06 percent) of the company’s revenue for the period ended September 30, 2025; Rs 132.65 crore (11.41 percent) in FY25; Rs 60.93 crore (6.93 percent) in FY24, and Rs 46.85 crore (6.88 percent) in FY23. Customer contracts are generally for three-year terms, and customers may not renew, may seek price reductions, or may shift to in-house or competing solutions. Failure to retain this key client, expand business with them, or replace lost customers could adversely affect the company’s business, results of operations, financial condition, and cash flows.
The streaming unification division accounted for Rs 372.53 crore (52.86 percent) of the company’s revenue for the period ended September 30, 2025; Rs 664.32 crore (57.14 percent) in FY25; Rs 462.82 crore (52.64 percent) in FY24, and Rs 345.60 crore (50.78 percent) in FY23. This division requires continuous investment to keep up with changing streaming standards, formats, and localisation needs. Any delay in product upgrades, integration issues, or reduced demand for streaming solutions could lead to customer losses and adversely affect the company’s business, results of operations, financial condition, and cash flows.
Amagi Media Labs’ monetisation products, including Amagi Thunderstorm and Ads Plus, operate within SSAI and connected TV programmatic ecosystems that are exposed to risks such as invalid traffic, SSAI-spoofing, fabricated impressions, and measurement discrepancies. The company relies on fraud-detection and verification systems operated by third-party ad exchanges and demand-side partners rather than its own independent detection systems. Any increase in invalid traffic incidents or measurement inaccuracies could reduce monetisable impressions, lower advertiser demand for CTV inventory, and adversely affect the company’s business, results of operations, financial condition, and cash flows.
Amagi Media Labs is exposed to counterparty credit risk because it extends credit to customers, and delays or non-receipt of payments can affect working capital and cash flows. Trade receivables (gross) were Rs 396.52 crore, up from Rs 294.10 crore in FY25 and Rs 267.12 crore in FY24, and Rs 227.84 crore in FY23. Any customer financial stress, disputes, or procedural delays could increase receivables or write-offs and adversely affect the business, financial condition, results of operations, and cash flows.
The company is involved in certain ongoing legal proceedings. The company’s business prospects could be hit in case of adverse judgments in any of these cases.
As of September 30, 2025, the company had contingent liabilities of Rs 69.76 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
Amagi Media Labs Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Amagi Media Labs IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹343 - 361 | Upto ₹2 Lakh | 41 |
| High Networth Individual | ₹343 - 361 | ₹2 - 5 Lakh | 41 |
For Amagi Media Labs IPO, eligible investors can apply as Regular.
About Amagi Media Labs IPO
Amagi Media Labs IPO Timeline
| IPO Open | Tue, Jan 13, 2026 |
| IPO Close | Fri, Jan 16, 2026 |
| IPO Allotment | Mon, Jan 19, 2026 |
| Refund | Tue, Jan 20, 2026 |
| Credit of Shares | Tue, Jan 20, 2026 |
| Listing | Wed, Jan 21, 2026 |
Objective of Amagi Media Labs IPO
| # | Issue Objects | Est Amt (₹ Cr.) |
| 1 | Investment in technology and cloud infrastructure | 550.06 |
| 2 |
Funding inorganic growth through unidentified acquisitions and general corporate purposes
|
Amagi Media Labs IPO Registrar
MUFG Intime India Pvt.Ltd.
Phone No. - +91-22-4918 6270
Email - [email protected]
Amagi Media Labs IPO Lead Manager
- Kotak Mahindra Capital Co.Ltd.
- Citigroup Global Markets India Pvt.Ltd.
- Goldman Sachs (India) Securities Pvt.Ltd.
- IIFL Capital Services Ltd.
- Avendus Capital Pvt.Ltd.
Amagi Media Labs IPO Contact Details
Amagi Media Labs Ltd. Address
Raj Alkaa Park, Survey No. 29/3 and 32/2
4th floor, Kalena Agrahara Village,
Begur Hobli
Bengaluru, Karnataka, 560076
Phone no.: 080- 46634406
Email: [email protected]