Analysis · Enterprise Software & IT

Amagi cuts IPO size, opens at lower valuation

By Startup Enthusiast · 12 January 2026

What they do

Amagi provides cloud software for TV channels to broadcast and monetise content online

Its IPO opens January 13 with a fresh issue of INR 816 Cr and an OFS of INR 972.62 Cr

The valuation of ~INR 7,966 Cr is 37% lower than its last private valuation of $1.4 Bn

Amagi's IPO opens on January 13 and closes on January 16, with anchor bidding on January 12.
The fresh issue has been reduced by 25% to INR 816 Cr from the earlier INR 1,020 Cr.
The offer for sale (OFS) has been trimmed by 22% to INR 972.62 Cr.
At the top of the price band, the valuation is about INR 7,966 Cr ($885 Mn).
This valuation is ~37% lower than the company's last private post-money valuation of $1.4 Bn.
In H1 FY26, Amagi posted a net profit of INR 6.5 Cr, compared to a loss of INR 66 Cr in H1 FY25.
Operating revenue in H1 FY26 was INR 704.8 Cr, up 35% year-on-year.
For FY25, the company reported a net loss of INR 68.7 Cr on operating revenue of INR 1,162.6 Cr.

18 new-age companies went public in 2025, and 48 listings are expected over the next 18 months.
The market is shifting from momentum-driven debuts to pricing discipline, profitability visibility, and business-model clarity.
The micro drama boom could be a growth opportunity for Amagi and its competitors.

Amagi is a media SaaS unicorn that provides cloud-based technology for TV channels on the internet.
It replaces hardware broadcast setups with cloud software, so broadcasters can run live TV channels without physical infrastructure.
The company charges fixed monthly fees per channel, usage-based fees for live events and content hours, and additional operations management fees.
Its single system handles scheduling, on-demand delivery, compliance, metadata, and platform-specific rules across live, linear, and on-demand formats.
Amagi also charges monthly subscription fees and volume-linked charges for content processing and delivery.
Its ad network inserts ads into live and on-demand video streams at the server level, avoiding ad blockers, reducing buffering, and working across devices.
The company operates a marketplace connecting ad inventory to advertisers, agencies, and demand-side platforms, running programmatic and direct ad sales.
Amagi earns from its ad network via usage-based fees and revenue share.
It sits between content owners, distributors, and advertisers; the platform becomes more valuable as more participants join each side.