IPO · Consumer Internet & Media

Amagi lists at 12% discount to IPO price

By Startup Enthusiast · 21 January 2026

What they do

Amagi provides a cloud-managed advertising platform for connected TV and programmatic ads

It listed on BSE at ₹317 and NSE at ₹318, a 12% discount to the IPO price of ₹361

The ₹1,789 crore IPO was subscribed 30 times overall, with strong demand from institutional investors

Amagi Media Labs listed on BSE at ₹317 and on NSE at ₹318, a 12% discount to its IPO price of ₹361.
The ₹1,789 crore IPO (initial public offering, the first sale of shares to the public) was subscribed 30 times overall.
Qualified institutional buyers (QIBs, large investors like banks and mutual funds) subscribed 30 times, high-net-worth individuals (HNIs) 40 times, and retail investors 9-10 times.
The company raised ₹805 crore from anchor investors (institutional investors who commit to buy shares before the IPO opens) ahead of the listing.
The IPO included a fresh issue of shares and an offer for sale (OFS, existing shareholders selling their shares).
Proceeds from the fresh issue will be used to strengthen the technology/data stack, expand global footprint, and fund strategic acquisitions.
The OFS allowed early and late-stage investors to partially exit their holdings.

Amagi's listing at a discount reflects cautious market sentiment despite strong IPO subscription.
The company derives most of its revenue from international markets, especially the US.
For FY25, Amagi reported revenue of approximately ₹1,162 crore.
In H1FY26, revenue was ₹706 crore with a profit of ₹6.5 crore.
The current market capitalisation is ₹7,570 crore ($841 million).

Amagi provides a cloud-managed advertising platform for connected TV (CTV, televisions that connect to the internet) and programmatic advertising (automated buying and selling of ad space).
Its platform, Amagi NOW, unifies content ingestion (bringing in video content) to ad insertion, powered by the Amagi Intelligence agentic engine (an AI system that acts autonomously).
The company serves broadcasters, content partners, distributors, and advertisers.
It delivers 9,000+ channel deliveries and reaches 300+ streaming platforms.
Amagi processes 26 billion+ ad impressions annually and claims a 75% reduction in scheduling time for clients.
The majority of its revenue comes from international markets, particularly the United States.