MUMBAI: Clouds, cash, and content Amagi’s IPO play is streaming towards Dalal Street. Amagi Media Labs, the Bengaluru-based SaaS powerhouse fuelling global streaming, has filed its draft red herring prospectus (DRHP) with SEBI for a blockbuster IPO combining fresh equity of up to Rs 1,020 crore and an offer for sale (OFS) of 3.41 crore equity shares.
The fresh issue will fund Rs 667 crore in tech and cloud infrastructure, while also financing future acquisitions and corporate purposes. The IPO will also give early backers including Premji Invest, Norwest Venture Partners, Accel, and Avataar Ventures, a chance to partially exit via the OFS route.
Founded in 2008 by Baskar Subramanian, Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu, Amagi has emerged as a global player in the Media & Entertainment (M&E) technology landscape. Its AI-powered, cloud-native platform supports content providers, OTT distributors, and advertisers in uploading, managing, and monetising video content whether it’s on smartphones, smart TVs, or streaming platforms.
Today, Amagi works with over 45 per cent of the top 50 listed media and entertainment companies by revenue, cementing its position as the go-to “industry cloud” for streaming.
The company is structured into three verticals Cloud Modernisation, Streaming Unification, and Monetisation & Marketplace serving television networks, film studios, production houses, telecom operators, OTT giants, and advertising platforms.
Financially, the company is turning the corner with impressive top-line growth. In FY25, Amagi clocked Rs 1,162 crore in revenue from operations, posting a CAGR of 30.70 per cent from FY23 to FY25. Even more notably, its adjusted EBITDA margin turned positive at 2.02 per cent, bouncing back from -17.69 per cent in FY24 and -20.62 per cent in FY23, a strong indicator of improved operational leverage.
Amagi may also explore a Pre-IPO placement of up to Rs 204 crore, which would reduce the fresh issue proportionally.
Leading the IPO charge are Kotak Mahindra Capital, Goldman Sachs India, Citigroup Global Markets, IIFL Capital, and Avendus Capital, with the listing proposed on both the BSE and NSE.
For a company that started out serving satellite TV channels, Amagi has now become a global cloud-streaming disruptor poised to write its next big chapter on India’s public markets. With video streaming only growing and cloud infrastructure becoming critical, Amagi’s IPO could be the signal investors have been waiting to tune into.
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