The stock opened at Rs 317 on the BSE, 12.19% below its issue price of Rs 361, before climbing as much as 12.8% to Rs 357.50. On the NSE, the shares listed at Rs 318, a discount of 11.91%, and later touched an intraday high of Rs 356.95, up 12.2% from the opening trade.
Grey market signals, steady demand
The muted debut was broadly in line with grey market expectations, which had pointed to a subdued opening despite strong subscription numbers. The grey market premium for Amagi Media Labs shares was hovering around zero ahead of the listing, signaling limited near-term exuberance even as demand for the issue remained robust.The Rs 1,789 crore initial public offering comprised a fresh issue of Rs 816 crore and an offer for sale of Rs 972.62 crore. The issue was open for subscription between Jan. 13 and Jan. 16, with allotment finalized on Jan. 19.
Investor response was strong across categories. The IPO was subscribed 30.24 times overall, driven by non-institutional investors, where the issue was subscribed 38.26 times. Qualified institutional buyers subscribed 33.13 times, while the retail portion was subscribed 9.54 times.
Ahead of the public issue, the company raised Rs 804.88 crore from anchor investors on Jan. 12 through the allotment of more than 2.22 crore shares. Half of the anchor allocation is locked in for 30 days, with the remaining portion subject to a 90-day lock-in.
Business model and financial turnaround
Founded in 2008 and headquartered in Bengaluru, Amagi Media Labs operates in the cloud-based broadcast and connected TV technology space, providing end-to-end solutions for content creation, distribution and monetisation. The company focuses heavily on free ad-supported streaming TV platforms, including Pluto TV, Samsung TV Plus and Roku Channel, and offers services such as cloud playout, content scheduling, server-side ad insertion and data analytics.
The company has recently turned profitable. For the six months ended September 2025, Amagi reported a profit after tax of Rs 6.47 crore on total income of Rs 733.93 crore, compared with losses in the previous two financial years. EBITDA margins have improved sharply, reflecting operating leverage in its business model.
Proceeds from the fresh issue will be used primarily for investments in technology and cloud infrastructure, as well as for inorganic growth opportunities and general corporate purposes.
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