Amagi Media Labs Files IPO Papers With SEBI, Plans to Raise ₹1,020 Crore

Cloud-based video broadcasting and distribution platform Amagi Media Labs Ltd has officially filed draft papers with the Securities and Exchange Board of India (SEBI) to raise ₹1,020 crore through an initial public offering (IPO). This development marks a significant milestone for the company, making it the first in India’s broadcast and streaming ecosystem to pursue a public listing.

The proposed IPO consists of a fresh equity issue of ₹1,020 crore and an offer for sale (OFS) of up to 34 million shares, as per the draft red herring prospectus (DRHP). This move follows earlier reports from Mint in January, which revealed that the Software-as-a-Service (SaaS) firm had appointed investment banks such as Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs for a ₹3,200 crore public issue.

Sectoral Breakthrough: First in Its Class to Go Public

Amagi’s public listing represents a sectoral first in India; no other firm focused on broadcast and streaming technology has gone public in the country so far. Founded in 2008 by Baskar Subramanian (CEO), Srividhya Srinivasan (CTO), and Arunachalam Srinivasan Karapattu (President of Global Business), Amagi has grown into a global player in the cloud media services space.

The Bengaluru-based unicorn has drawn significant investor interest over the years. Notable stakeholders such as Premji Invest, Accel, General Atlantic, and Norwest Ventures will be participating in the OFS, though it remains unclear whether they intend to exit entirely.

The company had last raised capital in 2022, securing over $100 million in funding led by General Atlantic, which valued the firm at $1.4 billion.

Growth Strategy and Global Revenue Focus

Amagi plans to use ₹667 crore from the net proceeds of the fresh issue to strengthen its cloud infrastructure and pursue inorganic growth. It is also considering raising ₹204 crore in a pre-IPO round.

The company’s operational revenue for FY 2024-25 stood at ₹1,162 crore, and it has achieved a compound annual growth rate (CAGR) of 30% since FY 2022-23. While Amagi generates most of its revenue from the US market, it sees emerging opportunities in India, especially with the rise of free ad-supported television (FAST) and increasing digital adoption. Currently, India and Latin America contribute only about 10% to its total revenue.

As per a Mint report, the company’s founders shared plans for acquisitions this year, targeting three areas: live sports broadcasting, advertising technology solutions, and the broader media supply chain sector.

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Conclusion

Amagi’s IPO signals a transformative phase not just for the company but for India’s cloud media and broadcast technology space. With its strong revenue trajectory, global focus, and plans for strategic investments, the company is positioning itself to capitalise on the rapid evolution of digital media consumption. The upcoming listing could set a benchmark for other tech-driven media firms aiming for public markets in India.

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