Amagi IPO to test mkts with valuation reset

Nearly 90% of Amagi Media Labs' revenue comes from the US and Europe and no Indian peer operates at a comparable scale.

- Abhinaba Saha [e-mail]

Amagi Media Labs will open its ₹1,789 crore initial public offering (IPO) on 13 January, making it one of the first companies in 2026 to test public market appetite for a difficult-to-price global brand. The IPO comprises a ₹816 crore fresh issue and a ₹973 crore offer for sale.

Built in India and deployed worldwide, Amagi sells a cloud-based operating system that media companies use to run, distribute and monetize TV channels without owning broadcast infrastructure. Nearly 90% of its revenue comes from the US and Europe, the world’s largest advertising markets, and no Indian peer operates at a comparable scale.

Even globally, few companies span the full cloud value chain of media distribution the way Amagi does, according to its offer documents. While that positioning gives the company along growth runway, the lack of clear listed comparables leaves investors without an obvious benchmark.

Investors are being asked to judge Amagi largely on its earningstrajectory and how quickly this niche technology becomes mainstream, said Yatin Singh, chief executive officer (CEO) of investment banking at Emkay Global Financial Services. This uncertainty that is shaping the pricing of the IPO and expectations from the stock, said Singh.