Amagi Media Labs, a Bengaluru-headquartered company that sells cloud software used to run and monetize TV and streaming channels, saw its shares slide in its India market debut. The company had raised 17.89 billion rupees, or about 196 million dollars, in an initial public offering. This deal stands out in a market still dominated by consumer companies going public.
Shares opened at 318 rupees on Wednesday, a twelve percent discount to the 361 rupee issue price. They later climbed to 356.95 rupees and traded around 348.85 rupees, valuing Amagi at 75.44 billion rupees, or approximately 825.81 million dollars, according to the National Stock Exchange. Amagi was last privately valued at 1.4 billion dollars in a funding round in November 2022, after a 100 million dollar raise led by General Atlantic. Investor demand for the IPO was strong, with shares sought more than thirty times the available amount.
The company sells cloud software that helps TV networks and streaming services distribute and monetize video. It earns almost all of its revenue outside India, with around seventy-three percent coming from the United States and about twenty percent from Europe, according to CEO and co-founder Baskar Subramanian. This makes Amagi a rare export-first technology listing on Indian exchanges.
The 196 million dollar IPO included a fresh issue of shares worth about 89.33 million dollars, while existing investors sold about 26.9 million shares. The final deal was smaller than Amagi’s earlier plan, as the company trimmed the fresh issue and reduced the number of shares to be sold by existing backers.
Norwest Venture Partners, Accel, and Premji Invest were among the existing shareholders who sold shares. Subramanian stated these sales represented a very small portion of their holdings and confirmed the company’s founders did not sell any shares. He described the listing as a pit stop in a long journey.
Accel retained close to a ten percent stake in Amagi after the IPO. The listing locks in a significant gain on shares Accel originally acquired at around 108 rupees per share. An Accel partner noted they exited as little as possible to make the IPO happen.
Amagi was founded in 2008 by Baskar Subramanian, Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu. Its clients include content companies like Lionsgate Studios, Fox, and Sinclair Broadcast Group, as well as distributors such as Roku and DirecTV, and advertising platforms.
Subramanian said Amagi is riding a shift as broadcasters and streamers move from hardware and satellite-based workflows to the cloud. He argues only a small portion of the industry has completed this transition so far. The company has also begun pitching new automation and AI-driven tools to help media companies reduce operating costs.
The company’s revenue from operations rose thirty-four point six percent year-over-year to about 77.18 million dollars in the six months ended September 30, 2025. Its net revenue retention was about one hundred twenty-seven percent, meaning existing customers increased their spending by twenty-seven percent.
Amagi estimates that less than ten percent of the broadcast and live video industry has moved to the cloud, leaving a long growth runway. The company’s appeal is as a premium and highly reliable platform for major customers, where downtime during live events can be extremely costly. This has helped drive high customer retention and expansion.
However, Amagi faces competition from legacy vendors modernizing their own offerings. Its push into AI-driven automation will test whether it can expand beyond infrastructure into software with better profit margins without being hindered by rising cloud costs.
The company plans to use most of the fresh IPO proceeds, specifically about 60.21 million dollars, for technology and cloud infrastructure investment. Funds are also allocated for potential acquisitions and general corporate use.
Amagi’s debut comes as India’s IPO market draws a rising number of technology-led listings, supported by strong domestic investor demand. This shift has positioned public markets as both a growth-financing option and an exit path for early backers, especially as private capital has grown more selective.
India’s tech sector recorded forty-two IPOs in 2025, up from thirty-six in 2024. Several venture-backed startups, including in consumer and fintech, are widely expected to test public markets in 2026 as the pipeline builds.