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 raised 17.89 billion rupees, or about $196 million, 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 12% 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 around $825.81 million, according to the National Stock Exchange. Amagi was last privately valued at $1.4 billion in a funding round in November 2022, after a $100 million raise led by General Atlantic. Investor demand for the IPO was strong, with shares sought more than 30 times the available supply.
The company sells cloud software that helps TV networks and streaming services distribute and monetize video content. It earns almost all of its revenue outside India, including around 73% from the U.S. and about 20% from Europe, according to CEO and co-founder Baskar Subramanian. This makes it a rare export-first technology listing on Indian exchanges.
The $196 million IPO included a fresh issue of shares worth about $89.33 million, 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 sold by existing backers.
Norwest Venture Partners, Accel, and Premji Invest were among the existing shareholders that 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 10% stake in Amagi after the IPO, locking in a significant gain on its initial investment. An Accel partner noted they exited as little as possible to facilitate the public offering.
Founded in 2008 by Baskar Subramanian, Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu, Amagi serves clients including 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 benefiting from a shift as broadcasters and streamers move away from traditional hardware and satellite workflows toward cloud-based operations. He estimates less than 10% of the industry has completed this transition, leaving substantial room for growth. The company is also introducing new automation and AI-driven tools to help media companies reduce operating costs.
Amagi’s revenue from operations rose 34.6% year-over-year for the six months ended September 30, 2025, reaching about $77.18 million. Its net revenue retention was about 127%, indicating existing customers increased their spending by 27%.
The company believes broadcast and live video are in the early stages of moving to the cloud. This long runway is expected to continue as media groups modernize infrastructure and expand ad-supported streaming. Partners note that Amagi’s appeal lies in being a premium, reliable platform for major customers, where downtime during live events is especially costly.
Amagi faces competition from legacy vendors modernizing their own offerings and must prove its push into AI-driven automation can expand its business beyond infrastructure into higher-margin software without cloud costs eroding profitability.
The company plans to use most of the fresh IPO proceeds for technology and cloud infrastructure, setting aside funds for potential acquisitions and general corporate use.
Amagi’s debut comes as India’s IPO market attracts more technology-led listings, supported by strong domestic investor demand even as late-stage startup funding remains subdued. Public markets are increasingly seen as both a growth-financing option and an exit path for early backers.
India’s tech sector recorded 42 IPOs in 2025, up from 36 in 2024. Several venture-backed startups in consumer and fintech sectors are widely expected to test public markets in 2026 as the pipeline continues to build.