Amagi Media Labs Ltd. is entering the capital markets with its mainboard IPO to raise ₹1,788.62 crore, through a combination of fresh issue and offer for sale. The Amagi Media Labs IPO opens for subscription from January 13 to January 16, 2026, with shares proposed to be listed on BSE and NSE.
Founded in 2008, Amagi operates in the cloud-based broadcast and connected TV (CTV) technology space, providing end-to-end solutions for content creation, distribution, and monetisation across traditional television and FAST (Free Ad-Supported Streaming TV) platforms. This review analyses Amagi’s business model, financials, IPO structure, risks, GMP trends, and key considerations for investors, based on disclosures in the Red Herring Prospectus (RHP).
(Source: Chittorgarh)
Company Overview
Amagi Media Labs Ltd. is a cloud-native SaaS company enabling broadcasters, content owners, and streaming platforms to launch, manage, and monetise linear TV channels globally.
The company operates across the FAST and connected TV ecosystem and supports platforms such as Pluto TV, Samsung TV Plus, Roku Channel, and other global streaming services.
Core Offerings
- Cloud-based channel playout and scheduling
- Server-side ad insertion and monetisation
- Analytics-driven ad decisioning
- FAST channel creation and management
Amagi serves over 700 content partners, supports 2,000+ channel deployments, and operates across 100+ countries, with a strong presence in the U.S., Europe, and Asia.
Business Model & Operations
Amagi operates a three-sided marketplace connecting:
- Content owners
- Streaming platforms
- Advertisers
Its revenue is primarily driven by advertising monetisation on FAST and connected TV platforms. The company’s SaaS-based model reduces infrastructure costs for broadcasters while enabling scalable global distribution.
As of March 31, 2025, Amagi employed 884 full-time staff, with a strong focus on technology, engineering, and customer-facing roles across India, the U.S., and Europe.
Competitive Strengths
- One-stop, glass-to-glass cloud solutions for TV and FAST platforms
- Strong network effects across content, platforms, and advertisers
- Proprietary cloud-native and AI-enabled technology stack
- Long-term relationships with global media and streaming players
- Asset-light, scalable SaaS business model
Industry Context
The global FAST and connected TV advertising market is witnessing:
- Shift from traditional cable to streaming
- Growth in ad-supported streaming consumption
- Rising demand for targeted, measurable TV advertising
While the long-term opportunity is significant, the space remains competitive and valuation-sensitive, especially for loss-making or early profitability-stage companies.
(Source: Chittorgarh)
Financial Performance
Financial Summary (₹ in crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr) | 1,352.16 | 1,425.00 | 1,308.08 | 1,405.96 |
| Total Income (₹ Cr) | 733.93 | 1,223.31 | 942.24 | 724.72 |
| Profit After Tax (₹ Cr) | 6.47 | -68.71 | -245.00 | -321.27 |
| EBITDA (₹ Cr) | 58.23 | 23.49 | -155.53 | -140.34 |
(Source: RHP | Chittorgarh)
Key Ratios & Metrics
(As of September 30, 2025)
- EBITDA Margin: 8.26%
- PAT Margin: 0.88%
- RoNW: 0.75%
- Price to Book Value: 8.61
The company has recently turned profitable at the PAT level in H1 FY26 after consecutive losses, indicating an early profitability transition. However, valuation remains elevated relative to near-term earnings.
(Source: RHP, Chittorgarh)
IPO Details
| Detail | Information |
|---|---|
| IPO Opening Date | Tue, Jan 13, 2026 |
| IPO Closing Date | Fri, Jan 16, 2026 |
| Price Band | ₹343 – ₹361 per share |
| Issue Size | ₹1,788.62 Cr (Fresh Issue + OFS) |
| Lot Size | 41 shares |
| Minimum Investment | ₹14,801 |
| Listing Exchanges | BSE & NSE |
| Tentative Listing Date | Wed, Jan 21, 2026 |
(Source: RHP, Chittorgarh)
GMP Trend & Subscription Snapshot
As of January 14, 2026 (Day 2), grey market indicators suggest moderate sentiment, with GMP indicating an estimated upside of ~8% over the upper price band.
At the same time, retail subscription stands at 0.17x, indicating relatively lower retail demand so far, which statistically improves allotment probability for retail applicants if demand remains muted.
GMP and subscription data are subject to change and should not be considered investment advice.
(Source: Chittorgarh)
Risks & Concerns
- Elevated valuation despite limited profitability history
- High P/E on annualised earnings
- Dependence on advertising-led revenue cycles
- Competitive global ad-tech and SaaS landscape
- Execution risk in scaling profitability
The Bottomline
The Amagi Media Labs IPO offers exposure to a global FAST and connected TV SaaS platform positioned in a structurally growing media segment. The company has demonstrated scale, global reach, and early profitability signals.
However, the IPO valuation remains demanding, and profitability sustainability will be a key monitorable. The current low retail subscription may improve allotment chances, but long-term performance will depend on execution and margin expansion.
This IPO may suit well-informed, long-term, risk-tolerant investors, while conservative investors may prefer to observe post-listing performance.
Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing. This content is purely for information purpose only and in no way to be considered as an advice or recommendation. The securities are quoted as an example and not as a recommendation.
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