Amagi Media Labs, a Bengaluru-based cloud software company focused on television and streaming monetisation, made a muted debut on Indian stock exchanges on Wednesday, with its shares opening below the issue price.

The company raised ₹17.89 billion (about $196 million) through its initial public offering, one of the few technology-led listings in a market still largely driven by consumer-focused IPOs.

Shares opened at ₹318, around 12 percent below the ₹361 offer price, before recovering partially and later trading near ₹348.85, valuing the firm at approximately ₹75.44 billion, according to data from the National Stock Exchange.

The IPO comprised a fresh issue worth ₹8.16 billion alongside an offer-for-sale of about 26.9 million shares by existing investors.

The final deal size was smaller than initially planned after Amagi reduced both the fresh issue and the number of shares sold by early backers.

Despite the softer debut, the issue saw strong demand, with investors bidding for more than 30 times the available shares. Amagi was last valued at $1.4 billion in a private funding round in November 2022 led by General Atlantic.

Founded in 2008, Amagi provides cloud-based software that enables broadcasters and streaming platforms to distribute and monetise video content.

The company is notable for generating the bulk of its revenue outside India, with roughly 73 percent coming from the United States and about 20 percent from Europe, according to co-founder and CEO Baskar Subramanian.

Its client base includes major global media groups such as Lionsgate Studios, Fox, and Sinclair Broadcast Group, as well as platforms like Roku, Vizio, Rakuten TV, and DirecTV.

Existing shareholders including Accel, Norwest Venture Partners, and Premji Invest participated in the share sale, though the company said only small portions of their holdings were offloaded.

The founders did not sell any shares. Accel retained close to a 10 percent stake post-listing, locking in a gain of over three times on its initial investment. Company executives described the IPO as a milestone rather than an exit, positioning it as part of Amagi’s long-term growth journey.

Financially, Amagi reported a 34.6 percent year-on-year increase in revenue from operations to ₹7.05 billion in the six months ended September 30, 2025, with net revenue retention of about 127 percent, indicating higher spending by existing customers.

The company plans to deploy most of the fresh capital into technology development and cloud infrastructure, while also earmarking funds for acquisitions and general corporate purposes.

Its listing comes amid a broader rise in technology IPOs in India, as public markets increasingly serve as a funding route for startups in a tighter private capital environment.

Source: Techcrunch