Amagi IPO Fully Subscribed On Day 3, NIIs Lead With 10.66X Demand

Media SaaS major Amagi’s IPO sailed through on the final day of bidding, with the issue subscribed 5.39X by 13:21 IST on the third day. It received bids for 14.7 Cr shares against 2.72 Cr shares on offer, marking a sharp turnaround from the muted demand seen on the first two days.

Non-institutional investors (NIIs) emerged as the biggest drivers of demand, with their portion subscribed 10.66X. Within the category, large individual investors bidding above INR 10 Lakh led the charge, with the portion reserved for them subscribed 12.18X. 

Demand in the INR 2-10 Lakh bracket also remained strong at 7.63X, indicating broad-based participation from high-net-worth individuals.

Qualified institutional buyers (QIBs) also stepped up on the final day of bidding, with the institutional portion subscribed 3.45 times. The bulk of the QIB demand came from the ‘others’ category, while mutual funds placed bids for nearly 79 Lakh shares.

Retail individual investors’ (RIIs) quota was subscribed 3.09 times, receiving bids for 1.56 Cr shares against 50.73 Lakh shares reserved for them. 

Amagi has set a price band of INR 343-361 per share for the IPO and is looking to raise INR 1,788.6 Cr, valuing the company at about INR 7,966 Cr (about $878.3 Mn) at the upper end of the band. Ahead of the issue, the company raised INR 805 Cr from anchor investors, largely from mutual funds.

Amagi's Funding Snapshot

Source: Inc42 Datalabs

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Amagi turned profitable in the first half of FY26, reporting a net profit of INR 6.5 Cr as against a net loss of INR 66 Cr in H1 FY25. Operating revenue rose 35% YoY to INR 704.8 Cr.

The company’s shares are expected to list on the exchanges on January 21. With this, it will become the first new-age tech company to go public in 2026.