Amagi IPO Sees Muted Interest, Issue Subscribed 5% So Far

SUMMARY

The company’s public issue got bids for 17.49 Lakh shares against 2.72 Cr shares on offer, translating to a 6% subscription at the end of the day

The muted interest for the IPO on the opening day was in line with the mixed feedback received from brokerage firms like SBI Securities rating the company's float 'Neutral'

The grey market premium for the company indicates a listing above the issue price

Update | January 13, 18:16 IST

Amagi’s IPO witnessed a muted investor interest on the first day of bidding amid mixed brokerage reports and volatility in the broader Indian equities market. The company’s public issue got bids for 17.49 Lakh shares against 2.72 Cr shares on offer, translating to a 6% subscription at the end of the day.

Retail investors subscribed their quota the most, placing bids for 14.43 Lakh shares against 50.73 Lakh shares on offer. The portion reserved for them was subscribed 28%.

Trailing retail investors, non-institutional investors (NIIs) placed bids for 3.04 Lakh shares against 76.10 Lakh shares earmarked, translating to a 4% subscription. QIBs showed the least interest in the public issue, bidding for just 1,148 shares at the end of day one.

Original | January 13, 15:08 IST

Media SaaS company Amagi’s IPO opened to a muted investor interest today. The public issue was subscribed 5% till 14:03 IST, with investors placing bids for 13.26 Lakh shares against 2.73 Cr shares on offer.

Retail investors led the charge, placing bids for 11.45 Lakh shares against 50.73 Lakh shares reserved for them. This translated to a 23% subscription of their quota.

The interest from institutional investors was low on the first day of bidding. Non-institutional investors placed bids for 1.95 Lakh shares against 76.1 Lakh shares on offer, leading to a 3% subscription. Qualified institutional buyers (QIBs) placed bids for just 1,148 shares, a fraction of the 1.46 Cr shares reserved for them.

Yesterday, Amagi raised INR 805 Cr from anchor investors, with mutual funds cumulatively accounting for 76% of this. Eleven mutual funds, including SBI, ICICI Prudential, HDFC, Aditya Birla Sun Life, Motilal Oswal, Tata, and Franklin Templeton, subscribed to 1.7 Cr shares of the company across 28 schemes at the upper end of the price band.

The media SaaS major set a price band of INR 343-361 for its IPO on January 8, a day after it filed for INR 1,788.6 Cr (about $200 Mn) public issue. The company is targeting a valuation of about INR 7,966 Cr (about $885 Mn) at the top of the price band, a significant cut of 37% from its last private valuation of $1.4 Bn.

The muted interest for the IPO on the opening day was in line with the mixed feedback received from brokerage firms. SBI Securities rated the company’s float ‘Neutral’, citing ongoing consolidation in the global media and entertainment industry.

“Amagi appears on the verge of turning profitable for the full year FY26 based on the H1 FY26 financials. However, the underlying global media & entertainment industry is undergoing consolidation especially in Amagi’s primary market of North America which could potentially impact pricing power for Amagi,” the brokerage said.

Ahead of its IPO, Amagi turned profitable in the first half of FY26. It reported a net profit of INR 6.5 Cr during the period against a net loss of INR 66 Cr in H1 FY25. Its operating revenue rose 35% YoY to INR 704.8 Cr. In FY25, Amagi had posted a net loss of INR 68.7 Cr on an operating revenue of INR 1,162.6 Cr.

Meanwhile, the grey market premium for the company indicates a listing above the issue price. The company’s shares were trading at a premium of INR 20 in the grey market today, indicating a potential 5.54% listing return for investors.