IPO-Bound Amagi Nets INR 805 Cr From Anchor Investors

Media-focussed SaaS company Amagi has raised about INR 805 Cr from anchor investors in the run up to its initial public offering (IPO), which is set to open tomorrow (January 13).

The Bengaluru based company allotted 2.23 Cr shares to anchor investors at INR 361, the upper end of the set price band, per share. This values the anchor portion at INR 804.9 Cr.

Domestic mutual funds lapped up the largest share of the anchor book, buying about 76% or 1.7 Cr shares on offer. Eleven mutual funds including SBI, ICICI Prudential, HDFC, Aditya Birla Sun Life, Motilal Oswal, Tata, Franklin Templeton subscribed to the company’s shares across 28 schemes.

Meanwhile, three life insurance companies — HDFC Life, Bharti AXA Life and Edelweiss Life — also bought 6.7% stake or 14.95 Lakh shares. The remaining portion of the round were allocated to other institutional investors, including global funds and alternative investment firms like Goldman Sachs, Societe General, among others .

Amagi’s IPO, which will close on Friday (January 16), comprises a fresh issue of shares worth up to INR 816 Cr and an offer for sale (OFS) component of about 2.69 Cr shares. At the upper end of its price band of INR 343 to INR 361, the issue is pegged at INR 1,788.6 Cr (about $200 Mn). 

The company intends to utilise the proceeds from the IPO to invest in its tech and cloud infrastructure and fuel certain unidentified acquisitions. Of the total INR 816 Cr fresh issue, it intends to spend INR 550 Cr to bolster its tech and cloud infra. Meanwhile, investors like Premji Invest, Accel and Trudy Holdings would be offloading parts of their shareholding via the OFS.

Important to mention that the company has trimmed both components, reducing the fresh issue by 25% and the offer for sale by 22% from earlier plans.

At the upper end of the price band, the IPO values Amagi at around INR 7,966 Cr ($885 Mn), about 37% lower than its last private valuation of $1.4 Bn. 

The company, which was incorporated in 2008, turned profitable just ahead of its IPO in the first half of FY26. During the period, it reported a net profit of INR 6.5 Cr against a net loss of INR 66 Cr in the same period last year. 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 operating revenue of INR 1,162.6 Cr.

Amagi provides software and advertising infrastructure for connected TV and digital video platforms, with a strong focus on free, ad-supported streaming television (FAST). The company does not own content or run consumer-facing apps. Instead, it offers cloud-based tools that allow broadcasters and content owners to create, manage and distribute TV channels across multiple streaming platforms without physical broadcast infrastructure.