Amagi Media Labs IPO Day 2 Highlights: Issue subscribed 13% so far. GMP hints 6% listing gain. Check details here

QIB: 3%

NII: 8%

Retail: 49%

Overall: 13%

1. Continue to invest in product innovation and technology
2. Harness Amagi INTELLIGENCE to drive innovation across their platform
3. Deepen engagement within the media and entertainment ecosystem
4. Leverage domain expertise to expand into new geographies
5. Strategically pursue acquisitions and partnerships

Amagi Media Labs IPO Day 2 LIVE:

1. Content providers, including television networks, movie studios, production companies, sports leagues, and other media creators—are supported through a single platform that enables the management of real-time (live), scheduled (linear), and viewer-selected (on-demand) content. Technology facilitates global content distribution and supports advertising-based monetization models.
2. Distributors, including over-the-top (“OTT”) platforms, telecom operators, and smart television manufacturers—are supported in aggregating content from multiple providers and enabling delivery across multiple devices and geographies.
3. Advertising platforms and advertisers—including demand-side platforms, advertising agencies, brands, and technology providers that facilitate digital advertising transactions—are provided with tools to enable targeted ad delivery to viewers, enhance ad inventory yield, and measure advertising performance.

1. Changing trends in media consumption and distribution leading to the modernization of the media and entertainment industry
2. Ability to offer an array of solutions to grow long-term customer relationships
3. Expansion of global customer base and presence
4. Cloud-based workflow solutions across the video value chain
5. Regulatory compliance and data security as critical differentiators

Amagi Media Labs IPO Day 2 LIVE: Amagi Media Labs Ltd. specializes in technology for cloud-based broadcasting and connected TV. Established in 2008 and based in Bengaluru, India, Amagi offers comprehensive solutions for the creation, distribution, and monetisation of content on both traditional television and streaming services.

The company empowers broadcasters, content creators, and streaming services to launch, oversee, and monetize live linear channels on Free Ad-supported Streaming TV (FAST) platforms, including Pluto TV, Samsung TV Plus, the Roku Channel, and others. Amagi’s range of products features cloud playout, content scheduling, ad insertion, and data analytics tools.

Amagi Media Labs IPO Day 2 LIVE: SBICAP Securities noted that Amagi Media Labs IPO seems poised to achieve profitability for the entire fiscal year FY26, according to the first half of FY26 financial results. Nevertheless, the global Media & Entertainment sector is currently experiencing a wave of consolidation, particularly in Amagi Media Labs' main market of North America, which may have an effect on pricing power for Amagi Media Labs.

The brokerage said that at the upper price band of ₹361, the IPO is evaluated at 6.7 times the FY25 price-to-sales ratio based on the capital after the issue. The brokerage has given a NEUTRAL rating to the offering and intends to monitor the company’s performance for several quarters following its listing.

Amagi Media Labs IPO Day 2 LIVE: Check out the following strengths;

1. One-stop glass-to-glass solutions provider
2. Positioned within a three-sided marketplace to leverage strong network effects
3. Proprietary, award-winning technology platform with artificial intelligence capabilities
4. Trusted by global customers with long-term relationships
5. Visionary founders with strong leadership and a culture of innovation

Amagi Media Labs IPO Day 2 LIVE: According to the brokerage, the company shows strong revenue growth, but profitability is still weak with negative PAT and ROE.

Swastika Investmart believes the EBITDA margin is very low (around 2%), indicating the business is still in an early or transition phase. Even with the valuation haircut, the Price-to-Earnings (P/E) ratio based on FY26 annualized earnings is extremely high. The IPO is mainly for growth and technology investment, not immediate earnings visibility.

“Given the risk–reward, it’s better to avoid this IPO for now, longterm investors should wait for consistent profits,” said the brokerage.

Amagi Media Labs IPO Day 2 LIVE: Amagi Media Labs IPO includes a fresh issue of shares amounting to ₹816 crore along with an Offer For Sale (OFS) of 2.7 crore shares, valued at ₹972.6 crore, based on the upper price band from existing shareholders. This brings the total size of the issue to ₹1,788.6 crore.

Included in the OFS are PI Opportunities Fund I, PI Opportunities Fund II, Norwest Venture Partners X – Mauritius, Accel India VI (Mauritius) Ltd, Trudy Holdings, and several individual selling shareholders who will be selling their shares.

The fresh issue proceeds, amounting to ₹550 crore, will be allocated to enhance Amagi's technology and cloud infrastructure, support inorganic growth through acquisitions, and cover general corporate expenses.

The deployment of these funds will be staggered, with ₹82 crore designated for FY26, ₹359 crore for FY27, and ₹108 crore for FY28.

Amagi Media Labs IPO Day 2 LIVE: Anand Rathi mentioned that at the highest price range, the firm's valuation stands at 6.7 times FY25 price-to-sales ratio, resulting in a post-issue market capitalization of ₹78,098 million. The company has achieved profitability in the first half of FY26 and, bolstered by robust operating leverage, is set to provide full-year profitability in FY26.

The brokerage is confident that ongoing investments in research and development to boost scalability, automation, performance, and user experience further solidify its status as the “industry cloud” for video within the media and entertainment sector. Considering these aspects, the IPO seems to be fully valued and is advised as “Subscribe – Long Term.”

Amagi Media Labs IPO Day 2 LIVE: Rajan Shinde, Research Analyst, Mehta Equities Ltd, said that based on FY2025 actuals, the company is valued at approx. ~7x Market Cap to sales, and at around ~5.5x FY2026 annualised revenue, which appear reasonable for a SaaS player operating in a niche, high-growth cloud media tech segment.

“We believe company is well aligned to secular trends in connected TV, programmatic advertising and the global streaming ecosystem. Hence, we recommend Amagi Media Labs Ltd IPO “SUBSCRIBE” for long term perspective only,” said Shinde.

Amagi Media Labs IPO Day 2 LIVE: Tentatively, Amagi Media Labs IPO basis of allotment of shares will be finalised on Monday, January 19, and the company will initiate refunds on Tuesday, January 20, while the shares will be credited to the demat account of allottees on the same day following refund. Amagi Media Labs share price is likely to be listed on BSE and NSE on Wednesday, January 21.

Amagi Media Labs IPO Day 2 LIVE: Out of the total size of the issue, 75% is allocated to qualified institutional buyers, 15% to non-institutional investors, and the final 10% to retail investors.

Amagi Media Labs IPO Day 2 LIVE: Amagi Media Labs IPO subscription status was 6% on day 1. The retail portion was subscribed 28%, and NII portion has been booked 4%, Qualified Institutional Buyers (QIBs) portion is yet to receive bids.

The company has received bids for 17,48,445 shares against 2,72,66,589 shares on offer, according to data on BSE.

Amagi Media Labs IPO Day 2 LIVE: Amagi Media Labs IPO GMP today is ₹20. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Amagi Media Lab is indicated at ₹381 apiece, which is 5.54% higher than the IPO price of ₹361.

Considering the grey market activities from the last eight sessions, the present GMP ( ₹20) indicates a downward trend. Experts say the lowest GMP recorded is ₹0.00, with the highest reaching ₹43.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.