Amagi Media Labs Ipo Gmp TODAYAccording to unofficial market sources, the Amagi Media Labs IPO is trading at a gray market premium of around 7%, or around Rs 27 above the issue price of Rs 361. The GMP has gradually risen from around 4% earlier, reflecting a modest improvement in sentiment. At current levels, the stock is expected to trade around Rs 388, although expectations remain muted due to choppy market conditions.
Amagi Media Labs IPO Subscription Status
At the end of Day 2, the IPO was subscribed to a total of 13%, underscoring the muted interest from investors.
Retail Individual Investors (RIIs) showed relatively stronger participation, subscribing to 49% of the 50.73 lakh shares reserved for them. Non-institutional investors (NIIs) subscribed to only 8% of their 76.09 lakh shares, indicating limited appetite. Qualified Institutional Buyers (QIBs) remained the most cautious, bidding for only 3% of the Rs 1.45 crore shares allotted to them.
Overview of the IPO
Amagi operates in the fast-growing connected TV (CTV) and programmatic advertising space, helping advertisers reach audiences through streaming platforms and helping publishers more effectively monetize digital inventory. The company has built a strong global presence, especially in the US, where CTV advertising continues to gain popularity as viewers turn away from traditional cable television.
The IPO consists of a mix of a new issue and an offer-for-sale (OFS) by existing shareholders. Proceeds from the new issuance will be used primarily to fund expansion initiatives, strengthen technology and cloud infrastructure, and meet general business requirements. The OFS will allow early investors to partially monetize their holdings.
The issue of Rs 1,788.62 crore includes a fresh issue of Rs 816 crore and an OFS worth Rs 972.62 crore. The IPO can be subscribed till January 16, 2026, with a price band of Rs 343-361 per share.
The allotment of shares is expected to be completed on January 19, 2026, with a tentative listing on the BSE and NSE on January 21, 2026. Kotak Mahindra Capital Co. Ltd. is the lead manager, while MUFG Intime India Pvt. Ltd. is the registrar.
Purpose of the IPO
Of the total proceeds, Rs 550.06 crore will be deployed to enhance Amagi’s technology capabilities and cloud infrastructure. The remaining funds will be used for potential inorganic growth opportunities and general corporate purposes.
Financial performance
Amagi reported revenues of Rs 1,223 crore in FY25, a growth of almost 30% from Rs 942 crore in FY24. Losses narrowed over the year and the company turned profitable in the first half of FY26, posting a net profit of Rs 6.47 crore.
The company has delivered consistent revenue growth in recent years, driven by rising global connected TV ad spend and broader adoption of programmatic advertising solutions. Operational performance has also improved, aided by scale-based efficiencies.
Risk factors and challenges
Like other adtech players, Amagi remains exposed to fluctuations in advertising budgets, which tend to tighten during a global economic slowdown. Additional risks include currency volatility, customer concentration and intense competition in the international adtech markets.
Should you subscribe?
Brokers following the IPO are advising investors to temper expectations and approach the offering from a medium- to long-term perspective rather than chasing short-term listing gains.
According to Anand Rathi, Amagi’s positioning in the connected TV ecosystem, expanding its global footprint and improving its financial profile make it a differentiated role within the Indian tech IPO universe. However, valuation comfort and broader market conditions remain important variables in the near term.
“We recommend an approach where investors subscribe for the long term given Amagi’s exposure to a structurally growing segment such as connected TV advertising, although listing gains may remain limited in the current market environment,” the broker said.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times)
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