Amagi Media Labs IPO subscribed 30.22 times on Day 3; Check GMP and other details

The Rs 1,789 crore initial public offering (IPO) of Amagi Media Labs saw strong investor interest on its third and final day, with overall subscription reaching 30.22 times. The issue attracted bids for about 82.40 crore shares, far exceeding the 2.72 crore shares available for subscription.

The demand was driven largely by non-institutional investors (NIIs) and qualified institutional buyers (QIBs). The NII portion was subscribed 37.36 times, while the QIB segment saw subscriptions of 33.77 times, highlighting robust confidence from both institutional and high-net-worth investors in the company’s prospects.

Amagi Media Labs IPO GMP today


According to unofficial market sources, Amagi Media Labs’ IPO is quoting at a grey market premium of around 7%, or roughly Rs 27 over 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 list near Rs 388, though expectations remain restrained due to choppy market conditions.

Amagi Media Labs IPO subscription status

By the close of Day 3, the Amagi Media Labs IPO witnessed robust demand, with the overall subscription standing at 30.22 times.

Retail Individual Investors (RIIs) showed healthy participation, subscribing to 9.31 times the 50.73 lakh shares reserved for them. This reflects solid interest from small investors, though at a comparatively moderate level.

Non-Institutional Investors (NIIs) emerged as the strongest contributors, oversubscribing their allotted 76.09 lakh shares by 37.36 times, indicating aggressive bidding from high-net-worth individuals.

Meanwhile, Qualified Institutional Buyers (QIBs) also displayed strong confidence, bidding 33.77 times for the 1.45 crore shares earmarked for them, underscoring institutional faith in the company’s growth prospects.

Overview of the IPO

Amagi operates in the fast-growing connected TV (CTV) and programmatic advertising space, enabling advertisers to reach audiences across streaming platforms while helping publishers monetise digital inventory more effectively. The company has built a strong global presence, particularly in the US, where CTV advertising continues to gain traction as viewers shift away from traditional cable television.

The IPO comprises a mix of a fresh issue and an offer-for-sale (OFS) by existing shareholders. Proceeds from the fresh issue will be used primarily to fund expansion initiatives, strengthen technology and cloud infrastructure, and meet general corporate requirements. The OFS will allow early investors to partially monetise their holdings.

The Rs 1,788.62 crore issue includes a fresh issue of Rs 816 crore and an OFS worth Rs 972.62 crore. The IPO is open for subscription until January 16, 2026, with a price band of Rs 343–361 per share.

Share allotment is expected to be finalised on January 19, 2026, with a tentative listing on the BSE and NSE on January 21, 2026. Kotak Mahindra Capital Co. Ltd. is the book-running 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 towards enhancing 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 revenue of Rs 1,223 crore in FY25, marking nearly 30% growth from Rs 942 crore in FY24. Losses narrowed during 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 advertising spends on connected TV and wider adoption of programmatic advertising solutions. Operating performance has also improved, aided by scale-led efficiencies.

Risk factors and challenges

Like other adtech players, Amagi remains exposed to fluctuations in advertising budgets, which tend to tighten during global economic slowdowns. Additional risks include currency volatility, client concentration, and intense competition in international adtech markets.

Should you subscribe?

Brokerages tracking the IPO are advising investors to temper expectations and approach the offering with a medium- to long-term perspective rather than chasing near-term listing gains.

According to Anand Rathi, Amagi’s positioning in the connected TV ecosystem, expanding global footprint, and improving financial profile make it a differentiated play within India’s tech IPO universe. However, valuation comfort and broader market conditions remain key near-term variables.

“We recommend a subscribe-for-long-term-investors approach, given Amagi’s exposure to a structurally growing segment such as connected TV advertising, though listing gains may remain limited in the current market environment,” the brokerage said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)