The IPO is seeing a grey market premium (GMP) of around 4%, signalling modest expectations for listing gains amid a volatile broader equity market and increased scrutiny of valuations in new-age tech offerings.
The issue is coming at a time when primary market sentiment is selective, with investors increasingly distinguishing between cash-generating businesses and high-growth but loss-making platforms.
Amagi Media Labs IPO subscription status
On the first day of its IPO, as of 12:20 PM, Amagi Media Labs’ issue was subscribed just 3% overall, indicating a slow start.
Retail Individual Investors (RIIs) showed relatively stronger interest, subscribing 15% of the 50.73 lakh shares allocated to them.
Non-Institutional Investors (NIIs) subscribed only 2% of their 76.09 lakh shares, reflecting tepid participation from this segment.
Qualified Institutional Buyers (QIBs) have not yet placed any bids for the 1.45 crore shares reserved for them, suggesting cautious sentiment among large institutional players.
This early subscription pattern points to selective investor interest, with retail investors showing some confidence while institutional participation remains subdued.
Amagi Media Labs IPO GMP today
According to unofficial market sources, the grey market premium (GMP) for Amagi Media Labs’ IPO is around 4%, translating to Rs 16 over the issue price of Rs 361. This is a relatively cautious signal compared with the double-digit premiums typically seen during stronger primary market cycles.
Based on this, the IPO’s estimated listing price is around Rs 377. The modest GMP reflects both the current risk-averse sentiment in equities and investor caution towards technology and internet-related companies, given the mixed performance of recent new-age listings.
Overview of the IPO
Amagi is a player in the rapidly expanding connected TV and programmatic advertising sector, enabling advertisers to reach audiences across streaming platforms and helping publishers monetise their inventory more effectively. The company has established a global footprint, with a significant presence in the US, where CTV advertising continues to grow as viewers shift away from traditional cable.
The IPO will consist of a combination of fresh equity issuance and an offer for sale by existing shareholders. Proceeds from the fresh issue are intended primarily to fund growth initiatives, technology upgrades, and general corporate purposes. The offer for sale component provides early investors an opportunity to partially exit their holdings.
Purpose of the Amagi Media Labs IPO
Investment of Rs 550.06 crore in technology and cloud infrastructure.
Remaining funds to support inorganic growth through potential acquisitions and general corporate needs.
Financial highlights
Amagi reported revenue of Rs 1,223 crore in FY25, marking roughly 30% growth from Rs 942 crore in FY24. The company reduced its losses in FY25 and achieved profitability in H1 FY26, posting a net profit of Rs 6.47 crore.
The company has demonstrated consistent revenue growth in recent years, driven by increasing ad spends on CTV and broader adoption of programmatic advertising solutions by global brands. Operational metrics have also improved, with margins benefiting from scale efficiencies.
Risks
Like many adtech companies, Amagi is exposed to fluctuations in advertising budgets, which may decline during global economic slowdowns. Additional risks include currency volatility, client concentration, and intense competition in global adtech markets.
Analyst view
Brokerages tracking the issue are advising investors to calibrate expectations and focus on the medium- to long-term opportunity rather than short-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 space. However, the note also flags valuation comfort and broader market conditions as near-term variables.
“We recommend a subscribe-for-long-term-investors approach, given Amagi’s exposure to a structurally growing segment like connected TV advertising, but listing gains may remain limited in the current market environment,” the brokerage said.
Kotak Mahindra Capital Co. Ltd. is the book running lead manager and MUFG Intime India Pvt. Ltd. is the registrar to the issue.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)