On Day 1, the issue witnessed a lukewarm response, garnering just 6% subscription, with bids for 17.48 lakh shares against the 2.72 crore shares on offer.
The IPO comes at a time when primary market sentiment remains selective, as investors increasingly favour profitable, cash-generating businesses over high-growth but loss-making digital platforms — making the subscription decision a nuanced call rather than a straightforward one.
Amagi Media Labs IPO GMP today:
According to unofficial market sources, Amagi Media Labs’ IPO is currently commanding a grey market premium (GMP) of about 6%, or roughly Rs 20 over the issue price of Rs 361. The GMP has edged up from around 4% earlier, signalling marginally improved — yet still cautious — expectations of listing gains amid volatile market conditions and tighter valuation scrutiny for new-age technology companies. At this premium, the IPO is estimated to list at around Rs 381.
Amagi Media Labs IPO subscription status:
By the close of Day 1, the Amagi Media Labs IPO had garnered just 6% overall subscription, marking a subdued opening response.
Retail Individual Investors (RIIs) displayed comparatively stronger interest, subscribing 28% of the 50.73 lakh shares earmarked for them.In contrast, Non-Institutional Investors (NIIs) subscribed a mere 4% of their 76.09 lakh shares, highlighting muted participation from this category.
Qualified Institutional Buyers (QIBs) stayed on the sidelines, placing no bids for the 1.45 crore shares reserved for them — a sign of continued caution among large institutional investors.
The Day 1 subscription data reflects selective demand, with some retail confidence evident, while broader institutional interest remains restrained.
Overview of the IPO
Amagi operates in the fast-growing connected TV (CTV) and programmatic advertising space, helping advertisers reach audiences across streaming platforms while enabling publishers to better monetise their digital inventory. The company has built a strong global presence, particularly in the US, where CTV advertising is gaining momentum as viewers increasingly move away from traditional cable television.
The IPO comprises a mix of a fresh issue of shares and an offer-for-sale (OFS) by existing shareholders. Funds raised through the fresh issue will be largely used to support expansion plans, enhance technology capabilities, and meet general corporate needs, while the OFS allows early investors to partially monetise their stakes.
The Rs 1,788.62 crore Amagi Media Labs IPO comprises a fresh issue of Rs 816 crore and an offer-for-sale (OFS) of Rs 972.62 crore. The IPO is open for subscription until January 16, 2026, with a price band fixed between Rs 343 and Rs 361 per share.
The allotment of shares is expected to be finalized on January 19, 2026. The IPO will be listed on BSE and NSE, with a tentative listing date of January 21, 2026.
Purpose of the Amagi Media Labs IPO : A portion of the IPO proceeds, amounting to Rs 550.06 crore, will be allocated toward strengthening technology capabilities and cloud infrastructure, while the remaining funds will be utilised to pursue inorganic growth opportunities through potential acquisitions and to meet general corporate requirements.
On the financial front, Amagi reported revenue of Rs 1,223 crore in FY25, reflecting nearly 30% growth over Rs 942 crore in FY24. The company also narrowed its losses during FY25 and turned profitable in the first half of FY26, recording a net profit of Rs 6.47 crore.
Amagi has delivered steady revenue expansion in recent years, supported by rising advertising spends on connected TV and growing adoption of programmatic advertising solutions by global brands. Operating performance has also strengthened, with margins improving due to scale-driven efficiencies.
Risk Factors and Challenges: 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.
Should you subscribe?
Brokerages monitoring the IPO are urging investors to temper expectations and view the offering through a medium- to long-term lens, rather than chasing 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.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)