Amagi Media Labs files DRHP with SEBI to raise Rs 1,020 crore via IPO

Cloud-based broadcast infrastructure company Amagi Media Labs Ltd. has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

The proposed initial public offering consists of a fresh issue of equity shares aggregating up to Rs 1,020 crore, alongside an offer for sale (OFS) of up to 3.41 crore equity shares by existing shareholders, including private equity and venture capital funds. The filing also notes that Amagi may consider a pre-IPO placement of up to Rs 204 crore, which would proportionately reduce the size of the fresh issue.

The company, founded in 2008 by Baskar Subramanian, Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu, provides cloud-native solutions for broadcast and streaming television, enabling media firms to manage, distribute, and monetize content over the internet across devices and geographies.

With clients including over 45% of the top 50 global media and entertainment companies by revenue, Amagi plays a critical role in powering Free Ad-Supported Streaming Television (FAST) channels, over-the-top (OTT) platforms, and connected TV distribution. Its services span cloud modernization, streaming unification, and advertising marketplace solutions, catering to content owners, distributors, and advertisers.

The United States remains Amagi’s largest market, and the company has steadily expanded its footprint across North America, Europe, and Asia-Pacific regions.

Proceeds from the fresh issue will be allocated toward investment in technology and cloud infrastructure (Rs 667 crore), strategic acquisitions, and general corporate purposes.

Amagi’s revenue from operations rose to Rs 1,162 crore in FY25, marking a compound annual growth rate of 30.7% from FY23. Its adjusted EBITDA margin swung to positive territory, reaching 2.02% in FY25 compared to negative margins of (17.69%) and (20.62%) in the preceding two fiscal years. Losses narrowed significantly to Rs 68.7 crore in FY25 from Rs 245 crore in FY24, a decline of more than 70%.

The offer for sale includes participation from major shareholders such as Accel, Norwest Venture Partners, Avataar Ventures, PI Opportunities Fund I & II, Trudy Holdings, and several individual investors. Accel, through its Mauritius-based entities, is set to divest over 60 lakh shares, while Norwest and PI Funds will sell approximately 79 lakh and 99 lakh shares respectively.

Amagi has raised close to $360 million to date from marquee backers including General Atlantic, Premji Invest, and Avataar Ventures.