Amagi Media Labs IPO Explained: Should Investors Bet on India’s Profitable Ad-Tech Unicorn?

Investor Guide to the Amagi Media Labs IPO

Amagi Media Labs, the Bengaluru-based SaaS powerhouse, is set to launch its Initial Public Offering (Amagi Media Labs IPO) on January 13, 2026. With a price band of ₹343 to ₹361, the company aims to raise approximately ₹1,789 crore. This move marks a significant milestone for the Indian SaaS ecosystem, as Amagi is one of the few global leaders in the FAST (Free Ad-supported Streaming TV) and cloud-playout space.

Founded in 2008, Amagi has redefined how television is broadcasted. Moving away from expensive satellite-based infrastructure, the company offers a cloud-native platform that allows broadcasters like NBCUniversal and Warner Bros. Discovery to manage, distribute, and monetize content globally.

The IPO is structured as a mix of a fresh issue (₹816 crore) and an Offer for Sale (₹973 crore). The fresh capital is earmarked for massive investments in technology and cloud infrastructure—essential for maintaining its competitive edge against traditional hardware vendors and other SaaS entrants.

About Amagi Media Labs

Founded in 2008 and headquartered in Bengaluru, Amagi Media Labs provides cloud-based advertising solutions for connected TV (CTV), FAST (Free Ad-Supported Streaming TV), and traditional television platforms.

The company helps:

• Content owners monetize inventory

• Advertisers target audiences more efficiently

• Streaming platforms optimize ad revenues

Amagi has built a strong global presence, especially in the US streaming ad market.

Amagi’s Path to Profitability

Analyzing the Financial Turnaround

For years, the primary concern for Amagi investors was its bottom line. However, the Red Herring Prospectus (RHP) reveals a dramatic shift. In the first half of FY26 (H1FY26), Amagi reported a PAT (Profit After Tax) of ₹6.47 crore, successfully turning the corner after years of strategic losses aimed at global expansion.

This turnaround is driven by a 30.7% 3-year CAGR in revenue, reaching ₹1,223 crore in FY25. The company’s efficiency is improving, with EBITDA margins turning positive at 2.02% in FY25. For potential shareholders, the high Net Revenue Retention (NRR) of 126.90% is the most compelling “moat,” indicating that existing customers are spending significantly more year-over-year.

Amagi’s Business Model

Amagi operates on a SaaS + revenue-share model, generating income through:

• Advertising revenue optimization

• Subscription fees from media companies

• Programmatic ad solutions for CTV platforms

Key Clients & Partners

• Global FAST platforms

• Leading OTT and CTV players

• Major advertisers and media networks

A large portion of Amagi’s revenue comes from international markets, making it a rare globally scaled Indian SaaS firm.

Key IPO Statistics & Financials

IPO Snapshot

Financial Performance

Operational Highlights

• Top Investors: Accel, Premji Invest, Norwest Venture Partners, General Atlantic.

• Customer Base: 481+ global customers across 40 countries.

• Market Share: Currently works with 45% of the top 50 global listed media companies.

• Revenue Source: 73% of revenue originates from the Americas region.

Why Amagi IPO Is Important

• One of the few profitable Indian tech startups

• Direct play on Connected TV & digital advertising growth

• Strong global client base

• Dollar revenue hedge against INR volatility

Amagi’s listing could set a benchmark for new-age tech IPOs in India.

Final Verdict

The Amagi Media Labs IPO is shaping up to be one of the most important tech listings in India. With a strong business model, global revenue, and profitability, Amagi stands out in a crowded startup ecosystem.

For investors bullish on digital advertising, streaming, and SaaS, Amagi could be a compelling addition — subject to valuation comfort.