Exclusive: Amagi converts to public entity ahead of IPO plans

Amagi, a leading cloud-based media SaaS company, is preparing for an initial public offering (IPO) and has taken a concrete step by converting its holding company into a public entity.

The board of Amagi has approved a resolution to change its status to a public company and rename it from "Amagi Media Labs Private Limited" to "Amagi Media Labs Limited”,  according to its regulatory filing.

As per media reports, Amagi is planning to raise Rs 3,200 crore through a public listing and has appointed Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs as book-running lead managers.

Earlier this month, the Accel-backed company also appointed Ira Gupta and Giridhar Sanjeevi as independent directors to meet the regulatory requirements of the Securities Exchange Board of India (SEBI).

Amagi is a cloud-based media SaaS company offering solutions for content creation, distribution, and monetization. Its platform enables broadcasters to virtualize operations and deliver personalized ads for clients such as Warner Bros., NBCUniversal, Rakuten TV, and Paramount.

As per the startup data intelligence platform TheKredible, the SaaS unicorn Amagi has raised approximately $340 million to date from prominent investors such as Premji Invest, Accel, General Atlantic, and others. The company, which established a steady revenue stream after navigating a difficult pivot, attained unicorn status in March 2022 following its largest funding round—a $100 million investment led by General Atlantic.

During the fiscal year ending March 2024, the company recorded 29% year-on-year growth in its operating revenue to Rs 879 crore while managing to reduce its losses by 23.7% to Rs 245 crore in FY24.

Several companies are actively gearing up for their IPOs by transitioning into public entities. Among them are MilkyMist, eyeing a Rs 2,000 crore offering; Aequs, planning a Rs 1,700 crore IPO; Urban Company, targeting Rs 1,900 crore; OfBusiness, aiming for a Rs 8,000 crore issue; and IndiQube, with a proposed Rs 850 crore IPO. Razorpay, Pine Labs and several others are also on the path to public listing.