Amagi lists at 12% discount on stock exchange

Adtech unicorn Amagi Media Labs made a muted debut on the Indian stock exchanges on Wednesday, listing at a discount to its IPO price despite strong investor interest during the issue.

The Bengaluru-based company’s shares are listed at Rs 317 on the BSE and Rs 318 on the NSE, nearly 12% lower than the IPO issue price of Rs 361.

Amagi’s IPO witnessed strong subscription across categories, with the issue closing at over 30x overall subscription, led by institutional and non-institutional investors. The QIB portion was subscribed over 30 times, while HNIs subscribed nearly 40 times. Retail participation was also subscribed to 9–10 times during the subscription period.

The Bengaluru-based company’s Rs 1,789 crore IPO comprises a fresh issue as well as an offer-for-sale (OFS) by existing investors. Proceeds from the fresh issue will be used to strengthen Amagi’s technology and data stack, expand its global footprint, and pursue strategic acquisitions, while the OFS will provide partial exits to early and late-stage investors.

The company also raised Rs 805 crore from anchor investors ahead of IPO.

Founded in 2008, Amagi operates a cloud-managed advertising platform focused on connected TV (CTV) and programmatic advertising, enabling brands to run targeted campaigns across streaming platforms. The company derives a majority of its revenue from international markets, particularly the US.

On the financial front, Amagi has continued to scale rapidly. For the fiscal year ended March 2025 (FY25), the company reported revenue of around Rs 1,162 crore. During the first half of the ongoing fiscal year (H1FY26), the company posted Rs 706 crore revenue with profits of Rs 6.5 crore.

Amagi is currently trading at Rs 349 per share (as on 10:54 AM) with the total market capitalization of Rs 7,570 crore or $841 million.