Amagi files draft prospectus for planned IPO in India

Amagi has filed a draft red herring (preliminary) prospectus with the Bombay Stock Exchange and National Stock Exchange of India, signaling its intention to launch an initial public offering.

The proposed IPO includes a fresh issue of shares valued at ₹10,200 million, or approximately $117.4 million at current exchange rates, along with an offer for sale from existing shareholders.

According to the filing, around 65 percent of the proceeds from the IPO are intended for further investment in cloud and technology infrastructure.

Amagi’s cloud services are primarily hosted on Amazon Web Services, with annual cloud-related expenses exceeding $30 million for the 2025 fiscal year. The company has committed to spending $272.5 million with AWS over a six-year period beginning May 1, 2025.

Amagi reported $137 million in revenue for its fiscal year ending March 2025, reflecting 30 percent year-over-year growth for the past two years. The company previously reported $85 million in revenue for the 2023 fiscal year.

Amagi was valued at $1.4 billion following a $100 million investment round led by General Atlantic in November 2022. The IPO pricing has not been finalized, but illustrative scenarios provided in the filing estimate potential market capitalizations ranging from $1.14 billion to $2.16 billion, depending on share pricing.

Founded in India, Amagi develops cloud-based broadcast and advertising technology for media companies. Its technology supports more than 7,000 channel deliveries and over 500,000 hours of content, generating 26 billion monetized ad impressions, according to the company’s website.

Clients include Channel 4, Virgin Media, Warner Bros. Discovery, and Banijay. In 2023, Amagi acquired Tellyo’s business to strengthen its video production tools for live sports and news content.

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Approximately 53 percent of Amagi’s 884 employees work in research and development, according to the company’s filings.