- IPO Snapshot: ₹1,789 crore public issue closes on January 16
Brokerage Verdict: Multiple firms flag strong growth, margins and scalability
Sector Tailwinds: Connected TV and FAST platforms drive long-term upside
Anchor Boost: Top mutual funds back the issue ahead of listing
NE BUSINESS BUREAU
AHMEDABAD, JAN 16
Leading brokerages have come out with positive recommendations on Amagi Media Labs’ ₹1,789 crore initial public offering, advising investors to subscribe to the issue, which closes for subscription on Friday, January 16, 2026.
BP Equities, which has assigned a Subscribe rating, said in its note that Amagi operates through three core business verticals—Cloud Modernization, Streaming Unification, and Monetization and Marketplace—and follows the “Win, Expand, Extend” framework to enable efficient scaling and sustained long-term growth. On the financial front, the brokerage highlighted that Amagi has delivered strong and consistent performance, with revenue from operations posting a 30.7% CAGR between FY23 and FY25, high net revenue retention of around 127%, expanding gross margins, and improving operating leverage.
Anand Rathi, which has also recommended subscribing to the IPO, pointed out that Amagi’s continued investments in R&D to improve scalability, automation, performance, and user experience further strengthen its positioning as the “industry cloud” for video within the media and entertainment ecosystem.
Recommending a “Subscribe for Listing Gains” rating, Arihant Capital said in its brokerage note that Amagi is well placed to benefit from the ongoing global shift of audiences and advertisers toward connected TV and FAST platforms. Its end-to-end, cloud-native platform and AI-driven capabilities are expected to support deeper customer penetration, higher monetization, and sustained revenue growth. Strong customer retention, expanding global adoption, and continued investments in technology and data analytics should help the company scale efficiently while reinforcing its role as a long-term technology partner for media companies.
Additionally, IPO notes from SMIFS, Deven Choksey, Nirmal Bang, Mehta Equities, Lakshmishree, and Sushil Finance have also recommended subscribing to the issue.
Ahead of the public offer, Amagi Media Labs raised ₹805 crore from 42 anchor investors on Monday. The issue opened for subscription on January 13.
The top three domestic mutual funds—SBI Mutual Fund, ICICI Prudential Mutual Fund, and HDFC Mutual Fund—accounted for around 40% of the total anchor book allocation. Amagi stands out as one of the rare IPOs to witness participation from all three leading consortium fund houses as anchor investors.
