1. Business Profile: The Backbone of Modern TV

Founded in 2008 and headquartered in Bengaluru, Amagi Media Labs is a global SaaS pioneer. It provides the technology that allows broadcasters (like NBCUniversal and Warner Bros. Discovery) and streaming platforms to launch, manage, and monetize channels on Connected TV (CTV) and FAST (Free Ad-supported Streaming TV) platforms.

With over 700 content brands and 2,000+ channel deployments across 40 countries, Amagi is one of the few Indian SaaS firms to achieve significant global scale, particularly in the U.S. market.

2. Key IPO Details & Timeline

The IPO is a "Mainboard" issue, meaning it will be listed on both the NSE and BSE. It consists of a Fresh Issue (₹816 Cr) and an Offer for Sale (₹973 Cr) by existing marquee investors like Accel and Norwest Venture Partners.

3. The Valuation "Reset": A Bold Move

In a rare move for a tech unicorn, Amagi has priced its IPO at a post-money valuation of approximately $869 million—a roughly 38% drop from its 2022 private funding round valuation of $1.4 billion.

Management Insight: CEO Baskar Subramanian noted that this "market-driven" pricing aims to attract long-term institutional investors and ensure a healthy listing, rather than chasing short-term valuation peaks.

4. Financial Health: Turning the Corner

While Amagi reported losses in FY23, FY24, and FY25, its trajectory is rapidly improving:

Revenue (H1 FY26): ₹704.8 Crore (showing 31% CAGR over recent years).

Net Profit (H1 FY26): ₹6.47 Crore—marking the company’s first period of positive PAT (Profit After Tax).

EBITDA: The company became adjusted EBITDA positive in FY25, signaling that its core operations are now self-sustaining.

5. Strengths vs. Risks

Strengths:

Global Leadership: Works with 45% of the world’s top 50 media companies.

Sticky Revenue: A SaaS model with high recurring revenue and long-term contracts.

AI Innovation: Significant investment in AI-driven personalization and ad insertion.

Risks:

U.S. Concentration: Over 73% of revenue comes from the U.S. market, making it sensitive to American ad-spend cycles.

Tech Competition: Faces competition from global giants like AWS and specialized players like Wurl and Magnite.

Historical Losses: Although recently profitable, its ability to maintain consistent PAT margins is yet to be proven over a full fiscal year.

6. Conclusion

Amagi Media Labs is a high-growth tech play that is approaching the public markets with surprising maturity regarding its valuation. For investors, the turn to profitability in late 2025 is a strong signal. If the company can maintain its 30%+ growth rate while expanding its margins, this could be a standout performer in the Indian SaaS ecosystem.