Adtech unicorn Amagi Media Labs made a muted debut on Indian stock exchanges on Wednesday, listing at a discount to its issue price despite strong investor demand during its initial public offering (IPO).
Shares of the Bengaluru-based company debuted at ₹317 on the BSE and ₹318 on the NSE, nearly 12% lower than the IPO price of ₹361 per share.
Strong IPO demand fails to translate into listing gains
Amagi’s ₹1,789 crore IPO had witnessed robust demand across investor categories, closing with over 30x overall subscription. Qualified institutional buyers (QIBs) subscribed to the issue more than 30 times, while non institutional investors (HNIs) bid nearly 40 times. Retail investors also showed healthy interest, subscribing the issue around 9–10 times.
Ahead of the public issue, Amagi had also raised ₹805 crore from anchor investors, indicating strong institutional backing.
IPO structure and use of proceeds
The IPO comprised a mix of a fresh issue and an offer-for-sale (OFS) by existing shareholders. Proceeds from the fresh issue are earmarked for strengthening Amagi’s technology and data capabilities, expanding its global presence, and pursuing strategic acquisitions. The OFS component enabled partial exits for early and late stage investors.
Business overview and financial performance
Founded in 2008, Amagi operates a cloud-managed advertising platform focused on connected TV (CTV) and programmatic advertising, enabling brands to run targeted ad campaigns across streaming platforms. A majority of its revenue is derived from international markets, particularly the United States.
On the financial front, Amagi has continued to scale steadily. For FY25, the company reported revenue of approximately ₹1,162 crore. In the first half of FY26, Amagi posted revenue of ₹706 crore and reported profits of ₹6.5 crore, reflecting improving operating leverage.
Post-listing performance
Following the weak debut, Amagi’s shares recovered some ground and were trading at ₹349 per share as of 10:54 AM. At this price, the company’s market capitalisation stood at around ₹7,570 crore (approximately $841 million).
Market participants said the subdued listing reflected broader volatility and cautious sentiment around valuation, even as long-term investors remain focused on Amagi’s leadership in the connected TV advertising space.
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