Cloud-based video broadcasting and distribution platform Amagi Media Labs Ltd has filed draft papers to raise ₹1,020 crore in an initial public offering (IPO) with the Securities and Exchange Board of India (Sebi).
Mint reported in January that the software-as-a-service firm appointed investment bankers, including Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs, for a ₹3,200-crore public listing.
The proposed IPO consists of an issue of fresh equity shares worth ₹1,020 crore and an offer for sale of up to 34 million shares, showed the draft red herring prospectus (DRHP)
The listing will make the Bengaluru-based unicorn the very first sectoral player in the broadcast and streaming ecosystem to go public in the country.
Several notable investors, including Premji Invest, Accel, General Atlantic, and Norwest Ventures, will be offloading their stakes. It is currently unclear if they will sell all their shares in the company.
Net proceeds from the fresh issue of ₹667 crore will go towards the company’s further investments in its cloud infrastructure and inorganic growth.
It is also considering raising ₹204 in a pre-IPO round.
Amagi’s revenue from operations in 2024-25 stood at ₹1,162 crore. Its revenue since 2022-23 has grown at a compound annual growth rate of 30%.
Amagi, which gets most of its revenue from the US, sees the Indian market growing, given the rise of free ad-supported TV in the country. India and Latin America currently make up only about 10% of its overall revenue.
In a conversation with Mint earlier, its founders said they’d be looking to make a few acquisitions this year in three spaces: live sports broadcasting, advertising technology solutions, and the media supply chain sector.
The company had last raised money in 2022, when it raised over $100 million in a round led by General Atlantic, which valued the company at $1.4 billion.
It was founded in 2008 by chief executive Baskar Subramanian, chief technology officer Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu, who currently serves as the president of global business.
