Amagi Prepares for IPO by Transitioning to a Public Company

Amagi, renowned as a cloud-based media SaaS company, is gearing up for an initial public offering (IPO) and has made a significant move by converting its holding company into a publicly traded entity. The board members of Amagi have sanctioned a resolution to alter its classification to a public company, changing its title from “Amagi Media Labs Private Limited” to “Amagi Media Labs Limited,” as noted in its regulatory documentation.

According to media reports, Amagi is aiming to secure Rs 3,200 crore through this public offering. To facilitate this process, the company has enlisted the expertise of Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs as lead managers for the book-running.

Earlier in the month, this Accel-backed firm further strengthened its leadership by appointing Ira Gupta and Giridhar Sanjeevi as independent directors to fulfil the regulatory demands set by the Securities Exchange Board of India (SEBI).

Understanding Amagi’s Offerings

Amagi is a cloud-based media SaaS company that provides comprehensive solutions for content creation, distribution, and monetization. Its innovative platform allows broadcasters to virtualize their operations while delivering customised advertisements for high-profile clients including Warner Bros., NBCUniversal, Rakuten TV, and Paramount.

Funding and Growth of Amagi

As reported by various sources through the startup data intelligence platform, the SaaS unicorn Amagi has successfully raised approximately $340 million from notable investors such as Premji Invest, Accel, and General Atlantic. After overcoming a challenging transition, the company reached unicorn status in March 2022, following its largest funding round—a substantial $100 million investment led by General Atlantic.

In the fiscal year that concluded in March 2024, Amagi exhibited a remarkable 29% year-on-year growth in its operating revenue, which amounted to Rs 879 crore. Additionally, the company achieved a 23.7% reduction in losses, bringing them down to Rs 245 crore in FY24.

Other Companies Preparing for Public Offerings

A number of other firms are also strategically transitioning into public entities in anticipation of their IPOs. Among these are MilkyMist, aiming for a Rs 2,000 crore offering; Aequs with plans for a Rs 1,700 crore IPO; Urban Company targeting Rs 1,900 crore; OfBusiness with ambitions for an Rs 8,000 crore issue; and IndiQube, proposing a Rs 850 crore IPO. Additionally, Razorpay, Pine Labs, and several others are on the trajectory towards public listings.