Amagi becomes first cloud media SaaS firm to list in India

BENGALURU: Amagi Media Labs has made market history by becoming the first cloud-native SaaS company offering end-to-end solutions for broadcasting and streaming to list on India’s stock exchanges.

The Bengaluru-based firm’s equity shares debuted on the BSE and NSE following a strongly subscribed initial public offering, signalling investor faith in a business that sits at the crossroads of cloud computing, media and advertising.

Founded as a challenger in ad monetisation, Amagi today positions itself as an all-in-one, AI-enabled cloud platform that handles everything from live production and content preparation to distribution and monetisation. In industry speak, it aims to be the “industry cloud” for media and entertainment. In simpler terms, it helps broadcasters and streamers run their businesses in the cloud, faster and smarter.

The IPO, which opened on January 13 and closed on January 16, drew healthy demand across investor categories, underlining confidence in Amagi’s technology-led model and global ambitions.

At the listing ceremony, co-founder and CEO Baskar Subramanian struck an expansive note. He pointed out that less than 10 per cent of the global media ecosystem has moved to the cloud, leaving a vast runway for growth. Streaming, he said, has become the single biggest growth engine for the industry worldwide.

Amagi plans to put this optimism to work. Of the net proceeds from the fresh issue, Rs 550.64 crore will be channelled into technology development and cloud infrastructure through to fiscal 2028. Additional funds will support potential acquisitions and general corporate needs.

The company’s playbook follows what it calls a “Win, expand, extend” strategy. The focus is on deepening existing customer relationships, expanding into new geographies, and extending capabilities through innovation, partnerships and selective acquisitions, all while keeping a close eye on profitable growth.

Kotak Mahindra Capital, Citigroup Global Markets India, Goldman Sachs India, IIFL Capital Services and Avendus Capital acted as book running lead managers to the issue.

For Amagi, the listing is not a finish line but a starting gun. As television and streaming steadily migrate to the cloud, the company is betting that the future of media will be written in code, and run on the cloud.