Amagi Media Labs files draft red herring prospectus with SEBI to raise funds

According to the DRHP, the proposed IPO of the Bengaluru-headquartered company combines a fresh issue of equity shares aggregating up to Rs 1,020 crore

by e4m Staff
Published: Jul 26, 2025 1:54 PM | 2 min read

Amagi Media Labs Limited, a software-as-a-service (“SaaS”) company, has filed the draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO).

Amagi, founded in 2008 by its promoters Baskar Subramanian, Managing Director & CEO; Srividhya Srinivasan, Chief Technology Officer; and Arunachalam Srinivasan Karapattu, President—Global Business, is backed by leading venture capital firms, including Accel, Avataar Ventures, Norwest Venture Partners, and Premji Invest. The company works with more than 45% of the top 50 listed ‘media and entertainment’ companies by revenue.

According to the DRHP, the proposed IPO of the Bengaluru-headquartered company combines a fresh issue of equity shares aggregating up to Rs 1,020 crore with an offer for sale (OFS) of up to 3,41,88,542 equity shares (3.41 crore equity shares) by the selling shareholders.

As part of the OFS, the Investor Selling Shareholders - PI Opportunities Fund I, PI Opportunities Fund II, Norwest Venture Partners X – Mauritius, Accel India VI (Mauritius) Ltd., Accel Growth VI Holdings (Mauritius) Ltd., Trudy Holdings, AVP I Fund, and certain Individual Selling Shareholders will be offloading shares.

Amagi proposes to utilize the net proceeds of the fresh issue towards investment in technology and cloud infrastructure (Rs 667 crore); funding inorganic growth through unidentified acquisitions and general corporate purposes.

Amagi reported revenue from operations of Rs 1,162 crore in FY25, recording a compound annual growth rate of 30.70% from FY2023 to FY2025, driven by new customer acquisition and increased use of the platform by existing customers. Amagi’s adjusted EBITDA margin improved significantly to 2.02% in FY25, compared to (17.69%) in FY24 and (20.62%) in FY23.

The company, in consultation with the BRLMs, may consider a Pre-IPO Placement aggregating up to Rs. 204 crores; prior to filing of the Red Herring Prospectus with the ROC. If the Pre- IPO Placement is undertaken, then the fresh issue will be reduced to the extent of such Pre-IPO placement.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, IIFL Capital Services Limited, and Avendus Capital Private Limited are the Book Running Lead Managers to the issue.

The equity shares of the company are proposed to be listed on BSE and NSE.