Amagi Media Labs shares list at 12% discount to IPO price on BSE, NSE

Amagi Media Labs made a lacklustre debut on Wednesday, listing at a 12% discount to its issue price on the bourses. The stock opened at Rs 317 on the BSE, 12.19% lower than the issue price of Rs 361. On the NSE, it listed at Rs 318, a discount of 11.91%.

The listing was broadly in line with grey market expectations, which had indicated a subdued opening despite strong subscription numbers. The GMP for Amagi Media Labs shares was hovering around zero ahead of the debut.

The Rs 1,789 crore IPO comprised a fresh issue of shares worth Rs 816 crore and an offer for sale of Rs 972.62 crore. The IPO was open for subscription between January 13 and January 16, with allotment finalised on January 19.

Investor response to the issue was strong. The IPO was subscribed 30.24 times overall, led by robust demand from non-institutional investors, where the issue was subscribed 38.26 times. Qualified institutional buyers subscribed 33.13 times, while the retail portion was subscribed 9.54 times.

Ahead of the issue, Amagi raised Rs 804.88 crore from anchor investors on January 12 through the allotment of over 2.22 crore shares. Half of the anchor allocation will be locked in for 30 days, with the remaining portion subject to a 90-day lock-in.

Founded in 2008 and headquartered in Bengaluru, Amagi Media Labs operates in the cloud-based broadcast and connected TV technology space. The company provides end-to-end solutions for content creation, distribution and monetisation, with a strong focus on free ad-supported streaming TV platforms such as Pluto TV, Samsung TV Plus and Roku Channel. Its offerings include cloud playout, content scheduling, server-side ad insertion and advanced data analytics.