Shares of the cloud-managed broadcast and advertising technology firm opened at ₹317 on the BSE and ₹318 on the NSE, significantly lower than the upper price band of ₹361. The lackluster start wiped out roughly ₹950 crore in market value at the opening bell.
Listing Day Snapshot (Jan 21, 2026)
- IPO Price: ₹361
- BSE Listing Price: ₹317 (-12.19%)
- NSE Listing Price: ₹318 (-11.91%)
- Intraday High (NSE): ₹356.95
- Market Cap at Debut: ~₹6,858 Crore ($815 Million)
Why the Discount? Market Factors & Valuations
Analysts suggest several factors contributed to the “muted” debut despite the high subscription numbers:
- Global Macro Volatility: The listing coincided with a broader market dip triggered by renewed concerns over U.S. trade tariffs, which dampened appetite for high-valuation tech stocks.
- Valuation Realignment: At the upper price band, Amagi was valued at 6.7x FY25 Price-to-Sales. While the company recently turned profitable in H1 FY26, investors remain cautious about long-term SaaS multiples in a high-interest-rate environment.
- Grey Market Signals: The Grey Market Premium (GMP) had crashed from a 7% premium to nearly zero just days before the listing, correctly predicting the absence of “listing gains.”
Subscription Recap: The Retail vs. HNI Divide
The IPO saw robust demand during the bidding period (Jan 13–16), but the enthusiasm failed to translate into a “pop.”
| Category | Subscription (X Times) |
| Non-Institutional Investors (NII/HNI) | 38.26x |
| Qualified Institutional Buyers (QIB) | 33.77x |
| Retail Individual Investors | 9.31x |
| Total Oversubscription | 30.22x |
The Post-Listing Recovery
Interestingly, after the initial 12% drop, the stock saw significant “bottom fishing.” By mid-day, shares rallied nearly 13% from their opening lows to touch an intraday high of ₹357.50, almost reclaiming the original issue price. This suggests that while listing speculators exited, long-term institutional investors viewed the ₹317 price point as a “value entry.”
Conclusion: A Reality Check for Tech IPOs
Amagi’s debut serves as a cautionary tale for the 2026 IPO season. Even for a “profitable unicorn” with a global client base (including NBCUniversal and Disney), high oversubscription is no longer a guarantee of a green listing. For the company, the focus now shifts to its first post-listing quarterly results to prove that its shift from -₹245 crore losses in FY24 to profitability in H1 FY26 is sustainable.
