After a relatively quiet start on its first two days (where it was booked just 13%), Amagi Media Labs witnessed a dramatic turnaround on Friday, January 16. The company received bids for 82.40 crore shares against the 2.73 crore shares on offer, according to exchange data.
Final Subscription Breakdown
The oversubscription was led by Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs), who flooded the issue with bids in the final hours.
| Investor Category | Subscription (Times) |
| Qualified Institutional Buyers (QIB) | 33.77x |
| Non-Institutional Investors (NII) | 37.36x |
| Retail Individual Investors (RII) | 9.31x |
| Total Subscription | 30.22x |
IPO Details and Allotment Timeline
The IPO consisted of a fresh issue of ₹816 crore and an offer for sale (OFS) of ₹973 crore by existing shareholders, including Accel and Norwest Venture Partners.
- Price Band: ₹343 – ₹361 per share.
- Allotment Finalization: Expected on Monday, January 19, 2026.
- Refunds/Demat Credit: Scheduled for Tuesday, January 20, 2026.
- Listing Date: Tentatively set for Wednesday, January 21, 2026, on the BSE and NSE.
Grey Market Premium (GMP) and Listing Outlook
As of January 18, the unofficial Grey Market Premium (GMP) for Amagi Media Labs is hovering around ₹27, indicating a potential listing price of ₹388. This suggests a modest but positive listing gain of approximately 7.5% over the upper price band.
Analysts at Anand Rathi and other brokerages have given a “Subscribe” rating for the long term, citing the company’s turnaround to a net profit of ₹6.47 crore in H1 FY26 and its leadership in the global Free Ad-supported Streaming TV (FAST) and Connected TV (CTV) market.
Utilization of Funds
Amagi plans to deploy approximately ₹550 crore from the fresh issue proceeds toward:
- Technology and Cloud Infrastructure: Enhancing its proprietary SaaS platform.
- Inorganic Growth: Strategic acquisitions of smaller ad-tech or media-tech firms.
- General Corporate Purposes: General operational liquidity.
Conclusion
The 30x oversubscription for Amagi Media Labs is a bellwether for the Indian tech sector in 2026. By successfully navigating the transition from a loss-making startup to a profitable public candidate, Amagi has set a high bar for upcoming tech IPOs like Shadowfax, which is scheduled to open for bidding on January 20.
