Amagi Media Labs files draft IPO papers to raise ₹1,020 crore
Mint first reported in January that the software-as-a-service firm appointed investment bankers, including Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs, for a ₹ 3,200-crore public listing.
The proposed IPO consists of an issue of fresh equity shares worth ₹ 1,020 crore and an offer for sale of up to 34 million shares, showed the draft red herring prospectus (DRHP)
The listing will make the Bengaluru-based unicorn the very first sectoral player in the broadcast and streaming ecosystem to go public in the country.
Several notable investors, including Premji Invest, Accel, General Atlantic, and Norwest Ventures, will be offloading their stakes. It is currently unclear if they will sell all their shares in the company.
Net proceeds from the fresh issue of ₹ 667 crore will go towards the company's further investments in its cloud infrastructure and inorganic growth.
It is also considering raising ₹ 204 crore in a pre-IPO round.
Amagi's revenue from operations in 2024-25 stood at ₹ 1,162 crore. Its revenue since 2022-23 has grown at a compound annual growth rate of 30%.
Amagi, which gets most of its revenue from the US, sees the Indian market growing, given the rise of free ad-supported TV in the country. India and Latin America currently make up only about 10% of its overall revenue.
In a conversation with Mint earlier, its founders said they'd be looking to make a few acquisitions this year in three spaces: live sports broadcasting, advertising technology solutions, and the media supply chain sector.
The company had last raised money in 2022, when it raised over $100 million in a round led by General Atlantic, which valued the company at $1.4 billion.
It was founded in 2008 by chief executive Baskar Subramanian, chief technology officer Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu, who currently serves as the president of global business.
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Time of India
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Explore courses from Top Institutes in Please select course: Select a Course Category Project Management Artificial Intelligence Data Science Leadership CXO Degree Others Public Policy Digital Marketing MBA Product Management Cybersecurity Technology PGDM Data Science Finance Healthcare Operations Management Design Thinking Management others healthcare Data Analytics MCA Skills you'll gain: Project Planning & Governance Agile Software Development Practices Project Management Tools & Software Techniques Scrum Framework Duration: 12 Weeks Indian School of Business Certificate Programme in IT Project Management Starts on Jun 20, 2024 Get Details Skills you'll gain: Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Duration: 6 Months IIT Delhi Certificate Programme in Project Management Starts on May 30, 2024 Get Details This unorganised and marginalised sector has had few financial rights or economic security, with little or no long-term savings and funds to educate their children or retire in old age, no health insurance for medical needs or life insurance, and meagre knowledge about investing avenues. 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