Amagi shares debuted at a 12% discount, offering an early read on investor demand for a rare type of tech listing in India.

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Amagi Media Labs, a cloud software provider for TV and streaming channels, debuted on Indian stock exchanges at a 12% discount despite 30x oversubscription. The Bengaluru company raised $196 million through its IPO, earning 73% of revenue from the U.S. and 20% from Europe. Shares opened at ₹318 versus ₹361 issue price, valuing the company at $826 million—down from its $1.4 billion private valuation in 2022. The company serves major clients like Fox, Lionsgate, and Roku, betting on broadcasters' ongoing migration from hardware to cloud infrastructure, with less than 10% of the industry having completed the transition.

Amagi slides in India debut, as cloud TV software firm tests investor appetite