"Amagi Media Labs, a Bengaluru-headquartered company that sells cloud software used to run and monetize TV and streaming channels, saw its shares slide in its India market debut after raising ₹17.89 billion (about $196 million) in an IPO - a deal that stands out in a market still dominated by consumer companies going public. Shares opened at ₹318 on Wednesday, a 12% discount to the ₹361 issue price, before climbing to ₹356.95 and later trading around ₹348.85, valuing Amagi at ₹75.44 billion (around $825.81 million), according to the National Stock Exchange."
"The Bengaluru-headquartered company sells cloud software that helps TV networks and streaming services distribute and monetize video, and earns almost all of its revenue outside India - including around 73% from the U.S. and about 20% from Europe - CEO and co-founder Baskar Subramanian said in an interview, making it a rare export-first technology listing on Indian exchanges. The $196 million IPO included a fresh issue of shares worth ₹8.16 billion (about $89.33 million), while existing investors sold about 26.9 million shares through an offer-for-sale."
Amagi Media Labs completed a ₹17.89 billion (about $196 million) IPO that combined a fresh issue and an offer-for-sale by existing investors. Shares opened at a 12% discount to the ₹361 issue price, later trading near ₹348.85 and valuing the company at about ₹75.44 billion. The company sells cloud software for distributing and monetizing TV and streaming video and generates the vast majority of revenue outside India, with roughly 73% from the U.S. and about 20% from Europe. Existing backers including Norwest, Accel, and Premji Invest sold shares, while founders did not sell any shares.
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