India’s new-age IPO market is entering a new phase. After 18 new-age companies went public in 2025, the pipeline is set to expand further, with as many as 48 listings expected over the next 18 months.

The emphasis, however, has somewhat shifted from momentum-driven debuts to pricing discipline, profitability visibility and business-model clarity

Among the early tests of this shifting tide is Amagi. The Bengaluru-based media SaaS unicorn’s IPO will open on January 13 and close on January 16, with anchor bidding scheduled for January 12.

What makes the offering notable is not just its timing, but the clear signals of recalibration built into its structure.

The company reduced its fresh issue size by 25% to INR 816 Cr from the earlier proposed INR 1,020 Cr. The offer-for-sale component has also been trimmed by 22% to 2.69 Cr shares.

At the top end of the price band, the IPO values the company at around INR 7,966 Cr ($885 Mn), about 37% lower than its last private post-money valuation of $1.4 Bn.

This is because the last valuation was derived during a period when SaaS and adtech firms were priced on growth and market potential rather than cash flows. Public investors however now, apply lower multiples and place greater weight on profitability, margin stability and revenue predictability.

This might also be why the company has turned profitable ahead of its listing. In H1 FY26, it reported a net profit of INR 6.5 Cr compared to a loss of INR 66 Cr in H1 FY25. Operating revenue also surged 35% YoY to INR 704.8 Cr.

Pertinent to note that in FY25, it had booked a net loss of INR 68.7 Cr on INR 1,162.6 Cr operating revenue.

What Is Amagi’s Edge?

Amagi is a software company that sits behind a large part of the global shift from traditional television to streaming, especially free, ad-supported streaming.

However, it does not make shows, does not own content, and does not run a consumer-facing app. Its role is to provide the technology that allows media companies to run TV channels on the........

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