Cloud-based media SaaS firm Amagi has begun its IPO journey by becoming a public company.

Amagi, cloud-based media software as a service provider, has started the process of going public by turning its holding company into a publicly traded company.  According to regulatory documents, the company's board approved the conversion from “Amagi Media Labs Private Limited” to “Amagi Media Labs Limited”.

According to several media sources, the cloud-based technology for a media company hopes to collect Rs 3,200 crore through the IPO. The book-running lead managers for the proposed offer are Goldman Sachs, Kotak Mahindra Capital, IIFL Capital, and Citigroup. According to the SEBI guidelines, the company has named Giridhar Sanjeevi and Ira Gupta as separate directors to its board.

Amagi, which was established in 2008 by Baskar Subramanian, Srinivasan KA, and Srividhya Srinivasan, has quietly become one of India's largest success stories in terms of annual recurring revenue (ARR), with an estimated $100 million. Offering cloud-based programming and marketing solutions for streaming TV, the company has collaborated with major international media companies like Comcast and NBC.

Impulsesoft, which the three had previously co-founded, was later acquired by SiRF, a Nasdaq-listed business. At TechSparks 2024, Amagi CEO Baskar Subramanian had earlier reiterated the company's plans to go public shortly. 

The media technology company, which is headquartered in Bengaluru, creates, distributes, and makes money from live linear channels on streaming services that run advertisements. In 2022, the company acquired $109 million in all, valued at $1.4 billion. General Atlantic, a worldwide growth equity firm, provided the company with $80 million in primary capital; the remaining funds were obtained through the sale of secondary stakes.