Amagi India IPO performance 2026: Market Debut Met with Valuation Reality

The long-awaited unicorn exit didn't exactly go as planned. Amagi Media Labs, the Bengaluru-based cloud software provider for broadcasters, saw its shares slide on its debut in the Indian market. While it raised ₹17.89 billion (about $196 million), the opening price reflected a significant discount, highlighting the gap between private valuations and public market expectations.

Amagi India IPO performance 2026 and Valuation Trends

Shares of Amagi opened at ₹318 on Wednesday, marking a 12% discount to the issue price of ₹361. The stock eventually stabilized around ₹348.85, valuing the company at roughly $825.81 million. This is a sharp contrast to the $1.4 billion valuation Amagi secured during its November 2022 funding round led by General Atlantic.

A Rare Export-First Tech Success

Despite the rocky start, Amagi stands out as a unique technology player on Indian exchanges. Unlike most domestic IPOs that focus on Indian consumers, Amagi earns almost all of its revenue abroad—73% from the U.S. and 20% from Europe. Its revenue grew 34.6% year-over-year in the first half of 2025, and it maintains an impressive net revenue retention rate of 127%.