Amagi IPO Lags on Day 2: Subscription Hits Just 10% Amid Retail Focus
Overview
Media SaaS firm Amagi's Initial Public Offering saw slow uptake on its second day, reaching only 10% subscription by afternoon. Retail investors are driving demand, while institutional buyers remain hesitant. The company aims to raise ₹1,788.6 crore at a valuation of ₹7,966 crore.
Amagi IPO Lags on Day 2
Media SaaS major Amagi's Initial Public Offering (IPO) is experiencing a sluggish subscription rate, securing only 10% of the offered shares by mid-afternoon on its second day of bidding. The issue received bids for 27.21 lakh shares against the 2.72 crore shares on offer.
Retail Investors Lead Charge
Retail individual investors (RIIs) are showing the most interest, placing bids for 21.95 lakh shares against the 50.73 lakh shares reserved for them, translating to a 43% subscription of their quota. Trailing RIIs are non-institutional investors (NIIs), who bid for 5.22 lakh shares against 76.10 lakh shares earmarked, representing a 7% subscription. Demand within the NII category was largely driven by individual investors in the INR 2-10 lakh bid segment.
Institutional Caution Remains
Qualified institutional buyers (QIBs), typically large financial institutions, have largely remained on the sidelines. The institutional portion saw bids for a mere 4,510 shares against 1.46 crore shares reserved for them, indicating a significant lack of institutional appetite in the public issue so far.
Financial Turnaround Amid Slow Demand
Amagi, which turned profitable in the first half of FY26 with a net profit of ₹6.5 crore against a net loss of ₹66 crore in H1 FY25, is looking to raise ₹1,788.6 crore through its public issue. The company is targeting a valuation of around ₹7,966 crore at the upper end of its ₹343 to ₹361 price band. This cautious public response follows a subdued demand on opening day and comes amid broader equity market volatility, despite Amagi successfully raising ₹805 crore from anchor investors prior to the IPO.
