Amagi Slides in India Debut as Cloud TV Software Firm Tests Investor Appetite

Amagi IPO slides in India debut despite strong global demand and $196M raised. See why investors are still betting big on the cloud TV software leader
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Amagi Slides in India Debut as Cloud TV Software Firm Tests Investor Appetite
Amagi IPO Slides in India Debut Despite Strong Global Demand Amagi Media Labs’ shares dipped in their Indian stock market debut on January 22, 2026, opening 12% below its IPO price—even as the Bengaluru-based cloud TV software firm raised $196 million in a highly oversubscribed offering. Investors snapped up more than 30 times the available shares, signaling robust confidence in Amagi’s global business model. So why did the stock slide? And what does this mean for India’s tech IPO landscape? Credit: Google The answer lies in timing, valuation, and the unique nature of Amagi’s export-first strategy—a rarity among Indian public listings, which have historically leaned heavily on domestic consumer plays. A Rare Export-First Tech IPO in India Unlike most Indian tech companies that go public after building massive local user bases—think Zomato, Nykaa, or Paytm—Amagi earns nearly all its revenue overseas. About 73% comes from the U.S., another 20% from Europe, and less than 5% from India, accord…