Amagi Media Labs IPO listing Highlights: Muted debut despite good subscription, stock lists at discount of 12%

Shares of Amagi Media Labs Ltd are in action after a weak listing, touching an intraday high of Rs 357.50. Amagi Media Labs shares listed at Rs 317 on the BSE.

Shares of Amagi Media Labs Ltd rebounded by 4.49 per cent to Rs 331.25 after a weak listing. Amagi Media Labs shares listed at Rs 317 on the BSE.

In the pre-opening session, Amagi Media Labs shares settled at Rs 318 on the NSE, a discount of 11.91 per cent to the issue price of Rs 361.

In the pre-opening session, Amagi Media Labs shares settled at Rs 317 on the BSE, a discount of 12.19 per cent to the issue price of Rs 361.

Proceeds from the fresh issue of Rs 550 crore will be used to strengthen Amagi's technology and cloud infrastructure, fund inorganic growth through acquisitions, and meet general corporate expenses.

The Bengaluru-based company's IPO comprises a fresh issue of shares worth Rs 816 crore, along with an offer-for-sale (OFS) of 2.7 crore shares valued at Rs 972.6 crore at the upper price band by existing shareholders. This takes the total issue size to Rs 1,788.6 crore.

The price band for the issue has been fixed at Rs 343-361 per share, valuing the company at over Rs 7,800 crore at the upper end of the band.

Amagi Media Labs received 30.22 times the subscription on the final day of bidding on Friday. As per NSE data, the IPO received bids for 82,40,12,260 shares against 2,72,66,589 shares on offer.

According to Investorgain, Amagi Media Labs' unlisted shares are trading at a discount of Re 1. Considering the upper price band of Rs 361, the company's shares are expected to list at around Rs 360, reflecting a discount of 0.28 17 per cent.