Amagi Datalabs, a media-focused SaaS unicorn, has transformed into a public entity in preparation for its upcoming initial public offering (IPO).

Amagi, established in 2008 by Baskar Subramanian, Srinivasan KA, and Srividhya Srinivasan, provides a comprehensive cloud-based suite for clients to create, distribute, and monetize content on a global scale.  It provides advertising solutions for both broadcast and streaming platforms.

According to its documents submitted to the Registrar of Companies (RoC), the company’s board adopted a special resolution on May 23 to change its name from “Amagi Media Labs Private Limited” to “Amagi Media Labs Limited.”

For companies aiming to go public, eliminating the term “private” from their name is a crucial move.

Amagi stated in its filing that the name conversion will allow it to raise funds from the public, but did not specify the planned issue size.

“The members are requested to take note that the proposed change in the company’s status from private limited to public limited would allow the company to raise funds from the public. In order to do this, the company must be transformed into a public limited company in compliance with the relevant provisions…,” it stated.

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This follows the SaaS unicorn’s appointment of Ira Gupta, a former Microsoft executive, and Giridhar Sanjeevi, ex-CFO of Indian Hotels Company Limited (IHCL), as independent directors on its board for three years.

The enterprise tech platform asserts that it supports over 800 content brands, 800 playout chains, and 5,000 channel deliveries across its platforms in more than 150 countries, including the US, Canada, the UK, France, Australia, and others.  Its clientele includes NBC Universal, CBS, USA Today, and Japan’s Rakuten Group.

A few months after a report stated that Amagi has enlisted Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs as investment bankers to lead its INR 3,200 Cr IPO, the decision to transform into a public entity was made.

The report indicates that the funds generated by the IPO, which will include a new share issue and an offer for sale (OFS), will be used to broaden the company’s operations and engage in inorganic activities.

Amagi disclosed a consolidated net loss of INR 245 Cr for FY24, representing a decrease of 23.72% from the previous fiscal year’s loss of INR 321.2 Cr.  In FY23, operating revenue increased by 29.18%, reaching INR 879.1 Cr from INR 680.5 Cr.

India’s contribution to its worldwide revenue was a mere INR 8 Cr.  Approximately 67% of the company’s revenue, amounting to INR 591.5 Cr, was generated from the US.  In the meantime, the UK added INR 115.5 Cr to its revenue.

This development coincides with a rush of new-age tech firms heading for the stock exchanges.  Last year, 13 new-age tech companies went public, but over 20 of them are gearing up for IPOs in 2025.

It was reported earlier yesterday that OYO, a major player in the hospitality industry, has resumed preparations for its IPO and aims to submit its DRHP to SEBI between August and September this year.

This week, Groww, a major player in investment tech, submitted its draft IPO documents to SEBI via the pre-filing method.  Pine Labs, a fintech unicorn, became a public entity last week as it prepared for its market debut.