Amagi Media Labs Faces Rocky Stock Market Debut: A 4% Drop on Day One

Amagi Media Labs experienced a nearly 4% drop in share value during its debut trading session. The SaaS company, involved in media and entertainment sectors, saw its IPO subscribed 30.22 times last week. Despite the initial setback, the company boasts strong technological partnerships and notable industry clientele.

Shares of Amagi Media Labs ended their debut trading session on a disappointing note, closing nearly 4% lower than the issue price of Rs 361 per share. This came as the stock opened at Rs 317 on the BSE, showing a 12.18% drop, with an intraday high of Rs 357.50.

On the NSE, Amagi's shares debuted at Rs 318, reflecting an 11.91% decline. The stock ultimately closed at Rs 348.30, down 3.52%. The company's market valuation was recorded at slightly over Rs 7,500 crore on both exchanges, amid substantial trading volumes.

Despite the damp debut, Amagi Media Labs' IPO was oversubscribed, at 30.22 times. The company's innovative cloud-based services connect media outlets with audiences, indicating its robust operational foundation. Backed by investors like Accel and Avataar Ventures, Amagi remains a significant player in the media technology landscape.

(With inputs from agencies.)