Amagi’s board on May 23 passed a special resolution to change the name of the company to “Amagi Media Labs Limited” from “Amagi Media Labs Private Limited”

Earlier this month, the SaaS unicorn appointed Ira Gupta and Giridhar Sanjeevi as independent directors on its board for a period of three years

Amagi Has roped in kotak mahindra capital, citgroup, iifl capital and goldman sachs as investment bankers for its inr 3,200 CR IPO

Media-focussed SaaS unicorn Eggs has converted into a public entity as it gears up for its initial public offering (IPO).

As per its filings with the Registrar of Companies (RoC), the company’s board passed a special resolution on May 23 to change the name of the company to “Amagi Media Labs Limited” from “Amagi Media Labs Private Limited” previously.

The removal of the word “private” from the name is an essential step for companies looking to go public.

In its filing, Amagi said that the name conversion will enable it to raise funds from the public, without specifying the quantum of the planned issue size.

“The members are requested to note that the proposed conversion of the company from private limited to public limited would enable the company to raise funds from the public. To undertake this, the company is required to be converted into a public limited company in accordance with the applicable provisions…,” it said.

The development was first reported by Entrackr.

This comes days after the SaaS unicorn appointed former Microsoft executive Ira Gupta and ex-Indian Hotels Company Limited (IHCL) CFO Giridhar Sanjeevi as independent directors on its board for a period of three years.

Founded in 2008 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi offers a full stack cloud suite for clients to create, distribute and monetise content globally. It also offers advertising solutions for broadcast and streaming platforms.

The enterprise tech platform claims to support over 800 content brands, 800 playout chains and 5,000 channel deliveries via its platforms in over 150 countries, including the US, Canada, the UK, France, Australia, among others. It counts the likes of NBC Universal, CBS, USA Today and Japan’s Rakuten Group as its clients.

New-Age Tech Companies Queue Up For IPO

The move to turn into a public entity comes a few months after a report said that Amagi has roped in Kotak Mahindra Capital, Citigroup, IIFL Capital and Goldman Sachs as investment bankers to helm its INR 3,200 Cr IPO.

As per the report, the proceeds from the IPO, which will comprise a fresh issue of shares as well as an offer for sale (OFS) component, will be used to expand the company’s operations and pursue inorganic activities.

On the financial front, Amagi reported a consolidated net loss of INR 245 Cr in FY24, down 23.72% from INR 321.2 Cr in the previous fiscal year. Operating revenue rose 29.18% to INR 879.1 Cr from INR 680.5 Cr in FY23.

India accounted for just INR 8 Cr of its global revenue. The company earned about 67% of its revenue, or INR 591.5 Cr, from the US. Meanwhile, the UK contributed INR 115.5 Cr to its revenue.

The development comes at a time when a slew of new-age tech companies are making a beeline for the bourses. While 13 new-age tech companies went public last year, more than 20 such companies are preparing for their IPOs in 2025.

Earlier yesterday, it was reported that hospitality major OYO has restarted its IPO preparations and is looking to file its DRHP with SEBI between August and September this year.

Earlier this week, investment tech major Groww filed its draft IPO papers with SEBI through the pre-filing route. Last week, fintech unicorn Pine Labs also turned into a public entity as it lines up plans for its market debut.