Sidley Advises on the US$195 Million India IPO of Amagi

Sidley advised the book-running lead managers on the US$195 million initial public offering (IPO) of equity shares in Amagi Media Labs Limited (Amagi).

The offering marks the first IPO in India by a company operating in the broadcast and streaming advertising technology segment.

Amagi is an innovative Bengaluru-based software-as-a-service (SaaS) company that provides technology solutions connecting media companies to their audiences through cloud-native technology. As of March 31, 2025, Amagi had served over 400 content providers, more than 300 distributors, and over 80 advertisers across more than 40 countries and was identified as the largest cloud-native software solution provider in cloud playout by revenue among its identified peers in the broadcasting and streaming industry for financial year 2025. Its customers include leading global media companies such as Vevo, Lionsgate Studios, DAZN, E.W. Scripps, Sinclair Broadcast Group, Vizio, Roku, the Trade Desk, JioAds, and the Tennis Channel.

The book running lead managers comprised Kotak Mahindra, Citigroup, Goldman Sachs, IIFL Capital, and Avendus.

The Sidley team was led by Manoj Bhargava and included Rachna Talati, Dhanush Dinesh, Sarangan Rajesh Kumar, and legal assistant Sanketh Hareesh Kumar (all Singapore), with support from Nicholas R. Brown, Carla G. Teodoro, Robert M. Kreitman, Prabhat K. Mehta, Alvin Wang, and Michael H. Sliskovich (all New York) and David A. Silva and Dorcas Ong (both Singapore).

Sidley is one of the most experienced international law firms advising on India-related capital market transactions, having acted on many of the market’s largest and most high-profile offerings in recent years. In 2025, Sidley’s award-winning India practice advised on the record-breaking US$1.75 billion IPO of Tata Capital — representing India’s largest IPO of 2025, the largest-ever public offering by a nonbanking financial company in India, and the fourth-largest IPO in Indian history. It also advised on the groundbreaking US$1.2 billion IPO of ICICI Prudential Asset Management Company Limited — representing the largest IPO in India by an asset management company to date and the fourth-largest IPO of 2025 in India. In 2024, Sidley advised on the landmark US$2.15 billion FPO of Vodafone Idea — marking India’s largest-ever follow-on public offering of equity shares. Since 2007, our team has advised on 280 offerings in India, helping raise over US$77 billion.

This sustained market leadership has been independently recognized by Bloomberg, which ranked Sidley #1 international legal counsel for FY2025 for India equity and rights offerings (manager-ranked, by deal count and volume), and by India Business Law Journal, which has ranked Sidley a “Top Foreign Law Firm” for India-related work for eight consecutive years.