Bengaluru-based media technology company Amagi is making significant strides as it prepares for a public listing. The firm has appointed Ira Gupta and Giridhar Sanjeevi as independent directors, a move that aligns with regulatory requirements ahead of its anticipated IPO.
These appointments were announced through filings with the Registrar of Companies and are part of Amagi’s compliance with the Companies Act, which necessitates independent board members prior to going public.
Gupta, who is currently a senior advisor at McKinsey & Company and an independent director at SRF Limited, brings extensive experience from her previous roles at Microsoft India and GlaxoSmithKline. Sanjeevi, formerly the executive vice-president and CFO of The Indian Hotels Company Ltd. (Taj Hotels), is expected to contribute valuable financial expertise to Amagi’s board.
IPO Aspirations and Financial Goals
Amagi is gearing up to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), aiming to raise approximately Rs 3,200 crore (around $385 million) through its IPO. The company has enlisted notable investment banks, including Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs, to serve as book-running lead managers for the offering.
Founded in 2008, Amagi specializes in cloud-based media infrastructure solutions that empower broadcasters and streaming platforms to manage their content efficiently. With clients like Warner Bros. Discovery and NBCUniversal, Amagi has carved out a significant place for itself in the competitive media landscape.
Strengthening Governance and Industry Trends
The appointment of independent directors reflects a growing trend among Indian startups preparing for IPOs. Companies such as Zepto and PhysicsWallah have also strengthened their boards with independent members in recent months.
This trend underscores a commitment to governance and transparency as startups transition from private funding to public markets.
Amagi’s strategic moves indicate readiness for its IPO journey while reinforcing its commitment to sound governance practices in accordance with SEBI guidelines. With a successful track record and a robust client base, Amagi is on a track to make a notable impact in the public domain.
