India, Jan. 12 -- India's new-age IPO market is entering a new phase. After 18 new-age companies went public in 2025, the pipeline is set to expand further, with as many as 48 listings expected over the next 18 months.

The emphasis, however, has somewhat shifted from momentum-driven debuts to pricing discipline, profitability visibility and business-model clarity

Among the early tests of this shifting tide is Amagi. The Bengaluru-based media SaaS unicorn's IPO will open on January 13 and close on January 16, with anchor bidding scheduled for January 12.

What makes the offering notable is not just its timing, but the clear signals of recalibration built into its structure.

The company reduced its fresh issue size by 25% to INR 816 Cr f...