New Delhi, Jan. 13 -- Homegrown private equity firm Creaegis has come on board Bengaluru-based media technology startup Amagi Labs as an anchor investor as the software-as-a-service (SaaS) firm heads for a public listing.
Amagi Labs plans to raise Rs 816 crore ($90.4 million) through a fresh issue of shares and Rs 1,789 crore in total through its initial public offering (IPO), which opens on January 13 and closes on January 16.
The company has trimmed its IPO size to attract a broader investor base. It will now raise Rs 816 crore through a fresh issue, compared with Rs 1,020 crore planned earlier. Shares offered for sale have also been reduced to 26.9 million from the earlier planned 34.2 million.
On Monday, Amagi Labs raised Rs 804 crore from anchor investors, including Creaegis and Goldman Sachs.
Other investors who have come on board include domestic institutional investors such as SBI Mutual Fund, ICICI Prudential Mutual Fund, and HDFC Mutual Fund, which together picked up a majority share in the company.
Additional investors include Birla MF, Fidelity, Motilal Oswal MF, HDFC Life Insurance, Tata Mutual Fund, Franklin Templeton MF, 360 One, Baroda BNP MF, Amundi, PGIM MF, Bandhan MF, Susquehanna International Group (SIG), Bharti Axa, Isometry Capital, Societe Generale, Edelweiss Tokio Life, New Vernon Capital, and Helios, among others.
The IPO proceeds will be used to finance technology and cloud infrastructure expenses, fund inorganic growth, and meet general corporate purposes.
VCCircle had reported last week that Premji Invest, the family office of Wipro founder and chairman Azim Premji and Amagi's largest shareholder, is expected to be among the biggest gainers from the IPO. One of the entities that first invested in 2014 will fully exit at about a 17x return.
Published by HT Digital Content Services with permission from VC Circle.