Indian IPOs tend to trigger a familiar ritual: a DRHP appears, someone Ctrl+Fs the offer for sale (OFS) section, and the market decides whether the investors are edging toward the exit. But Amagi Media Labs’* IPO document—recently blessed by the markets regulator—refuses to play along. 

Amagi is a $1.4 billion-valued cloud-infrastructure firm that provides the invisible plumbing behind thousands of TV channels. It’s the backend that moves video signals, stitches ads into streams, and keeps your cricket match from buffering.

Yes, there is an OFS. (An OFS is simply existing shareholders selling some of their stake—money goes to them, not the company.) And sure, some well-known investors are selling. But what matters in public markets is not the number of shares but rather the percentage of ownership being diluted. And on that metric, Amagi’s OFS looks like routine portfolio housekeeping rather than a coordinated goodbye.

Premji Invest is selling only a slice of its position and will still hold roughly 27% after listing. Accel and Norwest will remain around 15% each. These are not investors exiting…just lightening up after a decade-long hold. If anything, the percentage they are selling is lower than or similar to what investors have sold in many recent tech listings.

Lenskart’s founder bought shares pre-listing; Wakefit did a small OFS plus fresh issue (issue booked just 32% by Day 2); Vishal Mega Mart leaned on an OFS-heavy structure. Even Physics Wallah founders still hold almost three-fourths of their company. If there’s a pattern, it’s that there is no pattern. 

Meanwhile, the fresh issue makes the intent even clearer: Rs 1,020 crore coming in, of which Rs 667 crore is earmarked for technology and cloud infrastructure. This is not how companies wind down. This is how they prepare for their next phase of global scale. Even the optional Rs 204-crore pre-IPO placement reads like a company expecting an orderly market reception.

In essence, it says: we need more runway for global playout, streaming infrastructure, ad-tech pipelines, and maybe an acquisition or two.

And that’s really all the OFS deserves. Because the more interesting question isn’t who is selling how much. It’s: what exactly is the public being asked to buy?