News of Amagi’s impending IPO has been interpreted with a mix of admiration and disbelief. The India-based cloud playout company, often coined one of the godfathers of FAST (free ad-supported streaming TV), has filed a preliminary IPO document on the Bombay Stock Exchange and National Exchange of India. The move aims to validate Amagi’s $1.4 billion market valuation, which the company earned following its $100 million funding round in late 2022, led by General Atlantic. We suspect that Amagi’s IPO pricing will differ from the overinflated $1.4 billion estimate of nearly three years ago. The IPO draft red herring prospectus aims to raise around $123 million through a public offering and offer-for-sale by existing investors. A typical timeline to an…