boAt Parent Imagine Marketing Files for ₹2,000 Crore IPO via Confidential Route

Imagine Marketing Pvt. Ltd., the parent company of consumer electronics brand boAt, has filed a confidential draft red herring prospectus (DRHP) with SEBI. It plans to go public with an aim to raise ₹2,000 crore from the Initial Public Offering (IPO). 

boAt IPO Details

According to media sources, the IPO will use the confidential pre-filing option, which enables businesses to keep their DRHP private until the IPO process. It is a more flexible approach to finalise the IPO structure and issue size. There hasn’t been a detailed breakdown of the offer (i.e., fresh issue and offer-for-sale) yet. 

The company previously planned a ₹2,000 crore IPO in 2022, which was later withdrawn due to unfavourable market conditions. The company intends to list the equity shares on BSE and NSE and will likely announce details such as price band, minimum bid lot, and book-running lead managers closer to the official IPO launch date.

About Imagine Marketing (boAt)

Established in 2013 by Aman Gupta and Sameer Mehta, Imagine Marketing, the parent company of boAt brand, is renowned for its low-cost audio devices, smart wearables, and mobile accessories. boAt has grown to become a leading player in the audio and wearable device markets in India. The brand sells products like wireless earphones, smart watches, bluetooth speakers, power banks, and grooming products. It holds a strong online and offline retail presence, with partners across e-commerce companies and significant retail chains. 

boAt has raised more than $170 million in funding to date, including $60 million in a recent funding round during 2023, which was led by both Malabar Investments and Warburg Pincus.

Company Financials

Although complete financials are still undisclosed in the confidential filing, reports from the industry suggest that the wearable space has seen a drop in recent quarters. However, boAt continues to hold its significant market share in this space.

• The Indian wearable market declined - 8.7% YoY in the December 2024 quarter.
• boAt has consistently ranked in the top 5 wearable brands in India.
• The company had previously reported strong revenue growth and profitability for FY22 and FY23.

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