Imagine Marketing Pvt. Ltd., the parent company behind popular Indian consumer electronics brand boAt, has confidentially filed draft papers with the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO). The company is aiming for a valuation of approximately $1.5 billion and seeks to raise around ₹2,000 crore through the public issue.
Confidential Filing Strategy
The IPO filing has been submitted under SEBI’s confidential pre-filing route. This regulatory mechanism allows companies to withhold key IPO details from the public until closer to the actual listing, offering more flexibility in terms of timing and structure. It also enables businesses to modify certain elements of the offering, such as the size of the fresh issue, by up to 50% before submitting a revised Draft Red Herring Prospectus (DRHP).
Imagine Marketing emphasized that this submission is part of the regulatory process and does not guarantee that the IPO will move forward. A final decision to proceed with the public offering is still pending.
Previous IPO Plans and Funding
This isn’t the first time Imagine Marketing has explored going public. In January 2022, the company had filed for a ₹2,000 crore IPO but chose to postpone the plan due to unfavourable market conditions. Instead, it secured $60 million in funding from existing investor Warburg Pincus and new backer Malabar Investments, valuing the firm at roughly $1.2 billion at the time.
To date, boAt has raised over $170 million in total funding.
IPO Details Awaited
While the official breakdown of the IPO, such as the components of the fresh issue versus offer-for-sale, has not yet been disclosed, the company is expected to reveal those details, along with the price band, minimum bid lot, and book-running lead managers, closer to the listing. The equity shares will be listed on both the BSE and NSE.
About Imagine Marketing and boAt
Founded in 2013 by Aman Gupta and Sameer Mehta, Imagine Marketing has carved a niche in the Indian consumer electronics space through its boAt brand. Known for its affordable and stylish audio gear, smart wearables, and mobile accessories, boAt has become one of the leading players in India’s wearable and audio device markets.
Its diverse product range includes wireless earphones, Bluetooth speakers, smartwatches, power banks, grooming tools, and more. boAt boasts a strong presence across both online platforms and offline retail channels, with strategic partnerships with major e-commerce sites and large retail chains.
Market Position & Financials
Despite a broader downturn in the Indian wearables market, an 8.7% year-over-year decline in Q4 2024, boAt has managed to maintain a strong foothold. It continues to rank among the top five wearable brands in India. The company has also reported strong revenue growth and profitability in FY22 and FY23, though detailed financials were not disclosed as part of the confidential filing.
As Imagine Marketing gears up for a potential market debut, investors and market watchers will be closely monitoring the next steps in its IPO journey.
