SEBI Approves Confidential DRHP of Imagine Marketing, Parent of BoAt

3 Sep 2025 , 10:34 AM

SEBI has approved the initial public offering (IPO) of Imagine Marketing Ltd., the parent of electronics and lifestyle brand BoAt, according to a disclosure dated September 2.

The company has filed its Draft Red Herring Prospectus (DRHP) under the confidential route, a provision that allows unlisted firms to approach the market regulator without making the document public right away. To comply with the rules, BoAt issued a notice in a leading national newspaper confirming its plan to go public.

The IPO will include a fresh equity issue of ₹900 crore and an offer for sale (OFS) of ₹1,100 crore by existing shareholders. Funds from the fresh issue will be used to repay or prepay borrowings, expand operations, invest in R&D, upgrade product quality, and meet general corporate needs. ICICI Securities, Goldman Sachs and Nomura will act as the book-running lead managers for the share sale.

This is BoAt’s second attempt at listing. The company first filed for an IPO in 2022 but pulled back due to market volatility, later raising $60 million in private funding to drive growth.

Founded in 2013 and launching its flagship brand in 2014, BoAt has quickly risen to become one of India’s biggest consumer electronics players. As of the second quarter of 2024, it held a 26.7% share of the country’s wearables market. While growth in its audio business slowed in the latter half of FY24, online sales remain strong.

The company, led by co-founders Aman Gupta and Sameer Mehta, has built its success on affordable, design-driven products and aggressive youth-focused marketing. Its investor base includes Warburg Pincus, Qualcomm Ventures, Innoven Capital and Fireside Ventures.

For feedback and suggestions, write to us at [e-mail]