Imagine Marketing (boAt) Files Updated DRHP With SEBI for ₹1,500-Crore IPO

Imagine Marketing Limited, the company behind the boAt consumer-tech brand, has filed its Updated Draft Red Herring Prospectus (UDRHP I) with the Securities and Exchange Board of India (SEBI) for a proposed ₹1,500-crore initial public offering. The issue consists of a ₹500-crore fresh issue and an offer for sale (OFS) of ₹1,000 crore by existing shareholders, including promoters Sameer Mehta and Aman Gupta, South Lake Investment Limited, Fireside Ventures Investment Fund-I and Qualcomm Ventures LLC.

The company plans to utilise the fresh issue proceeds to fund working capital needs (₹225 crore), brand and marketing investments (₹150 crore) and other corporate requirements.

According to the Redseer Report, boAt remained the largest branded personal audio company in India in FY25, with a 26% share in value terms and 34% in volume terms. The brand offered over 250 products and sold more than 34 million units in FY25.

For FY25, the company reported ₹3,070.38 crore in revenue, ₹61.08 crore profit, and an EBITDA of ₹142.52 crore. Its distribution network includes major online platforms, its D2C website, and an expanding offline presence across 12,000 retail outlets in 25 states and 5 union territories.

ICICI Securities, Goldman Sachs (India) Securities, JM Financial and Nomura Financial Advisory and Securities are acting as the bankers to the issue.