boAT Parent Imagine Marketing Files Updated DRHP With SEBI, Aims to Raise Rs 1,500 Crore

Imagine Marketing Ltd., the parent company of popular audio device manufacturer boAT, has filed an updated draft red herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI). The company is planning to raise Rs 1,500 crore through an initial public offer (IPO).

Background and Previous Attempts

Back in April, Imagine Marketing filed a confidential DRHP with the SEBI. The confidential DRHP allows a company to withhold public disclosure of details until later stages. This is Imagine Marketing’s second attempt for an IPO. In 2022, the company filed draft papers in January 2022 for a Rs 2,000-crore IPO.

IPO Details

The IPO consists of a fresh issue worth Rs 500 crore and an offer for sale (OFS) worth Rs 1,000 crore, Imagine Marketing said in the updated DRHP. South Lake Investment, Qualcomm Ventures Ltd., Sameer Ashok Mehta, and Aman Gupta will offload stakes through the OFS, according to data on the updated DRHP.

ICICI Securities Ltd., Goldman Sachs (India) Securities Pvt. Ltd., JM Financial Ltd., Nomura Financial Advisory and Securities Ltd., and MUFG Intime India Pvt. Ltd. are the lead book running managers for the IPO, the updated DRHP said.

Utilization of IPO Proceeds

boAT will use the proceeds from the fresh issue to fund working capital requirements of the company and general corporate purposes. It will also use the raised capital for brand marketing purposes to enhance the visibility of the products, according to data on the updated DRHP.

Financial Performance

The Gurugram-based company, Imagine Marketing, turned profitable in the financial year 2025. It reported a net profit of Rs 61.8 crore compared to a Rs 79.7 crore loss in the previous financial year, as per data disclosed in the updated DRHP.

In the quarter ended on June 30, Imagine Marketing reported a net profit of Rs 21.4 crore.

Business Overview

boAT was launched in 2015 in the consumer electronics industry. Under this brand name, Imagine Marketing offers a large portfolio of mass premium lifestyle-oriented and technology-focused products at accessible price points to serve India’s growing demand for consumer electronic products, the company said in the updated DRHP.

Initially, Imagine Marketing conducted business in the audio category, later expanding the product mix over the years to enter adjacent categories, including wearables, smartwatches, and smart rings. It offers its products through online marketplaces, D2C websites, and offline retailers and distributors.

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