boAt parent Imagine Marketing files IPO papers to raise Rs 1,500 crore

Imagine Marketing Limited, operating primarily under the “boAt” brand, has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI).

The proposed initial public offering comprises a total issue of equity shares of face value of ?1 each aggregating up to ? 1500 Crores, with fresh issue of equity shares aggregating to Rs 500 Crores and offer for sale of equity shares aggregating to Rs 1000 Crores. The offer for sale comprises of equity shares aggregating to Rs 75 Crores by Sameer Ashok Mehta, equity shares aggregating to Rs 225 Crores by Aman Gupta, equity shares aggregating to Rs 500 Crores by South Lake Investment Limited (Promoter Selling Shareholders) as well as equity shares aggregating to Rs 150 Crores by by Fireside Ventures Investment Fund-I (Scheme of Fireside Ventures Investment Trust) and equity shares aggregating to Rs 50 Crores by Qualcomm Ventures LLC (Individual Selling Shareholders).

 The Company proposes to utilize the Net Proceeds towards funding the working capital requirements of our Company amounting to Rs 225 Crores, funding the brand and marketing expenses towards enhancing the awareness and visibility of the products and brand amounting to Rs 150 Crores as well as for general corporate purposes.

The company operates primarily under the “boAt” brand, which was launched in 2015. The company is focused on offering audio, wearables and charging solutions products that cater to India’s rapidly growing cohort of young, digitally native and technology and trend-conscious customers. boAt has maintained its position as India’s leading branded personal audio company by volume every year from FY2020 to FY2025, according to the Redseer Report. The brand was also the third-largest digital-first brand in India by revenue in FY2025 and ranked fourth globally in volume terms across branded personal audio for the same period.

boAt is one of India’s largest digital-first consumer product companies with a capital-efficient growth history, a consistent #1 leadership position in the fast-growing audio category, and strong presence across adjacent segments. The brand enjoys significant equity, clear market positioning, and a compelling value proposition, backed by a robust innovation engine driven by in-house R&D and significant collaborations. Its products are designed and manufactured in India through an agile supply chain, supported by a diversified channel mix spanning leading online platforms and an expanding offline footprint, under the guidance of a professional, founder-led management team with deep industry expertise.

During FY2025, boAt sold over 34 million units in India, underscoring its leadership across the country’s fastgrowing consumer tech ecosystem. While the company began its journey in the audio category, it has diversified into wearables such as smartwatches and smart rings, and charging solutions including cables, chargers, and power banks. As of June 30, 2025, boAt offered over 250 high quality, lifestyle-oriented and technology-focused products across price points.

 For FY25, boAt reported total revenue from operations (sale of products) of ?3070.38 Crores. By product category, the audio segment remained the primary revenue driver, contributing ?2586.040 Crores or 84.23% of total revenue from operations. The wearables segment accounted for ?330.414 Crores, forming 10.76% of total revenue, while other products contributed ?153.933 Crores, comprising 5.01%. The figures underscore boAt’s continued leadership in the audio category, supported by growing traction in wearables and a diversified product portfolio across channels. For FY25, boAt reported a profit of ?61.08 Crores, reflecting a turnaround from the losses recorded in the previous year. The company achieved an EBITDA of ?142.519 Crores, translating to an EBITDA margin of 4.64%. These figures highlight a significant improvement in profitability and operational efficiency.