boAt Parent Imagine Marketing Files Updated DRHP with SEBI for ₹1,500 Crore IPO
Imagine Marketing Limited, the parent company of consumer electronics brand boAt, has filed its Updated Draft Red Herring Prospectus (UDRHP-I) with the Securities and Exchange Board of India (SEBI). The filing marks a key step towards its proposed INR 1,500 crore initial public offering (IPO).
The proposed issue includes a fresh issue of equity shares worth INR 500 crore and an offer for sale (OFS) of shares aggregating INR 1,000 crore. The OFS comprises INR 75 crore by Sameer Mehta, INR 225 crore by Aman Gupta, INR 500 crore by South Lake Investment Limited, INR 150 crore by Fireside Ventures Investment Fund-I, and INR 50 crore by Qualcomm Ventures LLC.
The net proceeds from the issue will be used for working capital requirements (INR 225 crore), brand and marketing initiatives (INR 150 crore), and general corporate purposes.
Founded in 2015, boAt has become India’s largest branded personal audio company, commanding a 26% market share by value and 34% by volume in FY2025, according to Redseer. The company reported INR 3,070.38 crore in revenue from operations in FY25, with INR 61.08 crore in net profit, marking a turnaround from the previous year’s losses.
The audio segment contributed INR 2,586 crore (84.23%) to total revenue, while wearables generated INR 330 crore (10.76%), and other products added INR 154 crore (5.01%). Its EBITDA stood at INR 142.52 crore, with an EBITDA margin of 4.64%, reflecting improved operational efficiency.
boAt’s diversified omnichannel presence spans leading e-commerce marketplaces, its D2C platform, and 12,000 offline retail stores across India through 112 distributors. In FY25, online sales accounted for 70.55% (INR 2,166 crore) and offline sales for 29.45% (INR 904 crore).
The company has also expanded beyond India, reaching the Middle East, Nepal, and South Asian markets, with over 75 million units manufactured domestically. In Q1 FY26, 75.83% of total units were made in India, underscoring its commitment to strengthening the local supply chain.
Imagine Marketing’s founders, Sameer Mehta and Aman Gupta, alongside CEO Gaurav Nayyar, lead a professional management team backed by marquee investors including Warburg Pincus, Qualcomm Ventures, and Fireside Ventures.
The IPO is being managed by ICICI Securities, Goldman Sachs India, JM Financial, and Nomura Financial Advisory.
Muskaan Kapoor
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