The parent company of boAt, Imagine Marketing, has refiled paperwork for a public offering valued at Rs 15 billion (approximately $170 million), signaling a fresh move towards its much-anticipated stock market debut, as per a report by Reuters.
This marks the second attempt after delays in 2022 when the company initially intended to launch an IPO but postponed it due to market fluctuations. At that time, the plan aimed to raise Rs 20 billion, comprising a Rs 9 billion fresh issue and Rs 11 billion in shares for sale. Instead of going public, the company later secured Rs 5 billion in private funding from Warburg Pincus and Malabar Investments.
In the latest filing, Imagine Marketing has reduced the size of its fresh issue to Rs 5 billion, while its co-founders and investors, including South Lake Investment and Qualcomm Ventures, will divest shares worth Rs 10 billion through the offer-for-sale mechanism.
The company had initially submitted its IPO draft confidentially to the Securities and Exchange Board of India (Sebi) in April and obtained regulatory approval in August. By filing confidentially, companies can refine their timing and disclosures before going public.
This move comes amidst a surge of listings in India’s primary markets by prominent entities such as Tata Capital, Lenskart, LG Electronics India, and Urban Company, showcasing the increasing interest from investors.
Established in 2014, boAt has emerged as a leading consumer electronics brand in India. Redseer, a consultancy firm, reports that the brand commands a 34% share in India’s wearables market by volume.
boAt offers a diverse product range, including smartwatches, earphones, and headphones priced from Rs 399 to Rs 18,999. It competes with other players like Noise, Fire-Boltt, Xiaomi, and OnePlus in the rapidly expanding wearables sector.
For the financial year ending March 31, 2025, Imagine Marketing disclosed a revenue of approximately Rs 30 billion and a net profit of Rs 611 million, marking a return to profitability after experiencing losses for two consecutive years.