Imagine Marketing Limited, the parent company of consumer tech brand boAt, has filed its Updated Draft Red Herring Prospectus (UDRHP I) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of up to ₹1,500 crore. The proposed IPO includes a fresh issue of equity shares worth ₹500 crore and an offer for sale (OFS) of shares worth ₹1,000 crore by existing shareholders, including founders Sameer Mehta and Aman Gupta, South Lake Investment, Fireside Ventures, and Qualcomm Ventures.
The company plans to use the proceeds to fund working capital requirements (₹225 crore), enhance brand and marketing initiatives (₹150 crore), and for general corporate purposes.
Founded in 2015, boAt is India’s leading personal audio brand, commanding a 26% value and 34% volume market share in FY2025. It also ranked as the third-largest digital-first brand in India by revenue and fourth globally by volume in the branded personal audio category, according to Redseer.
During FY2025, boAt reported revenue from operations of ₹3,070 crore, led by its audio category (84.2%), followed by wearables (10.8%) and other accessories (5%). The company posted a net profit of ₹61 crore and EBITDA of ₹142.5 crore, marking a turnaround from losses in the previous year.
A digital-first brand with a growing offline presence, boAt reached over 12,000 retail outlets across 25 states through 112 distributors as of June 2025. Online channels contributed about 71% of sales, while offline channels accounted for 29%.
With 75% of its products now made in India, boAt continues to expand its domestic manufacturing footprint and international presence across the Middle East and South Asia. The company’s leadership team, comprising co-founders Sameer Mehta and Aman Gupta and CEO Gaurav Nayyar, is backed by marquee investors including Warburg Pincus, Qualcomm Ventures, and Fireside Ventures.
ICICI Securities, Goldman Sachs India, JM Financial, and Nomura are the book-running lead managers to the issue.
