In a major milestone for India’s consumer electronics sector, the Securities and Exchange Board of India (SEBI) has approved the confidential Draft Red Herring Prospectus (DRHP) of Imagine Marketing Ltd, the parent company of boAt. The regulatory nod marks a significant step toward the long-awaited initial public offering (IPO) of the homegrown audio and wearable brand, which has become synonymous with affordable innovation and youth-centric marketing.
Founded in 2013 by Aman Gupta and Sameer Mehta, Imagine Marketing has built boAt into one of India’s largest digital-first lifestyle brands, offering a wide range of products including audio devices, smart wearables, grooming gadgets, and mobile accessories. The IPO is expected to raise approximately ₹2,000 crore, comprising a fresh issue of ₹900 crore and an offer-for-sale (OFS) of ₹1,100 crore.
🧭 boAt IPO Structure and Key Details
| Component | Value / Description |
|---|---|
| Total Issue Size | ₹2,000 crore |
| Fresh Issue | ₹900 crore |
| Offer for Sale (OFS) | ₹1,100 crore |
| Face Value | ₹1 per equity share |
| Listing Exchanges | NSE and BSE |
| Retail Quota | 35% |
| QIB Quota | 50% |
| HNI Quota | 15% |
| DRHP Filing Route | Confidential Pre-filing |
| SEBI Approval Date | September 2, 2025 |
The confidential filing route allows Imagine Marketing flexibility in timing and content disclosure, a method increasingly adopted by high-profile companies such as PhysicsWallah and Tata Capital.
🔍 Why boAt’s IPO Matters
boAt’s IPO is not just a liquidity event—it’s a litmus test for India’s consumer tech sector. As one of the few profitable startups in the D2C space, boAt’s listing could set a precedent for other digital-first brands seeking public capital.
| Strategic Importance | Implication for Market |
|---|---|
| Profitability Track Record | Boosts investor confidence |
| Brand Recall | Strong millennial and Gen Z engagement |
| Product Diversification | Reduces dependency on audio segment |
| Domestic Manufacturing | Aligns with Make in India initiative |
| IPO Timing Flexibility | Allows market condition optimization |
The company’s decision to go public comes amid rising investor appetite for consumer tech and lifestyle brands with scalable business models and strong unit economics.
📉 Financial Performance Snapshot
Imagine Marketing has demonstrated consistent growth over the years, with revenue crossing ₹1,500 crore in FY21 and profitability improving year-on-year.
| Financial Year | Revenue (₹ crore) | Expenses (₹ crore) | Profit After Tax (₹ crore) |
|---|---|---|---|
| FY19 | ₹226.11 | ₹214.70 | ₹8.04 |
| FY20 | ₹609.96 | ₹544.74 | ₹47.80 |
| FY21 | ₹1,320.38 | ₹1,202.16 | ₹86.54 |
| H1 FY22 | ₹1,553.15 | ₹1,394.74 | ₹118.32 |
The company’s Return on Net Worth (RoNW) stands at 18.64%, with a Net Asset Value (NAV) of ₹46.18 per share.
🔥 Product Portfolio and Market Position
boAt has evolved from a budget audio brand to a full-fledged lifestyle tech company. Its product categories now span:
| Category | Flagship Products | Market Share / Position |
|---|---|---|
| Audio Devices | Earphones, Headphones, Soundbars | Top 3 in India |
| Smart Wearables | Smartwatches, Fitness Bands | Fast-growing segment |
| Grooming Gadgets | Trimmers, Hair Dryers | New vertical |
| Mobile Accessories | Chargers, Cables, Power Banks | High-volume category |
The brand’s aggressive pricing, influencer marketing, and omnichannel presence have helped it capture a loyal customer base across Tier 1 and Tier 2 cities.
🧠 Expert Commentary and Investor Sentiment
| Expert Name | Role | Comment |
|---|---|---|
| Meera Iyer | Consumer Tech Analyst | “boAt’s IPO could redefine valuations for D2C brands.” |
| Rajiv Bansal | Investment Banker | “The confidential DRHP route gives boAt strategic flexibility.” |
| Dr. Rakesh Sinha | Startup Ecosystem Advisor | “boAt’s profitability sets it apart in a crowded space.” |
Analysts believe that boAt’s IPO could attract strong institutional interest, especially from funds focused on consumer tech and emerging markets.
📦 IPO Timeline and Next Steps
With SEBI’s approval in place, Imagine Marketing is expected to finalize its IPO launch date based on market conditions and investor roadshows.
| Milestone | Expected Timeline |
|---|---|
| RHP Filing | Within 3–6 months |
| Investor Roadshows | Q4 2025 |
| IPO Launch | Late Q4 2025 or early Q1 2026 |
| Listing on NSE/BSE | Within 10 days of IPO closure |
| Lock-in Period for OFS | As per SEBI norms |
The company has appointed leading investment banks and legal advisors to manage the offering and ensure regulatory compliance.
📌 Conclusion
With SEBI’s approval of its confidential DRHP, Imagine Marketing Ltd is now firmly on track to launch boAt’s IPO—one of the most anticipated listings in India’s consumer tech space. As a profitable, brand-driven, and digitally native company, boAt’s public debut could reshape investor expectations and open the floodgates for other D2C startups. The road ahead will be closely watched, but the signal is clear: India’s new-age brands are ready to play in the big league.
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Disclaimer: This article is based on publicly available news reports and regulatory filings as of September 2, 2025. It is intended for informational purposes only and does not constitute financial, legal, or investment advice.
