Aman Gupta and Sameer Mehta, co-founders of boAt, after Imagine Marketing received SEBI’s nod for its Rs. 1,500 crore IPO (Photo: Pinterest)
Parent firm of consumer electronics brand boAt, Imagine Marketing, has gotten regulatory nod to float its highly anticipated Rs. 1,500 crore initial public offering (IPO). This step marks the second attempt by the brand to go public after putting on hold its previous IPO plan in 2022 amidst volatile market conditions.
As per filings, the IPO will comprise a new issue of shares for up to Rs. 500 crore and an offer-for-sale (OFS) of Rs. 1,000 crore. The OFS tranche will involve current shareholders selling part of their holding, including co-founders Aman Gupta and Sameer Mehta, who will offer shares of Rs. 225 crore and Rs. 75 crore each. South Lake Investment Limited will sell Rs. 500 crore worth of shares.
The firm will use Rs. 225 crore from the proceeds in working capital and another Rs. 150 crore for marketing and branding. The company had initially submitted confidential draft papers to SEBI in April and got approved in August, as per Reuters.
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This is not the first attempt by boAt to go public. Its previous Rs. 2,000 crore IPO in 2022 was shelved due to poor market conditions. Back then, the company decided to raise Rs. 500 crore privately from Warburg Pincus and Malabar Investments instead. With markets indicating greater investor appetite in 2025, Imagine Marketing has resuscitated the listing proposal with a modest but sharper offer size.
BoAt which was started by Aman Gupta and Sameer Mehta in 2013, has grown from a budget earphone startup to becoming one of India's prominent wearable and audio brands. BoAt currently offers smartwatches, Bluetooth speakers, headphones and earphones to a diverse customer base.
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The company became profitable in FY2025, reporting a net profit of Rs. 60 crore, after incurring losses of Rs. 79.7 crore in FY2024 and Rs. 129.5 crore in FY2023 with its consolidated revenue stood at Rs. 3,097.8 crore.
Boat enjoys a 34% market share in India's wearables market, as per consultant Redseer. The company directly competes with local players such as Noise and Fire-Boltt, as well as multinational giants Xiaomi and OnePlus. As India's IPO market is abuzz and investor sentiment strong, boAt's second try at the stock exchange may finally secure its place as a made-in-India success story in consumer technology.
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Disclaimer: Information is based on official filings and media reports. Figures and details are subject to regulatory updates and market conditions.
