Rockerz on Ear (Blue), Go wireless with Rockerz On Ear, Bluetooth stereo headsets from boAt
| Photo Credit: MAIL PIC
Imagine Marketing, the parent company of wearables brand boAt, has filed updated draft papers with markets regulator SEBI to raise ₹1,500 crore through an initial public offering (IPO).
The company’s IPO comprises fresh issue of equity shares worth ₹500 crore and an offer for sale (OFS) of ₹1,000 crore by promoters and investors, according to the updated draft red herring prospectus (UDRHP) filed on Tuesday (October 28, 2025).
As part of the OFS, South Lake Investment will sell shares worth ₹500 crore, Aman Gupta looks to offload shares worth ₹225 crore, and Sameer Ashok Mehta will offer shares to the tune of ₹75 crore.
Additionally, investors — Fireside Ventures Investment Fund-I and Qualcomm Ventures LLC — would sell shares valued at ₹150 crore and ₹50 crore, respectively.
boAt initially filed confidential draft papers with SEBI in April and secured approval in late August to launch the IPO.
The confidential pre-filing route allows the company to withhold public disclosure of details under the draft red herring prospectus (DRHP) until later stages.
This marks the company’s second attempt to go public. Previously, it had filed draft papers in January 2022 for a ₹2,000-crore IPO. This comprised a fresh issue of equity shares worth ₹900 crore and an offer for sale (OFS) aggregating up to ₹1,100 crore.
Of the fresh issue, the company proposes to utilise Rs 225 crore towards working capital requirements, Rs 150 crore for brand and marketing expenses, and a portion will also be used for general corporate purposes, according to the updated draft papers.
boAt returned to profitability in FY25 with a consolidated net profit of Rs 60 crore after reporting losses in the preceding two years. This was a significant turnaround from a net loss of Rs 79.7 crore in FY24 and Rs 129.5 crore in FY23.
The Gurugram-based company reported a consolidated revenue of Rs 3,097.8 crore, supported by sustained market dominance in audio, strategic growth in wearables, and strong traction in new businesses.
Established in 2013 by Aman Gupta and Sameer Mehta, the company offers a product portfolio ranging from audio gear and smart wearables to personal grooming products and mobile accessories.
ICICI Securities, Goldman Sachs (India) Securities, JM Financial and Nomura Financial Advisory and Securities (India) Pvt Ltd are the merchant bankers to the company’s pubic issue.
Published – October 29, 2025 02:59 pm IST
