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 its proposed ₹1,500-crore Initial Public Offering (IPO).
The IPO consists of a ₹500-crore fresh issue and an offer for sale (OFS) of ₹1,000 crore by existing shareholders. The OFS includes equity sales of ₹75 crore by Sameer Mehta, ₹225 crore by Aman Gupta, ₹500 crore by South Lake Investment Limited, ₹150 crore by Fireside Ventures Investment Fund-I, and ₹50 crore by Qualcomm Ventures LLC.
According to the Redseer Report, boAt was the largest branded personal audio company in India in FY2025, with a 26% market share by value and 34% by volume. It also ranked as India’s third-largest digital-first brand by revenue and fourth globally in the branded personal audio category by volume in FY2025.
The company plans to utilise the fresh issue proceeds to fund ₹225 crore towards working capital, ₹150 crore towards brand and marketing, and the remainder for general corporate purposes.
Launched in 2015, boAt has built a strong presence across audio, wearables, and charging products, offering more than 250 models as of June 30, 2025. In FY2025, boAt sold over 34 million units in India and reported ₹3,070.38 crore in revenue from operations, led primarily by the audio segment which contributed 84.23% of total sales. The company reported a profit of ₹61.08 crore for FY2025 and an EBITDA of ₹142.52 crore with a 4.64% margin, marking a significant turnaround from the previous year.
The brand’s omnichannel distribution strategy includes leading e-commerce marketplaces, its D2C website, and a fast-growing offline network of 12,000+ retail outlets, 112 distributors, and presence across 25 states and 5 union territories. Online channels contributed 70.55% of revenue in FY2025, while offline channels accounted for 29.45%.
boAt continues to strengthen domestic manufacturing, with 75.83% of its units produced in India in Q1 FY2026, up from 39.65% in FY2023. The company also exports to the Middle East, Nepal, and other South Asian markets and operates over 115 third-party service centres across India.
The IPO is being managed by ICICI Securities, Goldman Sachs (India), JM Financial, and Nomura Financial Advisory and Securities (India).
The UDRHP is available on SEBI’s website:
https://www.sebi.gov.in/filings/public-issues/oct-2025/imagine-marketing-limited-udrhp_97510.html
