Mumbai: Imagine Marketing Limited, the parent company of consumer electronics brand boAt, has filed its Updated Draft Red Herring Prospectus (UDRHP-I) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (Imagine Marketing IPO).
The Imagine Marketing IPO comprises a total issue size of up to ₹1,500 crore, including a fresh issue of ₹500 crore and an offer for sale (OFS) of ₹1,000 crore by existing shareholders.
₹1,500 Crore Issue Structure Under Imagine Marketing IPO
The OFS includes ₹75 crore worth of shares by Sameer Ashok 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.
Utilization of Imagine Marketing IPO Proceeds
The company plans to deploy ₹225 crore from the proceeds towards working capital, ₹150 crore towards brand marketing and visibility, and the balance for general corporate purposes.
Market Leadership and Brand Strength
Operating primarily under the boAt brand since its launch in 2015, Imagine Marketing has emerged as India’s largest brand in the branded personal audio segment, holding a 26% market share by value and 34% by volume for FY2025.
According to Redseer, boAt has maintained its #1 position in India’s personal audio market by volume since FY2020 and ranked fourth globally in the same category for FY2025.
Financial Performance and Product Portfolio
For FY2025, the company reported revenue from operations of ₹3,070.38 crore, driven largely by the audio segment contributing ₹2,586.04 crore (84.23%).
The wearables segment contributed ₹330.41 crore (10.76%), while other products accounted for ₹153.93 crore (5.01%). boAt achieved a profit of ₹61.08 crore, a turnaround from the prior year’s loss, supported by an EBITDA of ₹142.52 crore and a margin of 4.64%.
Diversified Distribution and ‘Make in India’ Growth
A digital-first consumer brand, boAt recorded ₹2,166.07 crore in online sales and ₹904.31 crore through offline channels in FY2025, reflecting its balanced omnichannel growth. The company’s retail reach now spans over 12,000 stores across 25 states and 5 union territories through 112 distributors.
Further strengthening its local manufacturing ecosystem, 75.83% of boAt’s total units were produced in India in Q1 FY2026, compared to 39.65% in FY2023. The company’s “Make in India” initiative supports supply chain agility and resilience.
Leadership and Investors
Founded by Sameer Mehta and Aman Gupta, and led by CEO Gaurav Nayyar, Imagine Marketing is backed by marquee investors such as Warburg Pincus, Qualcomm Ventures, and Fireside Ventures.
ICICI Securities Limited, Goldman Sachs (India) Securities, JM Financial Limited, and Nomura Financial Advisory and Securities (India) are acting as the lead managers to the Imagine Marketing IPO.
