Imagine Marketing, the innovative company driving the popular wearables brand boAt, has officially submitted its revised initial public offering (IPO) documents to SEBI, India’s market regulator. Their ambitious goal is to secure ₹1,500 crore from the public markets.
This significant IPO will consist of a fresh issuance of equity shares valued at ₹500 crore, alongside an Offer for Sale (OFS) worth ₹1,000 crore, where existing promoters and investors will sell their shares. These details were outlined in the updated draft red herring prospectus (UDRHP) filed on October 28, 2025.
Under the Offer for Sale, prominent investors are set to divest a portion of their holdings. South Lake Investment plans to sell shares worth ₹500 crore, co-founder Aman Gupta will offload ₹225 crore in shares, and fellow co-founder Sameer Ashok Mehta will offer shares amounting to ₹75 crore.
Further investor participation in the OFS includes Fireside Ventures Investment Fund-I, which will sell shares worth ₹150 crore, and Qualcomm Ventures LLC, offloading shares valued at ₹50 crore.
It’s worth noting that boAt first submitted its confidential draft papers to SEBI in April, receiving the green light to proceed with the IPO by late August.
Utilizing a confidential pre-filing process, the company was able to keep certain specifics of its draft red herring prospectus (DRHP) private until the IPO moved into more advanced stages.
This isn’t boAt’s first foray into the public market; the company had previously attempted an IPO in January 2022, aiming to raise ₹2,000 crore. That initial plan included a fresh issue of ₹900 crore and an OFS totaling ₹1,100 crore.
Regarding the fresh issue component, boAt intends to allocate ₹225 crore for essential working capital, dedicate ₹150 crore to bolster its brand and marketing initiatives, and use the remainder for general corporate needs, as detailed in the newly submitted documents.
The company showcased a strong financial rebound, achieving profitability in FY25 with a consolidated net profit of ₹60 crore. This marks a notable recovery following losses of ₹79.7 crore in FY24 and ₹129.5 crore in FY23.
Based in Gurugram, boAt reported an impressive consolidated revenue of ₹3,097.8 crore. This financial success is attributed to its continued leadership in the audio market, strategic expansion into wearables, and robust performance across its newer business segments.
Founded in 2013 by entrepreneurs Aman Gupta and Sameer Mehta, boAt has cultivated a diverse product portfolio. This includes popular audio equipment, innovative smart wearables, personal grooming devices, and a variety of mobile accessories.
The public issue is being managed by a consortium of leading merchant bankers, including ICICI Securities, Goldman Sachs (India) Securities, JM Financial, and Nomura Financial Advisory and Securities (India) Pvt Ltd.