boAt Parent Imagine Marketing Receives SEBI Nod for ₹1,500 Crore IPO

Overview
Imagine Marketing, the parent company of the popular consumer electronics brand boAt, has received SEBI approval for an IPO aimed at raising ₹1,500 crore. This move marks a key milestone as boAt prepares to enter the public markets. The IPO will include a fresh issue of ₹500 crore and an offer for sale (OFS) of ₹1,000 crore by existing promoters and investors.​

Offer Snapshot

• IPO size: ₹1,500 crore (₹500 crore fresh issue + ₹1,000 crore OFS)
• Promoters and investors selling shares worth ₹1,000 crore including Aman Gupta (₹225 crore), Sameer Ashok Mehta (₹75 crore), South Lake Investment (₹500 crore), Fireside Ventures (₹150 crore), and Qualcomm Ventures (₹50 crore)
• Fresh funds proceeds allocation: ₹225 crore for working capital, ₹150 crore for brand and marketing expenses, remainder for general corporate purposes
• Registrar: MUFG Intime India Pvt Ltd
• Book Running Lead Managers: ICICI Securities, Goldman Sachs India, JM Financial, Nomura India
• The IPO follows a previous confidential draft filed in April 2025 and SEBI clearance in August 2025.​

Financials

• Imagine Marketing turned profitable in FY25 with a net profit of ₹61.8 crore, after losses in prior years
• Net profit for Q1 FY26 was ₹21.4 crore
• Revenue in FY25 stood at ₹3,073 crore with steady margins amidst a competitive electronics market
• The company offers a diversified product portfolio including audio devices, wearables, smartwatches, grooming gadgets, and mobile accessories
• Distribution channels span online marketplaces, direct-to-consumer websites, and offline retail partners​

Business Highlights

• Founded in 2013, boAt is a leading affordable lifestyle technology brand in India noted for mass premium positioning
• Strong brand recall with innovation-driven product lines in audio and wearables segments
• Growing market penetration amidst rising demand for consumer electronic products in India
• Strategic backing from significant investors including Warburg Pincus and Qualcomm Ventures supports scale-up
• IPO proceeds will help accelerate working capital needs and amplify brand visibility through marketing.​

Use of Proceeds

• ₹225 crore to bolster working capital requirements ensuring operational agility
• ₹150 crore focused on brand building and marketing to deepen consumer engagement and market presence
• Remaining proceeds for general corporate purposes, ensuring flexibility for growth initiatives​

Risks

• Competitive consumer electronics market with rapid product cycles and evolving tech trends
• Dependence on third party brands and manufacturers in global supply chains may affect availability and margins
• Market sentiment and valuation concerns in a volatile IPO environment could impact listing performance
• Potential regulatory changes affecting import duties and tech standards​

What to Watch Next

• Finalization of IPO price band and launch dates following SEBI approval
• Subscription levels, especially from retail and institutional investors during the IPO window
• Listing day pricing performance and grey market premium movements post subscription
• Expansion plans post IPO to leverage public capital for growth and product innovation​

FAQs
Q1: What is the size of the boAt parent Imagine Marketing IPO?
The IPO is set to raise ₹1,500 crore, including a ₹500 crore fresh issue and ₹1,000 crore offer for sale.​

Q2: How will the IPO proceeds be used?
The company plans to use ₹225 crore for working capital, ₹150 crore for brand marketing, and the rest for general corporate purposes.​

Q3: Who are the key selling shareholders in the OFS?
Promoters and investors like Aman Gupta, Sameer Ashok Mehta, South Lake Investment, Fireside Ventures, and Qualcomm Ventures are selling shares totaling ₹1,000 crore.​

Q4: What is the financial performance of Imagine Marketing?
The company turned profitable in FY25 with a net profit of ₹61.8 crore and revenue of ₹3,073 crore.​

Q5: What kind of products does boAt offer?
boAt offers a variety of audio devices, wearables, smartwatches, personal grooming gadgets, and mobile accessories.