Indian audio and wearables leader boAt has made another move toward going public. Its parent company, Imagine Marketing, has submitted confidential draft papers to SEBI for an IPO targeting a valuation exceeding $1.5 billion.
According to PTI reports, the company is planning a ₹500 crore offering, significantly smaller than its previous ₹2,000 crore IPO attempt in 2022 that was postponed due to unfavorable market conditions. After shelving those plans, boAt secured $60 million from Warburg Pincus and Malabar Investments at a $1.2 billion valuation.
This renewed IPO effort comes amid challenging market conditions. India’s wearable device shipments declined 8.7% year-over-year in Q4 2024, reflecting industry-wide pressure. Despite holding 32% market share as India’s top wearable brand, boAt faces intensifying competition from domestic rivals Noise, Fire-Boltt, and Boult, alongside global giants.
The company’s financials reveal mixed results. While reducing annual net losses by 38% to ₹79.7 crore in FY24, revenue declined 7% to ₹3,117.7 crore. International sales plummeted 89% to just ₹13.8 crore.
Backed by Warburg Pincus, Qualcomm, and other investors, boAt’s IPO ambitions emerge as India’s wearable technology market, currently valued at $2.37 billion, projects strong growth toward $9.03 billion by 2033.
