Two major consumer brands inch closer to public listing with regulator’s approval
Imagine Marketing, the parent company of leading wearables and audio brand boAt, has secured approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The greenlight comes a little over four months after the company submitted its draft red herring prospectus (DRHP) through the confidential filing route.
Joining boAt on the path to public markets is Urban Company, the home services unicorn. SEBI has also approved its INR 1,900 crore IPO, giving both high-growth consumer brands a clear runway to go public.
According to SEBI’s latest disclosures, boAt received its observation letter on August 1, while Urban Company was issued the go-ahead on August 29. In SEBI’s terminology, an ‘observation letter’ signals regulatory approval for an IPO.
As per Urban Company’s IPO structure, the startup aims to raise INR 429 crore through a fresh issue of shares, and INR 1,471 crore via an Offer for Sale (OFS)-allowing existing shareholders to partially exit.
These IPO approvals mark a significant milestone for India’s startup ecosystem, especially within the consumer-tech segment. Both boAt and Urban Company have emerged as category leaders-boAt in the wearables and audio space, and Urban Company in tech-enabled home services-garnering strong brand recall and customer loyalty.
With SEBI’s nod in hand, both companies are now expected to proceed with investor roadshows and finalize listing timelines in the coming months.
