Imagine Marketing, the parent company behind India’s leading wearables and audio brand boAt, has filed updated draft papers with SEBI to raise ₹1,500 crore through an initial public offering (IPO).
According to the updated draft red herring prospectus (UDRHP) filed on October 28, 2025, the IPO will comprise a fresh issue of equity shares worth ₹500 crore and an offer for sale (OFS) of ₹1,000 crore by existing promoters and investors.
As part of the OFS, South Lake Investment will divest shares worth ₹500 crore, Aman Gupta ₹225 crore, and Sameer Mehta ₹75 crore. Investors including Fireside Ventures Investment Fund-I and Qualcomm Ventures LLC will also offload shares worth ₹150 crore and ₹50 crore respectively.
The company previously filed confidential draft papers in April 2025 and received approval in August, utilizing the confidential pre-filing route to keep key details undisclosed until later stages. This marks boAt’s second IPO attemptafter an earlier plan in 2022 to raise ₹2,000 crore was shelved.
Proceeds from the fresh issue will be used to fund working capital (₹225 crore), brand and marketing initiatives (₹150 crore), and general corporate purposes.
After two years of losses, boAt returned to profitability in FY25, reporting a consolidated net profit of ₹60 crore on revenues of ₹3,097.8 crore, driven by continued dominance in audio, growing wearables sales, and expansion into new categories.
ICICI Securities, Goldman Sachs, JM Financial, and Nomura are the lead book-running managers for the public issue.
