SEBI Approves boAt’s Confidential IPO Filing, Company Plans Flexible Route For Public Market Entry

Mumbai: Lifestyle electronics brand boAt’s parent company, Imagine Marketing, has taken a big step toward its Initial Public Offering (IPO). The Securities and Exchange Board of India (SEBI) has approved the Confidential Draft Red Herring Prospectus (DRHP) submitted by the company.

A confidential DRHP means the company is not required to make the IPO document public initially. Instead, it submits the DRHP privately to SEBI and stock exchanges. This allows the company to get feedback and review without revealing sensitive strategic information.

This Isn’t Their First Try

Imagine Marketing had earlier filed for a Rs 2,000 crore IPO in 2022, but unfavorable market conditions forced the company to hold off. This time, they are using the confidential route to gain more flexibility and better timing for the IPO launch.

About Imagine Marketing and the boAt Brand

Imagine Marketing Pvt. Ltd. is the company behind the popular brand boAt, which was launched in 2013. In a short time, it has become India’s top lifestyle and consumer electronics brand, especially popular among young customers.

What boAt Sells: The Business Model

boAt focuses on stylish, durable, and affordable products such as:

Audio Products: Headphones, earphones, wireless earbuds (TWS), Bluetooth speakers

Wearables: Smartwatches, fitness bands

Mobile Accessories: Chargers, cables, power banks

Gaming & Personal Audio: Gaming headsets, professional audio gear

The company is known for its value-for-money products and trendy designs.

boAt’s Market Position

boAt is currently India’s No. 1 wearables brand, with a strong presence in TWS (True Wireless Stereo). Reports from research firms like IDC and Counterpoint regularly rank boAt in the top 2–3 consumer tech brands in India.

Its sales channels include both e-commerce platforms like Amazon and Flipkart, as well as strong offline distribution.

Investment and Revenue

In 2021, Warburg Pincus invested about USD 100 million in Imagine Marketing. The company has crossed Rs 3,000 crore in revenue in both FY23 and FY24, although it has faced some pressure on profit margins. boAt is now focusing more on expanding into wearables and smart devices beyond just audio.

Meet the Founders and Promoters

Aman Gupta: Co-founder, Whole-time Director, and Chief Marketing Officer. He leads the brand and marketing strategy.

Sameer Mehta: Co-founder, Whole-time Director, and Chief Product Officer. He leads product development and R&D.

These two are the main promoters and have played a key role in boAt’s rise.

Board Members and Investors

Vivek Gambhir: Non-Executive Director (Chairman), former CEO of Godrej, with expertise in strategy and business growth.

Anish Saraf: Non-Executive Director, representing Warburg Pincus.

Other board members include Purvi Sheth, Anand Ramamoorthy, Aashish Ramdas Kamat, and Deven Pravinchandra Waghani—all of whom support strategy, funding, and corporate governance.

Shareholding Pattern (As of 2022 Report)

Sameer Mehta and Aman Gupta: Held around 40 percent each

South Lake Investment Ltd.: Held about 19 percent , which could rise to 36Rs after preference shares convert to equity

After this conversion, promoters' stake may dilute slightly, but they still retain strong control.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Please consult a financial advisor before making any investment decisions related to IPOs or securities.