boAt’s Parent Imagine Marketing Revises IPO Structure, Shareholders To Sell ₹10 Billion Worth Of Equity

Imagine Marketing Ltd has submitted an updated Draft Red Herring Prospectus (DRHP) to SEBI, revising its IPO structure and offer size. The total issue now stands at ₹15 billion, comprising a ₹5 billion fresh issue and a ₹10 billion offer-for-sale (OFS) by existing shareholders. This marks a significant change from the earlier ₹20 billion proposal, which had a larger fresh equity component.

Major takeaways 

• Total IPO size reduced to ₹15 billion from ₹20 billion in the original DRHP  
• Fresh issue now set at ₹5 billion, down from ₹9 billion  
• OFS component increased to ₹10 billion, up from ₹11 billion previously proposed  
• Key shareholders including Warburg Pincus and South Lake Investment will participate in the OFS  
• Proceeds from the fresh issue will be used for debt repayment, brand building, and working capital

Notable updates  

• boAt returned to profitability in FY25, driven by strong performance in audio and wearable segments  
• The company reported revenue of ₹2,586 crore in FY25, up from ₹2,459 crore in FY24  
• SEBI approved the IPO in September 2025; listing expected in early 2026  
• The IPO is seen as a key milestone in India’s consumer tech and D2C brand ecosystem
   

Sources: Economic Times, IPO Central, Equentis Investech, Reuters