In a major milestone for India’s consumer electronics sector, Imagine Marketing Ltd—the parent company of boAt—has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The regulatory nod marks a pivotal step in the brand’s journey from a digital-first startup to a publicly listed enterprise, and signals growing investor appetite for lifestyle tech brands rooted in domestic innovation.
The IPO will be executed via the confidential pre-filing route, offering Imagine Marketing flexibility in timing and structure while maintaining regulatory compliance.
Key Highlights
SEBI has approved the confidential Draft Red Herring Prospectus (DRHP) of Imagine Marketing Ltd
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The IPO is expected to raise approximately ₹2,000 crore, comprising ₹900 crore in fresh issue and ₹1,100 crore via offer-for-sale
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Equity shares will be listed on both NSE and BSE
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The company aims to use proceeds for debt repayment, brand expansion, and omni-channel retail growth
This marks Imagine Marketing’s second attempt at going public, following a withdrawn filing in 2022
IPO Structure and Financial Snapshot
Offer Composition
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Fresh issue: ₹900 crore to fund working capital, marketing, and product development
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Offer-for-sale: ₹1,100 crore by existing shareholders, including early investors and promoters
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Retail quota: 35 percent; Qualified Institutional Buyers (QIBs): 50 percent; High Net-worth Individuals (HNIs): 15 percent
Financial Performance
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FY21 revenue: ₹1,320 crore; FY22 revenue: ₹1,553 crore
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FY22 profit after tax: ₹118 crore, up from ₹86 crore in FY21
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Return on Net Worth (RoNW): 18.64 percent; Net Asset Value (NAV): ₹46.18
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EPS (Basic): ₹8.53, indicating strong earnings potential for a consumer tech brand
Strategic Positioning and Market Opportunity
Imagine Marketing has built boAt into one of India’s most recognizable audio and wearables brands, with a product portfolio spanning:
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Audio devices: TWS earbuds, neckbands, Bluetooth speakers, soundbars
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Wearables: Smartwatches and fitness trackers
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Mobile accessories: Chargers, cables, power banks
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Personal grooming: Trimmers and grooming kits
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Gaming peripherals: Headsets, keyboards, and mice
The company’s digital-first approach, influencer-led marketing, and aggressive pricing have helped it capture significant market share in the under ₹5,000 segment. boAt is currently the market leader in TWS earbuds and ranks among the top three in smartwatches.
Growth Strategy and Use of Proceeds
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Expand offline retail footprint across Tier 1 and Tier 2 cities
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Invest in R&D for product innovation and backward integration
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Strengthen brand partnerships and influencer networks
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Explore international markets, particularly in Southeast Asia and the Middle East
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Repay existing debt and improve liquidity position
The IPO proceeds will also support the company’s transition from a pure-play importer to a more vertically integrated manufacturer, aligning with India’s Make in India and PLI (Production Linked Incentive) schemes.
Industry Context and Competitive Landscape
India’s wearables and audio accessories market is projected to grow at a CAGR of 11–13 percent through 2030, driven by rising smartphone penetration, fitness awareness, and digital content consumption. boAt competes with brands like Noise, Fire-Boltt, Realme, and Xiaomi, but differentiates itself through design, community engagement, and affordability.
The IPO will test investor appetite for consumer tech brands that blend lifestyle with electronics, a segment that has historically been underrepresented in Indian public markets.
Conclusion
With SEBI’s approval in hand, Imagine Marketing is poised to make waves in the capital markets. The boAt IPO represents more than just a fundraising event—it’s a validation of India’s startup ecosystem, consumer tech potential, and the growing maturity of digital-first brands. As the company prepares to finalize its listing timeline, investors and market watchers will be keenly tracking its valuation, pricing strategy, and post-IPO roadmap.
Sources: News18, IPO Watch, Chittorgarh IPO Tracker
