boAt IPO: Aman Gupta's Firm Eyes Rs 500-Crore Fresh Issue In Second Attempt At Market Debut

Shareholders of electronic wearables brand boAt have approved a proposal to launch an initial public offering with a fresh issue component of up to Rs 500 crore. This marks the parent Imagine Marketing Ltd.'s second go at a market debut after a 2022 plan for listing was withdrawn following fund infusion by Warburg Pincus and Malabar Investments.

Aman Gupta's company will also be raising up to Rs 100 crore through a pre-IPO placement, as per a regulatory filing from Sunday. "The board may invite the existing shareholders of the company to participate in the offer by making an offer for sale," the filing added.

Among boAt's stakeholders, the largest are private equity firm Warburg Pincus LLC, Co-Founder Aman Gupta, and Chief Executive Sameer Mehta. The company also has backers in marquee investors such as telecom major Qualcomm Inc., Fireside Ventures and InnoVen Capital.

As of March 2024, the Mumbai-based direct-to-consumer brand had a topline of Rs 3,104 crore on a standalone basis. This translated to a 5% dip on a year-on-year basis. The company, however, managed to narrow its losses to Rs 54 crore from Rs 101 crore the previous year.