boAT Parent Files Updated DRHP With SEBI, Trims Issue Size To Rs 1,500 Crore

Popular audio device manufacturer boAT's parent Imagine Marketing Ltd. has filed an updated draft red herring prospectus with the Securities Exchange Board of India. The company is planning to raise Rs Rs 1,500 crore through an initial public offer.

Back in April, Imagine Marketing filed a confidential DRHP with the SEBI. The confidential DRHP allows a company to withhold public disclosure of details until later stages.

It is Imagine Marketing's second attempt for an IPO. In 2022, the company filed draft papers in January 2022 for a Rs 2,000-crore IPO.

The IPO consists of a fresh issue worth Rs 500 crore and offer for sales worth Rs 1,000 crore, Imagine Marketing said in the UDRHP. South Lake Investment, Qualcomm Ventures Ltd., Sameer Ashok Mehta, and Aman Gupta will offload stakes through OFS, according to data on the UDRHP.

ICICI Securities Ltd., Goldman Sachs (India) Securities Pvt. Ltd., JM Financial Ltd., Nomura Financial Advisory and Securities Ltd. and MUFG Intime India Pvt. Ltd. are the lead book running manager for the IPO, the UDRHP said.

boAT will use the proceeds from the fresh issue to fund working capital requirements of the company and general corporate purpose. It will also use the raised capital for brand marketing purposes to enhance the visibility of the products, according to data on the UDRHP.

The Gurugram-based company, Imagine Marketing, turned profitable in the financial year 2025. It reported a net profit of Rs 61.8 crore compared to Rs 79.7 crore loss in the previous financial year, as per data disclosed in the URDHP.

In the quarter ended on June 30, Imagine Marketing reported net profit of Rs 21.4 crore.

boAT was launched in 2015, in the consumer electronics industry. Under this brand name, Imagine Marketing company offers a large portfolio of mass premium lifestyle-oriented and technology-focused products at an accessible price points to serve India's growing demand for consumer electronic products, the company said in the UDRHP.

Initially, Imagine Marketing conducted the business in the audio category, later, it expanded the product mix over the years to enter adjacent categories, including wearables, smartwatches, and smart rings. It offers its products through online market places, D2C websites, and offline retailers and distributors.