boAt’s parent Imagine Marketing files updated DRHP, cuts IPO size to ₹1,500 crore

Imagine Marketing Limited, the parent company of consumer electronics brand boAt, has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). The Warburg Pincus-backed firm has reduced the IPO size to ₹1,500 crore from ₹2,000 crore estimated earlier, as per the latest document filed with the Sebi.

In April this year, boAt, co-founded by Sameer Mehta and Aman Gupta, had submitted its IPO papers to SEBI under the pre-filing confidential route, a mechanism that allows companies to explore listing plans without immediate public disclosure. The market regulator approved the pre-filing on September 2.

The proposed IPO comprises a fresh issue of ₹500 crore and an offer for sale (OFS) worth ₹1,000 crore. The OFS will include equity shares worth ₹75 crore by Sameer Ashok Mehta, ₹225 crore by Aman Gupta, ₹500 crore by South Lake Investment Limited, ₹150 crore by Fireside Ventures Investment Fund-I, and ₹50 crore by Qualcomm Ventures LLC.

According to the filing, the company plans to use the net proceeds from the fresh issue to fund working capital requirements (₹225 crore), brand and marketing initiatives (₹150 crore), and for general corporate purposes.

Founded in 2015, boAt has become a youth-focussed lifestyle brand offering products across audio, wearables, and charging solutions. It has maintained its position as India’s leading branded personal audio company by volume from FY2020 to FY2025, with a market share of 26% by value and 34% by volume in FY2025, according to Redseer. The company also ranked as India’s third-largest digital-first brand by revenue and fourth globally in volume terms across branded personal audio for the same period.

A digital-first consumer products company, boAt is known for its capital-efficient growth, strong brand equity, and a robust innovation engine supported by in-house R&D and manufacturing partnerships. Its products—ranging from wireless earphones and speakers to smartwatches and chargers—are designed and made in India through an agile supply chain, backed by a diversified channel mix spanning major e-commerce platforms, offline retailers, and its own D2C website.

For FY2025, boAt reported revenue from operations of ₹3,070.38 crore and a profit of ₹61.08 crore, marking a turnaround from the previous year’s losses. EBITDA stood at ₹142.52 crore, translating to a margin of 4.64%. The audio segment remained the company’s key revenue driver, contributing ₹2,586.04 crore (84.23%), followed by wearables at ₹330.41 crore (10.76%) and other products at ₹153.93 crore (5.01%).

boAt’s omnichannel strategy continues to strengthen its presence across India. As of June 30, 2025, the company reached over 12,000 offline retailers across 25 states and 5 union territories through 112 distributors, and was available at leading omnichannel stores such as Croma and Vijay Sales. In FY25, online channels contributed ₹2,166.07 crore (70.55%) of total sales, while offline sales accounted for ₹904.32 crore (29.45%).

The company sold over 34 million units in FY25 and offered more than 250 products across categories. It operates 115 third-party service centres across India and has expanded into the Middle East, Nepal, and other South Asian markets.

boAt continues to deepen its ‘Make in India’ strategy, with 75 million units manufactured domestically and 75.83% of total units made in India in Q1 FY2026, up sharply from 39.65% in FY2023.

The company’s growth is led by founders Sameer Mehta and Aman Gupta, alongside CEO Gaurav Nayyar and marquee investors including Warburg Pincus, Qualcomm Ventures, and Fireside Ventures.

The IPO will be managed by ICICI Securities, Goldman Sachs (India), JM Financial, and Nomura Financial Advisory and Securities (India).

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