India’s leading consumer electronics and wearables brand, boAt, is gearing up for its long-awaited public debut. Having disrupted the audio and smartwatch markets through accessible innovation and mass appeal, boAt’s IPO marks a new chapter in the evolution of India’s direct-to-consumer (D2C) ecosystem.
With SEBI approval granted in September 2025, the company’s parent — Imagine Marketing — is preparing to list on Indian bourses in early 2026, in what could become one of the most significant domestic consumer tech IPOs in recent years.
boAt IPO Updates
The proposed IPO, valued between INR 2,000 to 2,200 crore, will feature a combination of fresh issue (~INR 1,200 crore) and offer-for-sale (~INR 800 crore) components. The company’s expected valuation is pegged at USD 1.4–1.6 billion (~INR 14,060 crore), with key proceeds earmarked for debt reduction, product R&D, brand marketing, and retail expansion.
Backed by global investors Warburg Pincus, Malabar Investments, and Fireside Ventures, boAt has evolved from a youth-focused audio brand into a profitable, tech-driven lifestyle company with a nationwide retail and online presence.
📊 boAt IPO Update: Snapshot
| Detail | Description |
|---|---|
| Company | Imagine Marketing Ltd (boAt) |
| Industry | Consumer Electronics / Wearables |
| Founded | 2016 |
| Founders | Aman Gupta & Sameer Mehta |
| boAt IPO Size (Expected) | INR 2,000–2,200 crore |
| boAt IPO Price | NA |
| Expected Valuation | USd 1.4–1.6 billion |
| IPO Type | Fresh Issue + OFS |
| boAt IPO Expected Date | Early 2026 |
| Expected Listing | Early 2026 |
| Lead Bookrunners | Axis Capital, ICICI Securities, Bank of America |
| Use of Proceeds | Debt repayment, R&D, marketing, and expansion of offline footprint |
Latest boAt IPO News
boAt IPO News (Oct 2025): Files Updated IPO Documents
boAt’s parent company, Imagine Marketing, has filed an Updated Draft Red Herring Prospectus (UDRHP) for IPO with SEBI. The proposed IPO size has been reduced to INR 1,500 crore from the earlier INR 2,000 crore.
The issue will consist of an INR 500 crore fresh issue and an INR 1,000 crore Offer for Sale (OFS). Co-founders Aman Gupta and Sameer Mehta, along with investors like Warburg Pincus, will participate in the OFS.
boAt IPO Dates (Sep 2025) — SEBI Approves IPO Proposal
boAt IPO dates are not disclosed yet. However, India’s markets regulator approved Imagine Marketing IPO, setting the stage for a 2026 listing. boAt IPO will feature both fresh issue and OFS components, allowing early investors like Warburg Pincus and Malabar Investments partial exits. Valuation discussions are centered around USD 1.5 billion (~INR 14,000 crore), with market watchers calling it India’s “most awaited D2C listing.” Founders Aman Gupta and Sameer Mehta are expected to retain majority promoter control post-listing.
April 2025 — Confidential DRHP Filing
boAt filed its confidential Draft Red Herring Prospectus (DRHP) with SEBI, reviving IPO efforts after postponing them in 2022. The company appointed Axis Capital, ICICI Securities, and BofA as lead managers, with plans to list on both BSE and NSE. The filing marks boAt’s second attempt to go public, this time emphasizing profitability and margin stability.
FY25 — Financial Turnaround and Cost Discipline
boAt reported revenue of INR 3,073.28 crore, remaining nearly flat year-on-year. The company turned profitable, posting a net profit of INR 61.08 crore compared to a loss in the previous year. The company sold 17.3 million units during the fiscal year, retaining leadership across audio (32% share) and smartwatch (15% share) segments.
Analysts note that FY25 established boAt’s shift from hypergrowth to sustainable, profitable operations.
2023 — Diversification & Offline Retail Push
boAt deepened its product diversification into premium audio (Nirvana series), gaming accessories, and IoT wearables. It expanded its offline footprint to 15,000+ stores and launched exclusive experience zones across major metros. The company also increased localization by partnering with Dixon Technologies and KaHa Electronics for domestic manufacturing.
boAt IPO News (2022) — USD 60 Million Convertible Funding Round
boAt raised USD 60 million (~INR 527 crore) from Warburg Pincus and Malabar Investments through convertible preferred shares, valuing the company at approximately USD 1.2 billion (~INR 10,550 crore). Funds were allocated toward R&D, marketing, and debt repayment as the company prepared for a future IPO. This round also reaffirmed boAt’s unicorn status among India’s new-age D2C leaders.
2021 — boAt IPO Launch Date (First Attempt)
boAt’s first IPO attempt, announced in late 2021, targeted a similar INR 2,000 crore raise but was deferred in early 2022 due to global market volatility and component shortages. The company instead prioritized financial consolidation and domestic supply chain stability.
2019–2020 — Explosive D2C Growth
boAt became India’s #1 audio brand by volume, with IDC ranking it among the top five globally in TWS earbuds.
Revenue grew over 2.5x YoY, crossing INR 700 crore by FY20. The company’s celebrity branding strategy — featuring cricketers, musicians, and influencers — helped it dominate the youth segment.
2016 — Founding & Early Vision
Founded by Aman Gupta and Sameer Mehta, Imagine Marketing launched boAt as a digital-first audio accessories brand in 2016. It gained early traction with affordable, fashionable earphones and smart devices on Amazon and Flipkart. Initial backing came from Fireside Ventures, followed by global funds like Warburg Pincus and Malabar.
💹 Financial Highlights
| Particulars | FY 2023* | FY 2024 | FY 2025 |
| Revenue | 3,258.40 | 3,117.67 | 3,073.28 |
| Revenue Growth (%) | 13.42 | (4.32) | (1.42) |
| Expenses | 3,420.64 | 3,233.59 | 3,040.35 |
| Net income | (101.05) | (79.68) | 61.08 |
| Margin (%) | (3.10) | (2.56) | 1.99 |
| ROCE (%) | (3.57) | (0.60) | 9.13 |
| Debt/Equity | 2.41 | 0.37 | 0.09 |
| EBITDA (%) | (2.35) | (0.12) | – |
| EPS | (10.46) | (5.31) | 4.05 |
boAt has shown consistent improvement in profitability metrics, reflecting better cost control and reduced import dependence.
The company’s strong brand pull and localization strategy underpin a steady recovery trajectory.
🧩boAt Key Investors & Shareholding (Pre-IPO)
| Investor | Approx. Stake | Note |
|---|---|---|
| Warburg Pincus (South Lake Investment) | 19.26% | Lead institutional backer |
| Malabar Investments | 8% | Strategic growth investor |
| Fireside Ventures | 4% | Early-stage VC |
| Promoters (Aman Gupta & Sameer Mehta) | ~39.93% | Combined promoter holding |
| Others (ESOP + angels) | ~28% | Employee and secondary investors |
🧭 Market & Competitive Landscape
boAt remains India’s largest homegrown wearables and hearables brand, competing with Noise, Boult, and Fire-Boltt in domestic markets — and Apple, Samsung, and Sony globally.
Its leadership stems from:
- Local sourcing & manufacturing under India’s PLI scheme,
- Youth-focused marketing, and
- Competitive pricing and design agility.
boAt’s ability to merge affordability with aspirational design has helped it dominate segments where global brands traditionally led.
Legacy & The Road Ahead
From humble beginnings in 2016 to a near-unicorn valuation, boAt’s journey captures the rise of India’s self-made consumer tech brands. boAt IPO will symbolize a shift toward “profitability-first” growth, as investors increasingly favor sustainable, efficient, and innovation-led startups.
As boAt prepares for its 2026 listing, it stands as a benchmark for every Indian D2C founder chasing global ambitions — one “Made-in-India” product at a time.
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