Imagine Marketing, the parent company of consumer-tech brand boAt, has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI), taking the final step toward its long-anticipated initial public offering (IPO).
boAt UDRHP filing follows the company’s confidential submission on 9 April 2025, and subsequent SEBI approval on 1 August 2025. The listing, expected in the coming months, will mark one of the largest public debuts by an Indian direct-to-consumer (D2C) electronics brand.
boAt IPO: Offer Details
According to the UDRHP, the company plans to raise INR 1,500 crore through a combination of fresh issue of shares and an offer for sale (OFS) by existing shareholders.
- Fresh Issue: INR 500 crore
- Offer for Sale: INR 1,000 crore
Imagine Marketing IPO also provides for a pre-IPO placement of up to INR 100 crore, at the company’s discretion and in consultation with its book-running lead managers.
boAt IPO: Selling Shareholders
- Sameer Ashok Mehta – INR 75 crore
- Aman Gupta – INR 225 crore
- South Lake Investment (Warburg Pincus) – INR 500 crore
- Fireside Ventures Investment Fund-I – INR 150 crore
- Qualcomm Ventures LLC – INR 500 crore
Book-Running Lead Managers: ICICI Securities, Goldman Sachs (India), JM Financial, and Nomura Financial Advisory and Securities (India)
Registrar to the Offer: MUFG Intime India.
If completed, the IPO will be the first major D2C consumer-electronics listing since Honasa Consumer (Mamaearth) and ixigo’s debuts, underscoring the sector’s growing investor appeal.
Shareholding Pattern
The filing provides a snapshot of the company’s ownership as of the UDRHP date, highlighting a mix of promoter and private-equity stakes.
| Shareholder | No. of Shares Held | % of Pre-Offer Equity (Fully Diluted) |
|---|---|---|
| Sameer Mehta | 3,83,50,000 | 24.75 % |
| Aman Gupta | 3,83,70,000 | 24.76 % |
| South Lake Investment | 6,09,75,399 | 39.35 % |
| Fireside Ventures Investment Fund-I | 51,00,000 | 3.28 % |
| Qualcomm Ventures LLC | 35,24,000 | 2.28 % |
| Malabar Select Fund | 18,60,853 | 1.20 % |
| Total No. of Shares | 14,81,80,252 | 95.62% |
Warburg Pincus–backed South Lake Investment remains the largest shareholder with about 39% on a fully diluted basis. Co-founders Aman Gupta and Sameer Mehta, who continue to head the company’s operations and marketing divisions, each hold roughly 25% of the pre-offer equity, ensuring strong promoter control even post-listing
boAt IPO: Company Overview
Founded in 2013 and launching its flagship boAt brand in 2015, Imagine Marketing has grown into India’s largest audio and wearables company and one of the top four personal-audio brands globally.
The company designs and markets affordable yet aspirational products across three core categories:
- Audio: wireless earphones, headphones, speakers, and soundbars.
- Wearables: smartwatches and smart rings.
- Charging Solutions: cables, adapters, and power banks.
As of 30 June 2025, boAt offered more than 250 stock-keeping units (SKUs), supported by a strong distribution network that blends online dominance with a rapidly expanding offline reach.
In FY25, the company sold over 34 million units, with 71% of revenue generated from online channels such as Amazon, Flipkart, and its own D2C website, while offline sales continued to rise through 12,000 retail stores and 112 distributors nationwide.
Financial Performance
boAt has delivered a strong financial turnaround — moving from losses in FY23–FY24 to profitability in FY25 — supported by better cost management, supply chain localization, and disciplined spending.
| Metrics | FY23 | FY24 | FY25 | Q1 FY26 |
|---|---|---|---|---|
| Revenue from Operations | 3,376.8 | 3,117.7 | 3,073.3 | 628.1 |
| EBITDA | 80.1 | 59.6 | 105.2 | 38.0 |
| EBITDA Margin (%) | 2.4 | 1.9 | 3.4 | 6.0 |
| Profit / (Loss) After Tax (PAT) | (129.5) | (79.7) | 61.1 | 21.4 |
| PAT Margin (%) | (3.8) | (2.6) | 2.0 | 3.4 |
| Earning Per Share | (9.22) | (5.31) | 4.05 | 1.42 |
boAt’s profitability revival was powered by its “Make in India” shift — 75% of its production now happens domestically, reducing import duties and logistics costs. The JV with Dixon Technologies (Califonix Tech) has enhanced cost efficiency, while premiumization under its Nirvana and Valour sub-brands is pushing average selling prices higher.
Use of IPO Proceeds
According to the prospectus, the net proceeds from the fresh issue will be used for:
- Working capital requirements to support expanding sales and manufacturing cycles.
- Brand and marketing initiatives aimed at enhancing product visibility and awareness.
- Investment in R&D and innovation, particularly through the company’s in-house boAt Labs.
- General corporate purposes, including potential inorganic opportunities.
boAt IPO: Growth Drivers
boAt UDRHP outlines a multi-pronged strategy to sustain growth, profitability, and market leadership:
Omni-Channel Expansion: The company plans to deepen its offline penetration in Tier 2 and Tier 3 cities, adding new distributors and exclusive retail partnerships. Offline audio and wearables markets are expected to grow at 8–13 % and 18–23 % CAGR, respectively, over FY25–30.
Product Diversification & Premiumization: boAt is moving beyond entry-level devices into premium segments with sub-brands like Nirvana and Valour. It is also foraying into new categories such as smart rings, home audio systems, projectors, and connected charging accessories.
Vertical Integration and Innovation: Through its joint venture with Dixon Technologies — Califonix Tech, boAt is strengthening in-house production capabilities, with an installed capacity of 30 million units per year. Its boAt Labs R&D centre employs over 100 engineers developing proprietary hardware, software, and the Crest OS platform for wearables, integrating AI/ML-based health tracking and tokenised payments.
Global Expansion: The company has begun pilot operations in UAE, Nepal, and Sri Lanka, targeting a combined addressable market of USD 9.5 billion (~INR 83,800 crore) in audio and wearables. Future plans include scaling through digital-first channels and regional partnerships across South Asia and the Middle East.
Employment Footprint
- 553 employees (across Mumbai, Delhi, Bengaluru, China, and Singapore)
- 407 contract staff supplementing R&D, supply chain, and service roles
- Strong concentration of talent in product & R&D (136 employees), underscoring its innovation-led model
Technology, Innovation, & IP
boAt Labs serves as the innovation nucleus — employing 101 engineers focused on proprietary hardware and software integration. The company owns 82 registered trademarks in India, 25 outside India, 20 registered designs, 1 copyright, and 43 patents (registered + pending), reflecting robust intellectual-property depth.
Collaborations with Dolby, BES, and Wuqi enable feature-rich, cost-optimised consumer devices. In wearables, its proprietary Crest OS and AI/ML-enabled health-tracking platforms offer differentiation and entry into fintech-adjacent functionalities like “Tap & Pay” NFC.
Outlook and Market Position
With the boAt UDRHP filing, the company formally enters India’s next wave of consumer-tech IPOs — following the trajectory of D2C leaders like Mamaearth and Caratlane.
Key growth levers include:
- Premiumization via sub-brands Nirvana and Valour
- Deeper offline penetration, especially in Tier-2 and Tier-3 cities
- International foray across Middle East and South Asia
- R&D-led innovation and localized component manufacturing
boAt IPO aims to strengthen working capital, brand visibility, and corporate flexibility while giving early investors an exit window.
💬 Final Words
boAt’s blend of profitability, scale, and brand recall positions it among the most awaited consumer-tech listings in India. Its success could redefine how home-grown lifestyle electronics brands tap the capital markets, setting a precedent for D2C manufacturing-led stories in the post-startup era.
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