Imagine Marketing, the parent company behind consumer electronics brand boAt Lifestyle, has officially submitted for IPO via Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), as part of its plan to go public. The filing has been made through the confidential pre-filing, a mechanism introduced in 2022 to provide startups with enhanced flexibility and discretion before publicly announcing their IPO plans.
SEBI’s confidential filing mechanism enables companies to assess their IPO potential without publicly disclosing sensitive financial information upfront. This strategic approach allows them to assess investor interest and refine their listing plans before making a formal announcement.
A public notice was issued on Monday by Imagine Marketing saying it has "filed the Pre-filed Draft Red Herring Prospectus with Sebi and stock exchanges under the ... ICDR (Issue of Capital and Disclosure Requirements) Regulations in relation to the proposed initial public offering (IPO) of its equity shares on the main-board of the stock. Exchanges".
This marks the company’s second attempt to file for the IPO. Earlier, it filed for IPO in January 2022 to raise a significant amount of funding. Founded by Aman Gupta and Sameer Mehta, boAt deals in a Direct-to-Consumer (D2C) business setup, delivering trendy yet budget-friendly audio and wearable technology. The brand has established a solid footprint in the Indian market, distributing its products via major e-commerce platforms like Amazon and Flipkart, its official website, as well as offline retail stores across the country.
With over $17 million raised in funding, boAt has attracted investments from key players such as Warburg Pincus, Malabar Investments, Fireside Ventures, Warburg Pincus, South Lakes Investment, and Qualcomm Ventures. The company’s last major round of $61 million in 2022 strengthened its position amid growing competition.
According to startupro.in, despite a slight 5% decline in revenue YoY (₹3,122 crore in FY24), boAt has demonstrated robust cost management, slashing losses by 47% to ₹53.5 crore. These figures highlight the brand’s resilience in an increasingly competitive market.
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