Boat cuts IPO size to ₹1,500 crore from ₹2,000 crore, UDRHP shows

Imagine Marketing Ltd., the parent company of popular electronics and lifestyle brand BoAt, filed its updated draft red herring prospectus (UDRHP) with the capital markets regulator SEBI on Wednesday, October 29.

The proposed initial public offering (IPO) comprises a total issue of equity shares of face value of ₹1 each aggregating up to ₹,1500 crore, with fresh issue of equity shares aggregating to ₹500 crore and offer for sale of equity shares aggregating to ₹1,000 crore.

The offer for sale comprises of equity shares aggregating to ₹75 crore by Sameer Ashok Mehta, equity shares aggregating to ₹225 crore by Aman Gupta, equity shares aggregating to ₹500 crore by South Lake Investment Limited (promoter selling shareholders) as well as equity shares aggregating to ₹150 crore by by Fireside Ventures Investment Fund-I (Scheme of Fireside Ventures Investment Trust) and equity shares aggregating to ₹50 crore by Qualcomm Ventures LLC (Individual Selling Shareholders).

Net proceeds will be utilised towards funding the working capital requirements of our Company amounting to ₹225 crore, funding the brand and marketing expenses towards enhancing the awareness and visibility of the products and brand amounting to ₹150 crore as well as for general corporate purposes.

boAt maintains over 115 third-party service centres in India and operates in markets including the Middle East and South Asia. With more than 75 million units manufactured domestically and 75.83% of units produced in India in Q1 FY26, the company continues to reinforce its supply chain resilience.

Imagine Marketing has a market share of 26% in value terms and 34% in volume terms for the financial year 2025.

In FY25, boAt posted total revenue from operations of ₹3,070.38 crore, with the audio segment contributing ₹2,586.04 crore (84.23%), wearables ₹

330.41 crore (10.76%), and other products ₹153.93 crore (5.01%). The company reported a profit of ₹61.08 crore for FY2025, a turnaround from the previous year’s losses, and achieved EBITDA of ₹142.52 crore, with an EBITDA margin of 4.64%.

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