boAt Parent Imagine Marketing files Updated DRHP for ₹1,500 Cr IPO

Imagine Marketing Ltd, the company behind consumer-audio brand boAt, has filed an Updated Draft Red Herring Prospectus (UDRHP) with market regulator Sebi for an initial public offering (IPO) of up to ₹1,500 crore.

The issue comprises a fresh equity raise of ₹500 crore alongside an offer-for-sale (OFS) of ₹1,000 crore by existing shareholders, marking a major step toward a public listing for India’s largest branded personal audio maker.

Deal Structure

The OFS portion includes share sales by founders and investors: Sameer Ashok Mehta is offering shares worth ₹75 crore, Aman Gupta ₹225 crore, South Lake Investment Limited ₹500 crore, Fireside Ventures’ vehicle ₹150 crore, and Qualcomm Ventures LLC ₹50 crore.

The company has engaged ICICI Securities, Goldman Sachs (India), JM Financial and Nomura as bankers to the issue.

Imagine Marketing plans to deploy net proceeds mainly for working capital and brand-building. The UDRHP states the company will allocate ₹225 crore to working capital needs and ₹150 crore toward brand and marketing activities, with the balance earmarked for general corporate purposes.

Financials & Scale

For FY2025 boAt reported revenue from operations of ₹3,070.38 crore and a profit of ₹61.08 crore, a turnaround from losses in the prior year.

EBITDA for FY25 stood at ₹142.52 crore, representing an EBITDA margin of 4.64%. The company sold over 34 million units in India in FY2025, underscoring its dominant position in a fast-growing category.

boAt claims the leading share in India’s branded personal-audio segment, about 26% by value and 34% by volume for FY2025, and has diversified into wearables and charging accessories. In FY25 the audio segment accounted for 84.23% of product revenues (₹2,586.04 crore), wearables contributed 10.76% (₹330.41 crore) and other products 5.01% (₹153.93 crore). By 30 June 2025 the company offered more than 250 SKUs spanning price points.

Distribution & Manufacturing

A digital-first player, boAt reported 70.55% of FY25 sales through online channels (₹2,166.07 crore) with offline channels contributing 29.45% (₹904.32 crore).

The brand says it reaches over 12,000 offline retailers across 25 states and five union territories through 112 distributors, and operates more than 115 third-party service centres. Manufacturing localisation has accelerated.

The company says 75.83% of units were made in India in Q1 FY2026 (up from 39.65% in FY2023), and it has produced over 75 million units domestically to date. Nearly all revenue is India-led, ₹3,058.77 crore or 99.62% of sales in FY25.