IPO Rush: boAt, Urban Company Among 13 Offers Sebi Approved this Week

Sebi on Friday granted approval for a fresh slate of initial public offerings (IPOs), including high-profile consumer names Imagine Marketing (boAt) and Urban Company.

Sebi issued an observation letter to Imagine Marketing (parent of wearables and audio brand boAt) on August 1, 2025, and to Urban Company on August 29, 2025, clearing both firms to proceed with public offers.

Urban Company plans an IPO of ₹1,900 crore comprising a ₹429 crore fresh issue and a ₹1,471 crore offer-for-sale (OFS) by existing investors such as Accel, Elevation Capital and Tiger Global.

boAt’s planned issuance includes a ₹900 crore fresh issue alongside an ₹1,100 crore OFS, and the company has been reported to be eyeing a valuation near $1.5 billion.

Busy Week for IPO Pipeline

Regulator filings show Sebi approved 13 companies in one week, a burst that ranges across sectors and sizes, from Juniper Green Energy’s planned ₹3,000 crore fresh issue to Ravi Infrabuild’s ₹1,100 crore raise for debt reduction and equipment purchases.

Other greenlit deals include KSH International (about ₹745 crore), Omnitech Engineering (about ₹850 crore), Jain Resource Recycling (up to ₹2,000 crore), Pace Digitek (₹900 crore), Mouri Tech (₹1,500 crore) and Allchem Lifesciences (about ₹190 crore), among others.

The approvals reflect two related dynamics: (1) secondary liquidity for late-stage backers, notably via OFS components that let investors partially exit, and (2) fresh capital for companies scaling fast in consumer tech, energy and industrials. Urban Company’s OFS, for instance, will provide partial exits for marquee backers while the primary proceeds will bolster service expansion. Market observers say the wave signals stronger issuer confidence and rising investor appetite after a quieter fundraising period.

Background

Urban Company filed a DRHP in April and has shown improving unit economics; it reported a 38% year-on-year revenue rise to ₹1,144 crore in FY25 and posted profits of ₹28.5 crore that year.

boAt confidentially pre-filed its DRHP earlier this year. The consumer-electronics brand has raised more than $170 million to date from investors including Warburg Pincus and Qualcomm and told markets it intends to scale distribution and product breadth.

A Sebi observation letter clears the regulatory hurdle to launch a prospectus and the bookbuilding process. Companies then set offer price bands, investor roadshows and subscription windows, typically a matter of weeks. The market will watch pricing, anchor allocations and how much stake existing investors offload via OFS.

Risks and Watchpoints

Investors will look closely at valuation levels and subscription momentum, especially for consumer names where demand can be volatile. Macro cues, interest rates and global liquidity, plus domestic flows will determine whether this approval surge translates into successful listings. Also monitor lock-in terms and whether cornerstone/anchor demand matches expectations.

Sebi’s recent approvals, led by boAt and Urban Company, mark a strong vote of confidence in India’s IPO pipeline and could catalyse a broader window for issuers. The coming weeks will show whether investor enthusiasm converts into well-subscribed offerings and marketable public listings.