Imagine Marketing, the parent company of the wearables and audio brand boAt, has filed draft documents for its initial public offering (IPO) using the confidential filing procedure.
The filing was submitted through SEBI's confidential pre‑filing route, as stated in a notice from the company, PTI reported. The notice further clarified that the submission of the pre‑filed draft papers does not guarantee that the company will proceed with the IPO.
This marks the boAt's second attempt at an IPO. Previously, in January 2022, the company submitted draft documents to launch a Rs 2,000‑crore IPO, which comprised a fresh issue of equity shares worth Rs 900 crore and an offer for sale (OFS) of up to Rs 1,100 crore.
The confidential pre‑filing procedure allows the company to postpone the public disclosure of details from the draft red herring prospectus (DRHP) until later stages.
In a public notice issued, Imagine Marketing announced that it has "filed the pre‑filed DRHP 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."
However, the company clarified that the pre‑filing of the DRHP does not guarantee it will proceed with its maiden public offering.
Confidential Pre‑Filing
Imagine Marketing's decision to utilise the confidential pre‑filing route reflects a growing trend among Indian businesses. Recently, Tata Capital and the edtech company PhysicsWallah have adopted this procedure, while in the previous year, food delivery giant Swiggy and retail chain Vishal Mega Mart successfully completed their IPOs after registering privately.
OYO also attempted this method but ultimately chose not to proceed with its public issue. Tata Play was the first company in India to experiment with confidential filing in late 2022, and although it received regulatory approval, it later abandoned its plans to go public.
Aman Gupta on PMF
Many founders and companies lack the right product‑market fit (PMF) yet engage in unnecessary spending, which ultimately leads to their failure," said Aman Gupta, co‑founder and chief marketing officer of boAt, on Friday.
He advised young startup founders to prioritise their product and customers. Gupta explained that his first startup taught him the critical importance of achieving the right product‑market fit.
“I have seen a lot of companies get shut that don't find the product‑market fit but do unnecessary spending. First have the product‑market fit then you can spend on other things,” Gupta remarked during a fireside chat at the Startup Mahakumbh in New Delhi.
