Boat’s Parent Gains Regulatory Approval for ₹1,500 Crore IPO
Imagine Marketing, the parent company of the popular Indian wearables brand boAt, has received the green light from market regulators for a ₹1,500 crore ($170.7 million) initial public offering (IPO). Here are the key details:
– Regulatory Approval: The company filed updated documents after gaining approval in late August, following a confidential IPO filing in April.
– Previous Attempts: This marks Imagine Marketing’s second attempt at an IPO, having postponed a ₹2,000 crore offering in 2022.
– Funding: In place of the earlier IPO, the firm raised ₹500 crore through private placements from investors like Warburg Pincus and Malabar Investments.
– Updated Offer: The new IPO draft includes:
– ₹1,000 crore in shares for sale by co-founders and investors, including Qualcomm Ventures.
– ₹500 crore in fresh shares.
– Market Standing: Founded in 2014, boAt has a 34% market share in India’s wearable sector, with products ranging from smartwatches to headphones, priced between ₹399 and ₹18,999.
– Financial Performance: For the year ending March 31, 2025, boAt reported a revenue of about ₹3,000 crore and a net profit of ₹61.1 crore, recovering from two years of losses.
This significant IPO move comes amidst a wave of market entries by various companies in India.