Copyright republicworld
Imagine Marketing, the company behind the boAt audio and wearables brand, has just cleared a major regulatory step for its Rs 1,500 crore IPO, marking its second shot at going public.On October 28, 2025, the firm submitted its revised draft red herring prospectus to SEBI, according to the filing.According to the updated draft prospectus, the IPO includes Rs 500 crore in new shares from the company itself, plus Rs 1,000 crore worth of existing shares being sold by promoters and investors.In the sale portion, South Lake Investment will let go of Rs 500 crore in stakes, and co-founder Aman Gupta intends to offload Rs 225 crore of his shares. Co-founder Sameer Ashok Mehta will offload Rs 75 crore in shares.Other participants in the OFS include Fireside Ventures Investment Fund-I (Rs 150 crore) and Qualcomm Ventures LLC (Rs 50 crore).The issue is being managed by ICICI Securities Limited, Goldman Sachs (India) Securities Private Limited, JM Financial Limited and Nomura Financial Advisory and Securities (India) Private Limited. MUFG Intime India Private Limited has been appointed as the registrar.According to the updated draft red herring prospectus, net proceeds from the fresh issue will be directed toward operational and growth priorities.The company intends to allocate Rs 225 crore for working capital requirements and Rs 150 crore toward brand development and marketing activities. The remaining amount will be utilised for general corporate purposes.Imagine Marketing operates the boAt brand, which began consumer sales in 2015 after the company’s incorporation in 2013 by Aman Gupta and Sameer Mehta. As per the UDRHP, boAt commands a 26% share by value and 34% by volume in India’s branded personal audio segment for FY2025.It ranks third among revenue-generating digital-first brands in the country and fourth globally in branded personal audio shipment volume.The product lineup spans audio devices, smart wearables including watches and rings, charging solutions, personal grooming items and mobile accessories.The updated draft red herring prospectus reveals that Imagine Marketing recorded revenue from operations of Rs 3,070.38 crore in FY2025. The audio category contributed Rs 2,586.04 crore (84.23%), wearables Rs 330.41 crore (10.76%) and other segments Rs 153.93 crore (5.01%).The company posted a consolidated net profit of Rs 60 crore, reversing losses of Rs 79.7 crore in FY2024 and Rs 129.5 crore in FY2023.Consolidated revenue stood at Rs 3,097.8 crore, with EBITDA at Rs 142.52 crore and an EBITDA margin of 4.64%. The turnaround reflects tighter cost management alongside sustained demand in core audio and emerging wearable lines.This isn’t Imagine Marketing's first attempt at going public. Back in January 2022, the company aimed for a bigger Rs 2,000 crore IPO of Rs 900 crore in fresh shares and Rs 1,100 crore through an OFS, but eventually pulled the plug.Fast forward to April 2025, and the team took a quieter route by filing confidential papers with SEBI. The regulatory approval was granted in late August, successfully clearing the way for this updated public filing on October 28, 2025.
