boAt IPO is a proposed Mainboard Book Build Issue of Imagine Marketing Limited, the company behind the popular boAt brand. The latest official Updated Draft Red Herring Prospectus dated 28 October 2025 proposes an IPO of up to ₹1,500 crore, comprising a fresh issue of up to ₹500 crore and an Offer for Sale of up to ₹1,000 crore. The fresh issue is proposed to be used primarily for funding the company’s working capital requirements, brand and marketing expenses and general corporate purposes. The equity shares are proposed to be listed on both BSE and NSE.
Imagine Marketing operates primarily under the boAt brand and is engaged in the development, marketing and sale of consumer electronics products across audio, wearables and other categories. Its product portfolio includes earphones, headphones, speakers, soundbars, smartwatches, smart rings, chargers, cables, power banks and other mobile and consumer electronic accessories. The company has built a digital-first distribution model supported by online marketplaces, its own digital channels and an expanding offline retail network. In FY2025, online channels accounted for 70.55% of revenue from sale of products, while offline channels contributed 29.45%.
The company has also been expanding its product development and engineering capabilities through boAt Labs and increasing its focus on domestic manufacturing and localisation of components. Audio products remain the largest contributor to the company’s product revenue, while wearables and other consumer electronics provide additional revenue streams. The company has also been working to strengthen its brand presence, product portfolio and distribution network across India.
The proposed IPO also includes an Offer for Sale by certain existing shareholders. A Pre-IPO Placement of up to ₹100 crore may also be considered, subject to applicable conditions, and any amount raised through such placement would be reduced from the fresh issue size. The latest UDRHP does not contain a final price band, bidding dates or lot size. These details are therefore marked as Yet to be Updated until the company files the relevant final offer documents.
Table of Contents
IPO Details Information
| Particulars | Information |
|---|---|
| IPO Name | boAt IPO |
| Company Name | Imagine Marketing Limited |
| IPO Type | Book Build Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹1 Per Equity Share |
| Price Band | Yet to be Updated |
| Issue Size | ₹1,500 Crore |
| Fresh Issue | ₹500 Crore |
| Offer for Sale | ₹1,000 Crore |
| Pre-IPO Placement | Up to ₹100 Crore |
| IPO Open Date | Yet to be Updated |
| IPO Close Date | Yet to be Updated |
| Anchor Investor Bidding | Yet to be Updated |
| Basis of Allotment | Yet to be Updated |
| Refund Initiation | Yet to be Updated |
| Shares Credited to Demat Account | Yet to be Updated |
| Listing Date | Yet to be Updated |
| Listing Exchange | BSE & NSE |
| Lot Size | Yet to be Updated |
| Registrar | MUFG Intime India Private Limited |
| Book Running Lead Managers | ICICI Securities Limited, Goldman Sachs (India) Securities Private Limited, JM Financial Limited, Nomura Financial Advisory and Securities (India) Private Limited |
The proposed Offer for Sale comprises up to ₹750 million by Sameer Ashok Mehta, ₹2,250 million by Aman Gupta, ₹5,000 million by South Lake Investment Ltd, ₹1,500 million by Fireside Ventures Investment Fund-I and ₹500 million by Qualcomm Ventures LLC.
IPO Dates
The latest UDRHP leaves the anchor bidding date, IPO opening date and IPO closing date as placeholders. The final schedule will be updated after the company announces the offer dates.
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | Yet to be Updated |
| IPO Opening Date | Yet to be Updated |
| IPO Closing Date | Yet to be Updated |
| Basis of Allotment | Yet to be Updated |
| Refund Initiation | Yet to be Updated |
| Shares Credited to Demat Account | Yet to be Updated |
| Listing Date | Yet to be Updated |
boAt IPO Reservation
The proposed IPO follows the book-building structure. The UDRHP provides for the QIB portion, NIB portion and Retail Individual Bidder portion in accordance with the applicable SEBI ICDR requirements. Not more than 10% of the Offer is available for allocation to Retail Individual Bidders.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not Less Than 75% |
| Non-Institutional Investors (NII) | Not More Than 15% |
| Retail Individual Investors (RII) | Not More Than 10% |
boAt IPO Lot Size
The minimum bid lot will be announced with the final price band. The latest UDRHP does not specify the final lot size or application amount.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | Yet to be Updated | Yet to be Updated |
| Retail Maximum | Yet to be Updated | Yet to be Updated |
| S-HNI Minimum | Yet to be Updated | Yet to be Updated |
About Imagine Marketing Limited
Imagine Marketing Limited was incorporated as Imagine Marketing Private Limited on 1 November 2013 and was subsequently converted into a public limited company in January 2022. The company operates primarily under the boAt brand, which it launched in 2015.
The company develops, markets and sells consumer products across audio, wearables and other categories. Its product portfolio includes earphones, headphones, speakers, soundbars, smartwatches, smart rings, chargers, cables, power banks and related consumer electronics products.
Business Operations
Imagine Marketing’s business operations include the following major areas:
- Audio – Earphones, headphones, speakers, soundbars and other audio products.
- Wearables – Smartwatches, smart rings and related wearable devices.
- Mobile Accessories – Chargers, cables, power banks and other accessories.
- Online Sales – Products sold through online marketplaces and digital channels.
- Offline Sales – Products distributed through physical retail channels.
- Product Innovation – In-house engineering and research and development through boAt Labs.
boAt Brand
The company operates primarily under the boAt brand, which was launched in 2015. The brand focuses on consumer electronics positioned around accessible pricing, product design and technology-led features.
Manufacturing and Supply Chain
Imagine Marketing uses a network of contract manufacturers and suppliers. The company has also been increasing localisation of components such as printed circuit boards, batteries and plastic components through domestic suppliers.
boAt Labs
The company has an in-house product development and engineering centre called boAt Labs. As of 30 June 2025, the team comprised 101 engineers working across hardware design, software design and mobile application development.
boAt IPO Financial Information
The restated consolidated financial information reported revenue from operations of ₹3,073.28 crore in FY2025, compared with ₹3,117.67 crore in FY2024 and ₹3,376.79 crore in FY2023. The company reported a profit of ₹61.08 crore in FY2025 after losses in FY2024 and FY2023.
boAt Financial Summary
| Particulars | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue from Operations | ₹3,073.28 Crore | ₹3,117.67 Crore | ₹3,376.79 Crore |
| Total Income | ₹3,097.81 Crore | ₹3,135.35 Crore | ₹3,403.18 Crore |
| EBITDA | ₹142.52 Crore | ₹7.70 Crore | (₹59.76 Crore) |
| Profit / (Loss) | ₹61.08 Crore | (₹79.68 Crore) | (₹129.45 Crore) |
| Net Worth | ₹432.01 Crore | ₹376.16 Crore | ₹454.58 Crore |
| Total Assets | ₹1,618.07 Crore | ₹1,735.51 Crore | ₹2,178.50 Crore |
The company returned to profitability in FY2025, reporting ₹61.08 crore profit compared with a loss of ₹79.68 crore in FY2024. EBITDA also improved to ₹142.52 crore in FY2025 from ₹7.70 crore in FY2024.
boAt IPO Key Performance Indicators (KPIs)
The UDRHP provides EPS, RoNW and NAV figures based on the restated consolidated financial information.
| KPI | FY2025 |
|---|---|
| EPS – Basic | ₹4.07 |
| EPS – Diluted | ₹4.05 |
| RoNW | 14.14% |
| NAV Per Share – Basic | ₹28.78 |
| NAV Per Share – Diluted | ₹28.67 |
| P/E | Yet to be Updated |
The weighted average EPS for FY2023–FY2025 was negative at ₹1.27 on a basic basis and ₹1.28 on a diluted basis because of losses in FY2023 and FY2024. The P/E ratio will be calculated after the final price band is announced.
Objects of the boAt IPO
The company proposes to utilise the net proceeds from the fresh issue for the following purposes:
- Funding the working capital requirements of Imagine Marketing Limited.
- Funding brand and marketing expenses to enhance awareness and visibility of its products and brand.
- General corporate purposes.
The company may also undertake a Pre-IPO Placement of up to ₹100 crore. If completed, the amount raised through the Pre-IPO Placement will be reduced from the Fresh Issue, subject to applicable regulations.
boAt IPO Listing Performance
The equity shares of Imagine Marketing Limited are proposed to be listed on BSE and NSE. Since the IPO has not yet completed its final pricing and listing process, listing-related figures are not available.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | Yet to be Updated |
| Issue Price | Yet to be Updated |
| Listing Price | Yet to be Updated |
| Listing Gain | Yet to be Updated |
| Listing Gain (%) | Yet to be Updated |
boAt IPO Subscription Status
The subscription figures will be updated when the IPO opens for public bidding.
boAt IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | Yet to be Updated |
| Non-Institutional Investors (NII) | Yet to be Updated |
| Retail Individual Investors (RII) | Yet to be Updated |
| Total Subscription | Yet to be Updated |
boAt IPO Review
Imagine Marketing has built a consumer electronics business around the boAt brand, with audio products forming the largest part of its product revenue. In FY2025, audio contributed ₹2,586.04 crore of revenue, while wearables contributed ₹330.41 crore and other products contributed ₹153.93 crore. The company offers a broad range of consumer electronics products across audio, wearables and other accessory categories, supported by its online and offline distribution network.
The company follows a digital-first business model, with online channels accounting for 70.55% of revenue from sale of products in FY2025, while offline channels contributed 29.45%. This distribution mix reflects the importance of e-commerce and digital marketplaces to the company’s sales, while its offline presence provides access to customers through retail channels across India.
The company’s revenue from operations declined from ₹3,376.79 crore in FY2023 to ₹3,073.28 crore in FY2025. However, profitability improved during the same period. After reporting losses in FY2023 and FY2024, the company reported a profit of ₹61.08 crore in FY2025. EBITDA also improved significantly, increasing to ₹142.52 crore in FY2025 compared with ₹7.70 crore in FY2024 and a negative ₹59.76 crore in FY2023.
The proposed IPO provides an opportunity to evaluate the company’s business model, financial performance, product portfolio and future growth plans. Investors can also consider the company’s dependence on the boAt brand, competitive environment, product demand, distribution model and ability to maintain profitability while expanding its consumer electronics business.
The latest official Updated Draft Red Herring Prospectus does not contain a final IPO price band, bidding dates or lot size. These details will need to be updated once the company files the relevant final offer documents.
boAt IPO Strengths
- Established boAt brand in the Indian consumer electronics market.
- Strong position in the audio product category.
- Large digital-first distribution network.
- Growing offline sales presence.
- In-house engineering and R&D capabilities.
- Diversified product portfolio across audio, wearables and accessories.
- Domestic manufacturing and localisation initiatives.
- Founder-backed professional management team.
boAt IPO Risk Factors
- Revenue from operations declined between FY2023 and FY2025.
- The company reported losses in FY2023 and FY2024.
- Consumer electronics products face intense competition.
- Product demand can be affected by changing consumer preferences.
- Technology and product cycles require continuous innovation.
- Dependence on contract manufacturers and suppliers.
- Inventory levels and demand forecasting can affect working capital.
- The final IPO valuation is not available until the price band is announced.
boAt IPO Promoters
The promoters of Imagine Marketing Limited are Sameer Ashok Mehta, Aman Gupta and South Lake Investment Ltd.
boAt IPO Promoters Details
| Promoter | Designation |
|---|---|
| Sameer Ashok Mehta | Promoter |
| Aman Gupta | Promoter |
| South Lake Investment Ltd | Promoter |
boAt IPO Management Team
The company’s management is led by co-founder Sameer Ashok Mehta, co-founder and Non-Executive Director Aman Gupta, and Chief Executive Officer Gaurav Nayyar. The company also has a professional management team covering finance, operations and other functions.
| Name | Designation |
|---|---|
| Sameer Ashok Mehta | Executive Director and Co-founder |
| Aman Gupta | Non-Executive Director and Co-founder |
| Gaurav Nayyar | Chief Executive Officer |
| Rakesh Thakur | Group Chief Financial Officer |
| Shreekant Jayram Sawant | Company Secretary and Compliance Officer |
boAt IPO Registrar Details
MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited, is the Registrar to the Offer.
| Particular | Details |
|---|---|
| Registrar Name | MUFG Intime India Private Limited |
| Website | www.in.mpms.mufg.com |
| IPO Allotment Status | Yet to be Updated |
| Email ID | [email protected] |
| Contact Number | +91 810 811 4949 |
boAt IPO Lead Manager Details
The Book Running Lead Managers to the proposed IPO are ICICI Securities Limited, Goldman Sachs (India) Securities Private Limited, JM Financial Limited and Nomura Financial Advisory and Securities (India) Private Limited.
| Particular | Details |
|---|---|
| Lead Manager 1 | ICICI Securities Limited |
| Lead Manager 2 | Goldman Sachs (India) Securities Private Limited |
| Lead Manager 3 | JM Financial Limited |
| Lead Manager 4 | Nomura Financial Advisory and Securities (India) Private Limited |
Imagine Marketing Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Imagine Marketing Limited |
| Registered & Corporate Office | Unit No. 204 & 205, 2nd Floor, D-Wing & E-Wing, Corporate Avenue, Andheri Ghatkopar Link Road, Mumbai – 400093 |
| Website | www.boat-lifestyle.com |
| Email ID | [email protected] |
| Contact Person | Shreekant Jayram Sawant |
| Contact Number | +91 22 6210 2400 / +91 22 6210 1300 |
The contact information is provided in the latest UDRHP filed by Imagine Marketing Limited.
How to Check boAt IPO Allotment Status
The boAt IPO allotment status will be available after the basis of allotment is finalised.
Through MUFG Intime
- Visit the official MUFG Intime IPO website.
- Select boAt / Imagine Marketing IPO from the available IPO list.
- Select PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Submit the information to check the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Imagine Marketing Limited IPO.
- Enter your PAN Number or Application Number.
- Complete the required verification.
- Click Search to view the allotment status.
boAt IPO Conclusion
boAt IPO is a proposed Mainboard IPO of Imagine Marketing Limited comprising a fresh issue of up to ₹500 crore and an Offer for Sale of up to ₹1,000 crore. The company proposes to use the fresh issue proceeds for working capital, brand and marketing expenses and general corporate purposes.
Imagine Marketing operates across audio, wearables and other consumer electronics categories, with audio accounting for 84.23% of product revenue in FY2025. The company reported ₹3,073.28 crore revenue from operations and ₹61.08 crore profit in FY2025.
The final price band, IPO dates, lot size, subscription figures, allotment date and listing date are not specified in the latest official UDRHP and should be updated after the relevant final offer documents are filed.
boAt IPO FAQs
What is boAt IPO?
boAt IPO is a proposed Mainboard IPO of Imagine Marketing Limited, the company behind the boAt consumer electronics brand.
What is the price band of boAt IPO?
The price band of boAt IPO is yet to be announced in the latest official UDRHP.
What is the issue size of boAt IPO?
The proposed boAt IPO is up to ₹1,500 crore, comprising a fresh issue of up to ₹500 crore and an Offer for Sale of up to ₹1,000 crore.
When will the boAt IPO open?
The boAt IPO opening date is yet to be announced.
When will the boAt IPO close?
The boAt IPO closing date is yet to be announced.
On which stock exchanges will boAt shares be listed?
Imagine Marketing Limited proposes to list its equity shares on BSE and NSE.
Who is the registrar for boAt IPO?
MUFG Intime India Private Limited is the Registrar to the Offer.
What is the face value of boAt IPO shares?
The face value of each Imagine Marketing equity share is ₹1.
What does Imagine Marketing Limited do?
Imagine Marketing Limited operates primarily under the boAt brand and sells audio products, wearables, mobile accessories and other consumer electronics products.
What are the objects of the boAt IPO?
The fresh issue proceeds are proposed to be used for working capital requirements, brand and marketing expenses and general corporate purposes.
