boAt, the Indian audio and wearables company owned by Imagine Marketing Ltd., is gearing up for its Initial Public Offering (IPO) in 2025. After an initial attempt in 2022, the company has re-filed its Draft Red Herring Prospectus (DRHP) and received the green light from the Securities and Exchange Board of India (SEBI) in September 2025. The IPO is to be launched during the last week of November 2025, with the listing expected in the first week of December 2025.
IPO Structure
- Issue Size: Approximately ₹2,000 crore
- Fresh Issue: ₹900 crore
- Offer for Sale (OFS): ₹1,100 crore
- Price Band: Fixed at approximately ₹350 per share
- Face Value: ₹10 per share
- Lot Size: To be notified later
- Listing Exchanges: BSE and NSE
Investor Categories
- Retail Investors: Not more than 35%
- Qualified Institutional Buyers (QIBs): Not more than 50%
- Non-Institutional Investors (NIIs): Not more than 15%
Company Overview
Established in 2014 by Aman Gupta and Sameer Mehta, Imagine Marketing Ltd. has turned boAt into a household brand in India’s consumer electronics sector. The company retails a range of products from headphones, earbuds, and smartwatches to speakers. boAt has earned a robust online presence based on quality and affordability and has gained widespread popularity among Indian consumers.
Financial Performance
In FY2023, boAt reported revenues of approximately ₹3,000 crore. The organization has also demonstrated consistent growth based on its direct-to-consumer (D2C) model and strategic e-commerce collaborations. However, it faces high competition in the audio and wearables segments and depends heavily on third-party manufacturers.
Application of IPO Proceeds
The proceeds of the offer will be utilized for:
- Scaling up the product portfolio and expansion into new lifestyle segments
- Enhancing marketing and branding efforts
- Enhancing research and development capabilities
- Debt reduction
Investment Implications
Strengths
- Established brand with high recognition in the market
- Portfolio of diversified products servicing varying consumer needs
- Solid distribution channels and e-commerce partnerships
Weaknesses
- Intense domestic and international brand competition
- Dependence on third-party manufacturers and suppliers
- Potential margin compression owing to pricing strategies and market conditions
Conclusion
The boAt IPO provides investors with the opportunity to participate in the growth of a well-known Indian consumer electronics brand. Although the company has demonstrated strong performance and brand recall, potential investors should consider the competitive landscape and operational challenges before making investment decisions.
For the latest and most accurate information, it’s advisable to monitor official announcements from Imagine Marketing Ltd. and SEBI.