boAt’s Parent Imagine Marketing Gets SEBI Nod for ₹1,500 Crore IPO

Imagine Marketing, the parent company of India’s popular wearables and audio brand boAt, has received regulatory approval from the Securities and Exchange Board of India (SEBI) to go public with an Initial Public Offering (IPO) worth ₹1,500 crore, according to its updated prospectus filed on October 29.

This long-awaited IPO marks another major milestone for one of India’s leading consumer electronics brands that has become a household name for affordable, stylish, and youth-centric audio and lifestyle products.

IPO Details and Structure

The upcoming IPO will comprise a fresh issue of up to ₹500 crore and an Offer for Sale (OFS) worth ₹1,000 crore by existing shareholders.

As per the draft filing, the Offer for Sale will include equity shares offered by several major stakeholders:

• ₹75 crore worth of shares by Sameer Ashok Mehta,

• ₹225 crore by Aman Gupta, co-founder and Chief Marketing Officer of boAt,

• ₹500 crore by South Lake Investment Limited (Promoter Selling Shareholder),

• ₹150 crore by Fireside Ventures Investment Fund-I, managed by Fireside Ventures Investment Trust, and

• ₹50 crore by Qualcomm Ventures LLC, one of the early backers of the company.

The total offer thus aggregates to ₹1,500 crore, combining both the new issue and the secondary sale.

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Proposed Use of Funds

Imagine Marketing has outlined a clear strategy for utilizing the funds raised through the IPO.

According to the prospectus, the ₹500 crore fresh issue proceeds will be deployed for:

• ₹225 crore towards working capital requirements to support expansion,

• ₹150 crore for brand and marketing initiatives to enhance awareness, visibility, and product positioning, and

• The remainder will be used for general corporate purposes, which may include strengthening operational capabilities, exploring new product categories, and business expansion both in India and overseas.

These allocations underline the company’s intent to reinforce its market leadership and capture new opportunities in the fast-growing consumer electronics segment.

Strategic Backing and Growth Plans

Imagine Marketing is backed by global private equity firm Warburg Pincus, a major investor known for supporting high-growth companies. The company has established itself as a key player in India’s wearable and smart audio market, competing with brands like Noise, Fire-Boltt, and OnePlus.

The IPO approval comes at a time when India’s wearables industry is witnessing robust growth, driven by increasing adoption of smartwatches, earwear, and fitness devices among young consumers. The move is expected to give boAt the capital and flexibility to scale its operations, strengthen its supply chain, and explore global opportunities.

boAt’s Market Position

Over the years, boAt has built a strong consumer base with its trendy, affordable, and India-focused product line-up across categories such as wireless earphones, smartwatches, speakers, and accessories. The brand’s success lies in its deep understanding of youth preferences, aggressive social media marketing, and strategic collaborations with celebrities and sports figures.

The company’s decision to go public highlights its ambitions to transition from a fast-growing startup to a more structured and globally recognized consumer brand.

Industry Outlook

The wearable tech and lifestyle audio market in India continues to expand rapidly. According to industry reports, the country’s wearable shipments crossed 100 million units in 2024, with smartwatches and TWS (True Wireless Stereo) devices contributing the most.

With increased disposable income, digital adoption, and growing fitness awareness, the demand for such products is expected to rise further. boAt’s IPO could thus position it strongly to capitalize on this trend, enabling it to scale up manufacturing, innovate product lines, and enhance distribution across domestic and international markets.

Conclusion

The SEBI approval for Imagine Marketing’s ₹1,500 crore IPO sets the stage for one of the most anticipated listings in India’s consumer tech space. The IPO structure—comprising a mix of fresh equity and an offer for sale—indicates strong investor interest and confidence in boAt’s growth story.

The company’s focus on expanding brand presence, improving operational efficiency, and leveraging global partnerships will be key to sustaining its leadership in the wearables and audio accessories market.

As the listing date approaches, investors and market watchers alike will be keen to see how boAt’s IPO performance resonates with India’s growing appetite for consumer technology brands.

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