India’s market regulator, SEBI, has officially approved the initial public offering (IPO) of Imagine Marketing Ltd., the parent company of the popular consumer electronics brand boAt. This approval, granted on September 2, 2025, came through the confidential pre-filing route, allowing Imagine Marketing a more flexible IPO window of up to 18 months—a strategic advantage compared to the traditional 12-month limit.
Second Attempt at IPO
This marks Imagine Marketing’s second effort to go public. The company had earlier filed for an IPO in January 2022, aiming to raise ₹2,000 crore—₹900 crore through fresh equity and ₹1,100 crore via Offer for Sale (OFS). However, that plan was later withdrawn.
Valuation Target
According to reports, the company is now aiming for a valuation of ₹13,000 crore (approximately US $1.5 billion). If successful, this would make boAt one of the highest-valued consumer electronics companies in India’s public markets.
Brand Power and Backing
Founded in 2013 by Aman Gupta and Sameer Mehta, Imagine Marketing manages the boAt brand, which is well-known for audio devices, smart wearables, and mobile accessories. boAt has become a household name and one of India’s leading wearable and audio technology brands. The company is backed by strong investors, including Warburg Pincus, and has previously received funding from Qualcomm Ventures and InnoVen Capital.
Boat’s Latest Financials
- Revenue: ₹3,073 crore — a near-flat performance year-on-year (–1.4%), hindered by muted demand and stiff competition
- Profit After Tax: ₹61 crore, delivering a slim 1.9% margin, signaling leaner operations and cost optimization.
- Margins & Market Position: Maintained over 40% share in TWS and 30%+ in wearables, powered by local manufacturing (Make-in-India), 20,000+ retail touchpoints, and robust e-commerce distribution
Why the Confidential Route Matters
The confidential pre-filing route, introduced by SEBI in November 2022, allows companies to file their Draft Red Herring Prospectus (DRHP) without immediately going public. This gives them 18 months to launch the IPO compared to the earlier 12-month limit. Companies also get the flexibility to modify the issue size by up to 50% until the updated DRHP stage. This method has already been used by other successful IPO candidates like Swiggy and Vishal Mega Mart.
A Busy Week for IPOs: 13 Companies Get SEBI Nod
boAt isn’t the only company making headlines. This week, SEBI approved IPOs for 13 companies, including Urban Company, a leading at-home services platform. Together, these IPOs plan to raise more than ₹15,000 crore.
- Urban Company is preparing for a ₹1,900 crore IPO also got SEBI Approval. Backed by global investors such as Accel, Elevation Capital, Tiger Global, and Vy Capital, the issue includes ₹429 crore of fresh equity and ₹1,471 crore via OFS.
- Other approved IPOs cover industries such as Green Energy, Engineering, Recycling, Pharma, Technology, Exports, and Logistics. Some of the names include Juniper Green Energy, Allchem Lifescience, Omnitech Engineering, Jain Resource Recycling, Corona Remedies, and Mouri Tech.
This wave of approvals highlights one of the busiest periods for IPO activity in recent years, signaling strong investor confidence and a booming primary market.
Read this: IPO Bound Urban Company Wins ET Startup of the Year 2025 Award
Why It Matters
- Positive Investor Sentiment – With 13 IPOs cleared in a single week, market enthusiasm and liquidity remain strong.
- boAt’s Consumer Appeal – As one of India’s most popular electronics brands, boAt’s IPO could attract both institutional and retail investors.
- Strategic Flexibility – The confidential route gives Imagine Marketing more control over timing and structure, reducing risks.
- Sector Diversification – From technology to green energy and healthcare, the upcoming IPOs reflect India’s broad economic growth story.
