boAt’s Parent Imagine Marketing Gets Sebi Nod for IPO in Second Attempt

India’s bustling IPO market is about to see another consumer brand step up to the stage. Imagine Marketing, the parent company of the popular lifestyle electronics brand boAt, has secured approval from the Securities and Exchange Board of India (Sebi) to launch its much-anticipated initial public offering (IPO). This time, the company is taking the confidential pre-filing route—a relatively new mechanism that offers more flexibility to issuers. Backed by private equity giant Warburg Pincus, the company is reportedly eyeing a valuation of around $1.5 billion, signaling its ambitions to cement its leadership in the consumer electronics space.

Credits: Mint

boAt’s Evolution: From Earphones to Lifestyle Electronics

Founded in 2013 by Aman Gupta and Sameer Mehta, boAt started as an affordable audio accessories brand offering stylish earphones, headphones, and speakers for India’s young, price-conscious consumers. Over the years, the brand has transformed itself into a broad-based lifestyle electronics player. Its portfolio today includes smartwatches, personal grooming devices, and mobile accessories, in addition to its popular audio lineup. This expansion has allowed boAt to compete directly with both international giants like Apple and Samsung and domestic players such as Noise and Fire-Boltt.

The brand’s strong connection with India’s youth, clever influencer-driven marketing, and affordable pricing have made it a household name. With millions of units sold each year, boAt has consistently ranked among the top wearable and audio brands in India.

The First Attempt and Why It Was Shelved

This isn’t Imagine Marketing’s first tryst with the stock markets. Back in January 2022, the company had filed draft papers for a ₹2,000-crore IPO. That plan included a fresh equity issue of ₹900 crore and an offer for sale of up to ₹1,100 crore. However, as market conditions turned volatile amid global uncertainties, the company chose to shelve its IPO plans.

The fresh nod from Sebi now marks a comeback, and the timing seems favorable. India’s primary markets have been buzzing with activity in 2025, with investors showing strong appetite for new-age consumer and tech-driven companies.

Why the Confidential Pre-Filing Route?

In its second attempt, Imagine Marketing has opted for the confidential pre-filing route, a mechanism introduced by Sebi in 2022. Unlike the traditional route, this process allows issuers to maintain flexibility over issue size—companies can adjust it by up to 50% before filing the Updated Draft Red Herring Prospectus (UDRHP).

Moreover, issuers get 18 months to launch the IPO after Sebi’s observations, compared to just 12 months earlier. For companies like boAt, which operate in highly dynamic markets, this flexibility is critical. It allows them to better time the offering and optimize valuations without being rushed by regulatory timelines.

IPO Rush: 13 Greenlights in August Alone

Imagine Marketing is not alone in preparing to hit the markets. In August 2025 alone, Sebi approved IPO proposals from 13 companies, reflecting the strong momentum in India’s primary market. These include well-known names such as Urban Company, Juniper Green Energy, and Allchem Lifescience, alongside others like Omnitech Engineering, Priority Jewels, Corona Remedies, and Pace Digitek.

So far in 2025, 50 companies have already listed, with over a dozen debuting in August alone. Urban Company’s IPO is set to be one of the biggest upcoming issues, pegged at ₹1,900 crore, featuring a fresh issue of ₹429 crore and an offer for sale worth ₹1,471 crore.

What’s Next for boAt?

With Sebi’s nod in hand, Imagine Marketing will now focus on finalizing the timing, size, and structure of the IPO. Market watchers will be keen to see how much of the proceeds are earmarked for growth initiatives, debt repayment, and product innovation. Given boAt’s expansion into smart wearables and grooming devices, the capital infusion could help it consolidate market share and expand further into international markets.

For investors, boAt represents not just a consumer electronics brand but also a youth-focused lifestyle label with strong recall, rapid growth, and increasing diversification. If the IPO goes through as planned, it will be one of the most closely watched listings of the year.

Credits: Fortune India

Conclusion: Riding the IPO Wave

boAt’s journey from being an affordable earphone brand to a full-fledged lifestyle electronics company has been nothing short of remarkable. With Sebi’s approval for its second IPO attempt, Imagine Marketing now has a chance to ride the ongoing IPO wave and secure capital for its next growth phase. As India’s markets continue to thrive, all eyes will be on how boAt positions itself among the year’s blockbuster listings.

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