On September 2, 2025, SEBI granted formal approval for the IPO of Imagine Marketing Ltd., the parent company of the well-known consumer electronics brand boAt. This green light marks a crucial regulatory milestone for the company’s public listing plans.
Valuation & Exposure
- Target Valuation: boAt is reportedly targeting a valuation of around ₹13,000 crore, equivalent to approximately $1.5 billion.
- This will be the second IPO attempt for Imagine Marketing. Its previous try in January 2022 aimed at a much smaller ₹2,000 crore raise, including ₹900 crore via fresh equity and ₹1,100 crore through an Offer For Sale (OFS).
Filing Route & Flexibility
boAt opted for SEBI’s confidential pre-filing route, which allows the company:
- Up to 18 months to launch the IPO after receiving final comments from SEBI.
- The ability to adjust the issue size by as much as 50% until submitting the Updated Draft Red Herring Prospectus (UDRHP).
This approach offers companies greater control over timing and market conditions—an increasingly popular path among Indian unicorns such as Swiggy and Vishal Mega Mart.
Broader IPO Wave
boAt is part of a larger trend—13 companies, spanning sectors like home services (Urban Company), renewable energy (Juniper Green Energy), engineering, pharma, recycling, logistics, and more, have also secured SEBI approval this week, aiming to raise more than ₹15,000 crore collectively.
| Aspect | Details |
|---|---|
| IPO Approval | SEBI clearance secured on September 2, 2025 |
| Valuation Target | ₹13,000 crore (~$1.5 billion) |
| Filing Strategy | Confidential pre-filing used; flexible timeline and size adjustments |
| IPO History | Second attempt—first filed in Jan 2022 |
| Market Context | One of 13 companies getting SEBI approval in a single week |
- With approval in hand and confidential filings underway, boAt now has up to 18 months to finalize its public market debut.
- The company’s aggressive valuation indicates strong investor interest and high expectations for its growth.
- Given the confidential route, many IPO specifics—such as price range, share allotment, and dates—will be unveiled later.
boAt (Imagine Marketing Ltd.) IPO – Frequently Asked Questions
1. What exactly is being launched?
The Initial Public Offering (IPO) is being conducted by Imagine Marketing Ltd., the parent company of the consumer electronics brand boAt. This IPO will mark boAt’s debut on the Indian capital markets.
2. Has SEBI approved the IPO?
Yes. On September 2, 2025, the Securities and Exchange Board of India (SEBI) approved the draft filing for the IPO submitted via its confidential pre-filing route.
3. Why did boAt take the confidential filing route?
The confidential route gives companies the flexibility to refine their IPO size (by up to 50%) and timing—within an 18-month window—without public disclosure. It allows for strategic planning based on favorable market conditions
4. What valuation is the company targeting?
boAt is aiming for a valuation of around ₹13,000 crore, roughly equivalent to $1.5 billion.
5. Is this boAt’s first attempt at going public?
No. This is the company’s second attempt. Initially, in January 2022, Imagine Marketing filed for a ₹2,000 crore IPO (₹900 crore fresh issue + ₹1,100 crore Offer for Sale) but withdrew due to unfavorable market conditions.
