Imagine Marketing Limited, the parent company of India’s leading consumer electronics brand boAt, has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).
The company plans to raise up to ₹2,000 crore through the public issue of equity shares with a face value of ₹1 each. The issue will comprise a fresh issue of equity shares aggregating up to ₹900 crore and an offer for sale (OFS) of shares worth up to ₹1,100 crore by promoter and investor selling shareholders.
The IPO will also include a reservation of shares worth up to ₹15 crore for subscription by eligible employees under the employee reservation portion.
Founded in 2013, Imagine Marketing has built a dominant market presence through its flagship brand boAt — a market leader in wireless hearables and wearables. The company holds strong market positions across high-growth consumer categories such as audio devices and smartwatches, both in volume and value terms as of September 30, 2021, according to a RedSeer Report.
Imagine Marketing is among India’s largest digital-first consumer product companies, and one of the country’s top homegrown brands in terms of revenue from operations for FY2021.
The company intends to utilize ₹700 crore from the IPO proceeds for repayment or prepayment of outstanding borrowings, with the balance earmarked for general corporate purposes. As of December 31, 2021, the company’s total secured and unsecured borrowings stood at ₹764.18 crore.
The firm began its journey with hearables under the audio category and now offers a wide range of products across multiple consumer segments, including:
Audio: wired and wireless headphones, true wireless stereo (TWS) devices, Bluetooth speakers, home theatres, and soundbars
Wearables: smartwatches
Gaming accessories: wired/wireless headsets, keyboards, and mice
Personal care appliances: trimmers and grooming kits
Mobile accessories: chargers, cables, and power banks
Axis Capital Limited, BofA Securities India Limited, Credit Suisse Securities (India) Private Limited, and ICICI Securities Limited are the Book Running Lead Managers for the IPO.
