The Securities and Exchange Board of India (Sebi) approved the confidential draft red herring prospectus (DRHP) of Imagine Marketing, the parent company of boAt, according to latest report.
An NDTV Profit alert revealed the details of the latest IPO of the brand, which offers wearables, speakers, and headphones, through an X update.
Imagine Marketing’s last publicly available DRHP was on January 28, 2022.
Back then, the IPO was for Rs 20,000 million, which included a fresh issue of up to equity Shares aggregating up to ₹9,000 million and an offer-for-sale (OFS) of up to ₹11,000 million, in the prospectus accessed by THE WEEK.
boAt is arguably the fifth biggest wearable brand in the world, according to the company.
Imagine Marketing’s brand has been among the fastest-growing brands in the combined Indian earwear and wearable watch market, with its popularity hitting its peak right before COVID.
”Between the first half of 2019 and the first half of 2021, boAt grew approximately 15 times in terms of semi-annual sales of the combined earwear and wearable watch categories,” the company stated in the 2022 DRHP.
boAt entered the earphone/headphone market in the second quarter of 2018, and by the third quarter of 2021, it captured 48 per cent market share by volume of the “branded earwear market”, according to IDC.
According to the initial DRHP, Imagine Marketing owns gaming accessories brand RedGear (acquired in 2020), audio and wearables brands DEFY and TAGG (acquired in 2021), and personal care brand Misfit, apart from boAt.