boAT will soon hit the IPO market. Imagine Marketing, the parent company of the wearables brand, has finally received the nod from the regulator for a stock market listing.
The firm aims to raise Rs 1,500 crore through an initial public offering (IPO), which comprises a fresh issue of equity shares worth Rs 500 crore and an offer for sale (OFS) of Rs 1,000 crore by promoters and investors, according to the updated draft red herring prospectus (UDRHP).
Established in 2013 by Aman Gupta and Sameer Mehta, the company offers a product portfolio ranging from audio gear and smart wearables to personal grooming products and mobile accessories.
According to PTI, as part of the OFS, shareholders like South Lake Investment will sell shares worth Rs 500 crore, Aman Gupta looks to offload shares worth Rs 225 crore, and Sameer Ashok Mehta will offer shares to the tune of Rs 75 crore. Additionally, investors, Fireside Ventures Investment Fund-I and Qualcomm Ventures LLC, would sell shares valued at Rs 150 crore and Rs 50 crore, respectively.
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This is boAT's second attempt to go public. Initially, the firm had filed confidential draft papers with Sebi in April and secured approval in late August to launch the IPO.
In the earlier attempt, the firm had filed papers to raise Rs 2,000 crore through IPO. ICICI Securities, Goldman Sachs (India) Securities, JM Financial and Nomura Financial Advisory and Securities (India) Pvt Ltd are the merchant bankers to the company's pubic issue
