boAt Parent Imagine Marketing Files Confidential Draft Papers for IPO

Imagine Marketing, the parent company of popular wearables brand boAt, has filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) through the confidential pre-filing route. This mechanism allows the company to keep the details of its draft red herring prospectus (DRHP) private during the early regulatory review stages.

In a public notice issued on Monday, Imagine Marketing stated, “The company has filed the Pre-filed Draft Red Herring Prospectus with SEBI and stock exchanges under the ICDR (Issue of Capital and Disclosure Requirements) Regulations to the proposed IPO of its equity shares on the main board of the stock exchanges.” However, the company clarified that this pre-filing does not ensure that the IPO will ultimately take place.

Second IPO Attempt for boAt-Maker

This marks Imagine Marketing’s second attempt to go public. In January 2022, the company filed draft papers for a ₹2,000 crore IPO, which included a fresh issue of equity shares worth ₹900 crore and an offer for sale (OFS) of up to ₹1,100 crore. That plan was eventually shelved amid volatile market conditions.

Founded in 2013 by Aman Gupta and Sameer Mehta, Imagine Marketing has grown rapidly, offering a wide portfolio of products that includes audio devices, smart wearables, personal grooming equipment, and mobile accessories under the boAt brand. The company has become a household name in the Indian wearables and lifestyle tech space.

Growing Trend of Confidential IPO Filings

Imagine Marketing’s decision to opt for the confidential pre-filing route follows a rising trend among Indian startups and established players. Recently, major names like Tata Capital and edtech unicorn PhysicsWallah have used the same route. In 2024, Swiggy and Vishal Mega Mart successfully launched their IPOs after taking the confidential route.

Other companies like OYO and Tata Play had also used the pre-filing option. Tata Play, in fact, was the first Indian company to adopt this route in December 2022 and received SEBI’s nod in April 2023 but later chose to withdraw its IPO plans.

According to news reports, the pre-filing route offers greater flexibility and reduces the pressure associated with public scrutiny. Unlike the traditional IPO process, which mandates a launch within 12 months of SEBI approval, the confidential route allows a company 18 months to proceed after receiving final comments from the regulator.

Furthermore, companies are allowed to revise their primary issue size by up to 50% until the Updated Draft Red Herring Prospectus (UDRHP) stage, offering further room to adapt to changing market dynamics.

Conclusion 

Imagine Marketing’s move to reinitiate its IPO plans through the confidential pre-filing route signals renewed confidence and strategic caution amid evolving market dynamics. By leveraging this flexible regulatory pathway, the boAt-maker aligns with a growing number of Indian companies seeking greater control over timing and disclosures.

Whether the IPO proceeds or not, the filing reflects the company’s continued ambition to strengthen its financial base and expand its leadership in the consumer tech space.

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