boAt's parent Imagine Marketing files for IPO; aims for $1.5B valuation

Imagine Marketing, the parent company of audio and wearables brand Boat, has submitted draft papers for its initial public offering (IPO), according to a report by Economic Times. The filing has been made under the confidential route, which allows companies to keep IPO details private until closer to the listing date.

The company clarified that submitting the pre-filed draft red herring prospectus to SEBI does not guarantee that it will go ahead with the IPO. The company noted that the filing is part of the regulatory process, but a final decision on proceeding with the public offering is yet to be made.

In January 2022, the Indian wearable and audio brand had filed for a Rs. 2,000 crore IPO but later paused the plan due to market volatility. Instead, it secured $60 million in funding from existing backer Warburg Pincus and new investor Malabar Investments. The funding round valued the company at a minimum of approximately $1.2 billion.

Using the confidential filing route, companies have the option to tweak their IPO details in the early stages. This approach allows them to adjust the size of the fresh issue by up to 50% before submitting a revised draft red herring prospectus (DRHP).