BoAt hearables maker files for ₹2,000-cr. IPO


Imagine Marketing Limited, the makers of boAt brand of hearables, has filed a draft red herring prospectus (DRHP) with markets regulator SEBI for a ₹2,000-crore initial public offering (IPO).

The IPO will consist of fresh issue of equity shares of ₹900 crore and ‘Offer for Sale’ of ₹1,100 crore. The company said it plans to use the proceeds from the IPO to repay or prepay its debt. The prepayment or scheduled repayment will assist the company in maintaining a favourable debt to equity ratio and enable utilisation of its internal accruals for further investment in business growth and expansion, it said.

Founded in 2013, the company sells lifestyle-focused consumer electronic products such as bluetooth speakers, wireless hearables and smartwatch brands.

The company noted that India’s domestic electronics market is estimated to scale up to $150-180 billion from the current $65 billion over the next 4-5 years, and wearables and hearables products within electronic products manufacturing and electronic export is estimated to be $8 billion in local manufacturing and $2-3 billion in exports by 2025-26.

Axis Capital Limited, BofA Securities India Limited, Credit Suisse Securities (India) Pvt. Ltd., and ICICI Securities Ltd., are the Book Running Lead Managers.

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