A brand of earphones and smartwatches Imagine Marketing (BoAt) has filed draft red herring papers with SEBI to raise up to Rs.2000 crores via initial public offerings. The IPO comprises a Fresh Issue of Rs.300 crores & an Offer for Sale of Rs.300 offered by promoters. The Imagine Marketing (BoAt) eyeing valuation of around 11000 to 15040 crores post IPO.
Offer for Sale by Promoters:
The offer for sale consists of Rs.800 crores by South Lake Investment.
Read Also: Imagine Marketing (BoAt) DRHP Document
Imagine Marketing is the owner of the BoAt brand made a profit of Rs.86.53 crores while the revenues stood at Rs.1320 crores for FY21. Qualcomm Inc invested Rs.50 crores in the company last year.
The company was founded by Aman Gupta and Sameer Mehta in 2013. They are one of India’s fastest-growing audio & wearables brands. They offer the most incredible range of wireless earphones, earbuds, headphones, smartwatches, and home audio. The company is the fifth-largest wearable brand globally. The boAt is competing with big brands like OnePlus, Samsung, Realme, Bose, JBL, and more in India. The company has a partnership with IPL in April as their official audio partner. The cricketers like KL Rahul, Rishabh Pant, Mayank Agarwal, Hardik Pandya, Shikhar Dhawan, and Prithvi Shaw are their brand ambassadors. boAt gained a market share of around 45% in the ear wear market with approx 33% market share of wireless category.
The book-running lead managers of the IPO are Axis Capital, Bofa Securities, Credit Suisse Securities, and ICICI Securities. The shares are proposed to be listed on NSE and BSE.
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