In 2022, Aman Gupta — co-founder of boAt and one of India’s most recognisable entrepreneurs — tried to take his company public. The market crashed. The IPO was shelved. Investors were left waiting.
Four years later, he is trying again. And this time, the story is very different — and a lot more complicated.
boAt’s parent company Imagine Marketing has filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI, reducing the IPO size to ₹1,500 crore from the earlier ₹2,000 crore. SEBI has granted approval and the IPO is expected to open in late September 2026. But before you get excited about the brand name, there are some important facts in the DRHP that every investor must read.
Disclaimer: This article is for informational purposes only and not investment advice. IPO investments carry market risk. Please consult a SEBI-registered financial advisor before investing.
boAt IPO 2026 — Quick Facts at a Glance
| Detail | Information |
|---|---|
| Company | Imagine Marketing Limited |
| Brand | boAt (flagship brand) |
| Founded | November 2013 (boAt launched 2014–15) |
| Founders | Aman Gupta, Sameer Ashok Mehta |
| SEBI Approval | ✅ Received (September 2025) |
| UDRHP Filed | June 15, 2026 (updated filing) |
| Issue Size | ₹1,500 crore (reduced from ₹2,000 crore) |
| Fresh Issue | ₹500 crore |
| Offer for Sale (OFS) | ₹1,000 crore |
| Face Value | ₹1 per share |
| Price Band | Not yet announced (est. ₹350+ per share) |
| Expected Open Date | September 27, 2026 (tentative) |
| Expected Close Date | September 29, 2026 (tentative) |
| Expected Listing | First week of October 2026 |
| Listing Exchange | NSE & BSE |
| Estimated Valuation | ~$1.5 billion (~₹14,000 crore) |
| GMP | ₹89 per share (unofficial, pre-IPO) |
| Lead Managers | ICICI Securities, Goldman Sachs, Nomura, Axis Capital, BofA Securities |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Quota Split | QIB 75% | HNI 15% | Retail 10% |
What Is boAt? The Brand Everyone Knows
boAt is India’s most recognisable homegrown consumer electronics brand — the company that made affordable, stylish earphones, headphones, smartwatches, and speakers a mainstream product for India’s youth.
Founded in 2013 by Aman Gupta (the Shark Tank India judge) and Sameer Mehta, boAt was built on a simple but powerful insight: Indian consumers wanted good-looking, decent-quality audio products at prices far below Sony, JBL, and Bose. boAt delivered exactly that — and became India’s market leader in personal audio within 5 years.
boAt by the numbers:
- One of India’s largest digital-first consumer electronics brands
- #1 in earwear market share in India (multiple years)
- Products sold across 30,000+ pin codes in India
- Present in audio, smartwatches, gaming accessories, charging solutions, and personal care
- Revenue of ₹3,097 crore in FY25
- Returned to profit of ₹61 crore in FY25 after two years of losses
- Over 10 million social media followers across platforms
The Journey to IPO — A Full Timeline
This marks boAt’s second IPO attempt. The company had earlier filed for a ₹2,000-crore IPO in January 2022, which included a fresh issue of ₹900 crore and an OFS of ₹1,100 crore. However, it deferred the plan due to volatile market conditions and opted for the confidential pre-filing route in April 2025, gaining SEBI’s approval by August.
| Date | Event |
|---|---|
| 2013 | Imagine Marketing incorporated |
| 2014–15 | boAt brand launched — earphones and cables |
| 2018–20 | Rapid growth — becomes India’s #1 earwear brand |
| January 2022 | First IPO filing — ₹2,000 crore issue |
| 2022 | IPO shelved — market crash, rising losses |
| FY23–FY24 | Revenue decline + back-to-back annual losses |
| FY25 | Returns to profitability — ₹61 crore PAT |
| April 2025 | Files confidential DRHP with SEBI |
| September 2025 | SEBI approves confidential DRHP |
| October 29, 2025 | Files Updated DRHP publicly — issue size cut to ₹1,500 crore |
| June 15, 2026 | Files further updated DRHP with SEBI |
| Sept 27–29, 2026 | Expected IPO subscription window (tentative) |
| Oct 2026 | Expected listing on NSE & BSE |
IPO Structure: Fresh Issue + OFS
The IPO consists of a fresh issue of up to ₹500 crore and an offer for sale of up to ₹1,000 crore. Out of the total fresh issue of ₹500 crore, ₹225 crore will be used for funding working capital requirements over three financial years ending March 2028. An amount of ₹150 crore is allocated for brand and marketing expenses. The remaining funds will be used for general corporate purposes.
Who is selling in the OFS:
Under the OFS, Sameer Ashok Mehta (₹75 crore), Aman Gupta (₹225 crore), and South Lake Investment Ltd (₹500 crore) are the promoter selling shareholders, while Fireside Ventures Investment Fund-I (₹150 crore) and Qualcomm Ventures LLC (₹50 crore) are the individual selling shareholders.
Key observation: Aman Gupta himself is selling ₹225 crore worth of shares through the OFS. South Lake Investment (a Warburg Pincus vehicle) is selling ₹500 crore. Together, the OFS accounts for ₹1,000 crore of the ₹1,500 crore total — meaning two-thirds of your investment goes to existing shareholders, not to build the company.
boAt Financials: The Most Important Section
Revenue witnessed a marginal decline over the three financial years FY23 to FY25, falling from ₹3,403 crore to ₹3,097 crore. This negative trend was primarily due to a substantial decline in revenue from the wearables segment, which fell by nearly 40% annually between FY23 and FY25, declining from ₹901 crore to ₹330 crore.
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹3,403 crore | ₹3,135 crore | ₹3,097 crore |
| Net Profit / Loss | — | -₹79.68 crore (LOSS) | ₹61.08 crore (PROFIT) |
| Wearables Revenue | ₹901 crore | — | ₹330 crore (-63%!) |
| Ad & Marketing spend | — | — | ₹389 crore (12.68% of revenue) |
The positive story: The company reported profit of ₹61.08 crores in 2025 against a loss of ₹79.68 crores in 2024 — a genuine turnaround that makes this IPO viable.
The concern: Revenue has been flat-to-declining for three years, and the wearables business (once a flagship) has shrunk by 63%. Meanwhile the company spends ₹389 crore — nearly 13% of revenue — on advertising alone, suggesting brand maintenance requires constant heavy investment.
🔴 The Most Important Thing in the DRHP — Read This Before Applying
Consumer electronics brand boAt is facing scrutiny after revealing inconsistencies in its financial information in its Updated DRHP. The company’s parent, Imagine Marketing, flagged several mismatches between the data it shared with banks and its own internal records. The company stated that the quarterly returns and statements submitted to lenders did not fully match the figures recorded in its books of accounts. These mismatches were seen across financial years 2023, 2024, and 2025. The company also acknowledged that auditors had raised “unfavourable observations” over the years. Some of these related to the use of funds for purposes that differed from what they were originally allocated for.
This is a serious disclosure. It means:
- boAt submitted different financial data to its banks versus what was in its actual accounts
- Auditors flagged issues across three consecutive financial years (FY23, FY24, FY25)
- Funds were used for purposes different from what they were allocated for
The company has stated it has initiated corrective measures. But for a company preparing to ask the public to invest money, disclosing three years of financial inconsistencies is a significant red flag that investors must weigh carefully.
Key Strengths: The Bull Case
1. Brand is genuinely exceptional boAt is not just another company — it is one of India’s most powerful D2C brand stories. The brand recognition, customer loyalty, and social media presence are real competitive advantages that cannot be bought overnight.
2. Returned to profitability in FY25 After two years of losses, returning to ₹61 crore profit in FY25 shows the business model can be profitable when managed well.
3. India’s consumer electronics market is growing fast India is targeting $300 billion in electronics manufacturing by a certain future year. Premiumisation of consumer electronics, rising disposable incomes, and increasing digital lifestyles all favour boAt’s category.
4. Aman Gupta’s personal brand is a marketing asset Shark Tank India has made Aman Gupta one of India’s most recognised entrepreneurs — his visibility directly helps the boAt brand at zero additional marketing cost.
5. Reduced issue size is investor-friendly Cutting from ₹2,000 crore to ₹1,500 crore means less dilution and potentially stronger demand relative to supply.
6. Valuation is more reasonable than 2022 Valuation discussions are centred around $1.5 billion (~₹14,000 crore), with market watchers calling it India’s most awaited D2C listing. This is significantly below the $2.5+ billion valuations discussed during the 2022 attempt — more realistic pricing this time.
Key Risks: The Bear Case
1. Financial inconsistencies disclosed in DRHP As detailed above — mismatched data submitted to banks vs internal records across FY23–FY25, and auditor “unfavourable observations” — is the biggest risk flag in this IPO.
2. Revenue has been flat for 3 years Revenue has barely moved from ₹3,403 crore (FY23) to ₹3,097 crore (FY25). For a brand seeking a ₹14,000 crore valuation, flat revenue is a concern.
3. Wearables collapse The wearables revenue has decreased substantially, falling from ₹901 crore in FY23 to just ₹330 crore in FY25, indicating potential difficulty maintaining growth in this segment. Smartwatches were once a key growth driver — that engine has stalled.
4. Heavily OFS-weighted — two-thirds goes to selling shareholders ₹1,000 crore of ₹1,500 crore is OFS. Aman Gupta, Warburg Pincus, Fireside Ventures, and Qualcomm are cashing out significantly.
5. Marketing spend is very high The company incurred ₹389.72 crore on advertisement and promotion expenses — 12.68% of revenue from operations in FY25. This is extremely high for a “brand” company — it suggests the brand requires constant expensive maintenance rather than generating self-sustaining organic demand.
6. Negative operating cash flow in Q1 FY26 Despite achieving annual profitability, the company recorded negative net cash flows used in operating activities of ₹103.1 crore for the three months ended June 30, 2025. This reversal indicates high short-term capital intensity, partly due to inventory build-up.
7. Chinese competition intensifying boAt competes with Xiaomi, Realme, OnePlus, and aggressive Chinese OEMs that sell audio products at similar or lower prices. The competitive moat is brand — not technology — and brands can erode.
8. Concentrated supply base Purchases from its top ten suppliers and contract manufacturers accounted for 45.46% of total stock-in-trade purchases in FY25, risking disruption if supply ceases.
Who Is Selling and How Much?
| Selling Shareholder | Amount in OFS | Type |
|---|---|---|
| South Lake Investment Ltd (Warburg Pincus) | ₹500 crore | Promoter |
| Aman Gupta (Co-founder) | ₹225 crore | Promoter |
| Sameer Mehta (Co-founder) | ₹75 crore | Promoter |
| Fireside Ventures Investment Fund-I | ₹150 crore | Investor |
| Qualcomm Ventures LLC | ₹50 crore | Investor |
| Total OFS | ₹1,000 crore | — |
Use of Fresh Issue Proceeds (₹500 crore)
| Purpose | Amount |
|---|---|
| Working capital requirements | ₹225 crore |
| Brand and marketing expenses | ₹150 crore |
| General corporate purposes | ₹125 crore |
Note: None of the fresh issue proceeds are earmarked for R&D, product development, or manufacturing expansion — the entire ₹500 crore goes to working capital, marketing, and corporate use. This is less capital-efficient than investors might hope.
boAt IPO vs Other Major 2026 IPOs
| Feature | boAt IPO | Jio IPO | NSE IPO | SBI MF IPO |
|---|---|---|---|---|
| Issue size | ₹1,500 crore | ₹37,700 crore | ~₹30,000 crore | ~₹13,000 crore |
| Fresh issue | ₹500 crore | ₹37,700 crore | None | None |
| OFS | ₹1,000 crore | None | All | All |
| Valuation | ~₹14,000 crore | ~₹11.5 lakh crore | ~₹5 lakh crore | ~₹1.3 lakh crore |
| Expected date | Sept 27–29 | Aug–Oct | Late 2026 | Already listed |
| Revenue trend | Declining | Growing | Stable | Growing |
| Profit trend | Loss → Profit | Growing | Stable | Growing |
| Sector | D2C electronics | Telecom/Digital | Exchange | Asset mgmt |
Official Documents: Where to Read the DRHP
- SEBI Public Issues Portal — UDRHP filing https://www.sebi.gov.in/filings/public-issues.html
- BSE Filings — Imagine Marketing https://www.bseindia.com
- NSE Filings https://www.nseindia.com/companies-listing/corporate-filings-announcements
- boAt Official Website https://www.boat-lifestyle.com
- MUFG Intime India (Registrar) — Allotment Status https://linkintime.co.in/initial_offer/public-issues.html
Frequently Asked Questions (FAQ)
Q1. When is the boAt IPO opening date? The boAt IPO is tentatively expected to open for subscription on September 27, 2026 and close on September 29, 2026. These dates have not been officially confirmed — they will be announced after SEBI’s final review and the RHP filing.
Q2. What is the boAt IPO price band? The price band has not been officially announced. It is estimated to be above ₹350 per share based on the target valuation of ~₹14,000 crore. The official price band will be set in the Red Herring Prospectus (RHP) closer to the opening date.
Q3. What is the boAt IPO GMP today? The current unofficial grey market premium for boAt IPO is approximately ₹89 per share in the pre-IPO market. Since the subscription has not yet opened, this is purely speculative and should not be used as a basis for investment decisions.
Q4. Is the boAt IPO a fresh issue or OFS? It is a combination — ₹500 crore fresh issue and ₹1,000 crore OFS. Two-thirds of the money raised goes to existing shareholders including founders and investors, not to the company.
Q5. Who are the founders of boAt? boAt was co-founded by Aman Gupta (popular as a judge on Shark Tank India) and Sameer Ashok Mehta. Both are promoter selling shareholders in this IPO.
Q6. What are the major risks in the boAt IPO? The key risks are: financial inconsistencies disclosed in the DRHP (mismatched data submitted to banks vs internal records), three years of flat/declining revenue, wearables revenue falling 63% since FY23, heavy OFS component, high marketing spend, and negative operating cash flows in Q1 FY26.
Q7. Has SEBI approved the boAt IPO? Yes — SEBI granted approval to Imagine Marketing’s IPO in September 2025. The company filed its Updated DRHP in October 2025 and a further updated filing in June 2026. The IPO is awaiting final RHP filing and subscription window announcement.
Q8. What is boAt’s parent company name? boAt’s parent company is Imagine Marketing Limited, incorporated in November 2013 in India.
Our Honest Take: Apply or Avoid?
The bull case in one line: boAt is a genuinely powerful consumer brand, back in profit, in a growing market, at a more reasonable valuation than its 2022 attempt.
The bear case in one line: Three years of flat revenue, a wearables business that has collapsed, financial inconsistencies disclosed across FY23–FY25, and two-thirds of your investment goes to founders and investors cashing out.
Our view: boAt is a brand IPO more than a fundamentals IPO. If you believe in the brand’s ability to reinvent itself, expand into new categories (gaming, personal care, charging), and grow revenue consistently — the valuation is not unreasonable. But the financial inconsistency disclosure is a serious concern that demands careful reading of the full RHP.
Our recommendation: Wait for the official price band and RHP. Study the auditor’s observations carefully. Watch QIB subscription on Day 1–2 before deciding. Do not apply based on Aman Gupta’s celebrity alone.
Stay Updated
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- ✅ Official price band announcement
- ✅ Subscription open date confirmed
- ✅ Day 1, 2, 3 subscription data
- ✅ Allotment date and status link
- ✅ Listing day performance
👉 Also read: Complete IPO Calendar July 2026 👉 How to check IPO allotment status
Sources: Imagine Marketing UDRHP (SEBI October 2025, June 2026), Business Standard, India Infoline, INDmoney, Angel One, IPOWatch, IPO Central, UnlistedZone, Precize, as of July 10 2026.