BoAt's parent files for IPO to raise up to ₹2,000 crore. Details here
Premium- BoAt IPO: Axis Capital, BoFA Securities, Credit Suisse Securities, ICICI Securities are book running lead managers
India's Imagine Marketing, which owns the BoAt brand of Earphones and Smartwatches, has filed for initial public offering (IPO) with market regulator Securities and Exchange Board of India (SEBI) of up to ₹2,000 crore, its draft prospectus showed on Thursday.
Imagine marketing's share sale will consist fresh issue of shares worth up to ₹900 crore, and offer for sale (OFS) of shares worth up to ₹1,100 crore. South Lake investment will sell shares worth up to ₹800 crore in the IPO. Sameer Mehta and Aman Gupta are the promoters of the company.
The company will 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 utilization of our internal accruals for further investment in business growth and expansion.
Axis Capital, BoFA Securities, Credit Suisse Securities, ICICI Securities are book running lead managers for imagine marketing's initial share sale.
Founded in 2013 and led by its flagship brand ‘boAt’ launched in 2014, the company has established leading market positions in volume and value terms in India across multiple, high-growth consumer categories such as audio and smartwatches as of September 30, 2021.
The company said that it has grown its operating revenue at a compound annual growth rate (CAGR) of 141% from FY19 to FY21, while maintaining profitability.
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