boAt Files Updated DRHP For INR 1,500 Cr IPO

Consumer electronics startup boAt’s parent Imagine Marketing has filed its updated draft red herring prospectus (UDRHP) with SEBI for up to INR 1,500 Cr IPO. 

The Bengaluru-based company’s public offering will comprise a fresh issue of equity shares worth up to INR 500 Cr and an offer-for-sale (OFS) component of up to INR 1,000 Cr. 

Investor and promoter South Lake Investment will offload shares worth up to INR 500 Cr. While cofounder Aman Gupta will sell shares worth up to INR 225 Cr, Sameer Mehta will offload shares worth up to INR 75 Cr. Fireside Ventures and Qualcomm Ventures LLC will sell shares worth up to INR 150 Cr and INR 50 Cr, respectively.

The company intends to utilise INR 225 Cr from the fresh issue for working capital requirements, while INR 150 Cr will be used for branding and marketing activities. The remaining proceeds will be used for general corporate purposes.

Among the promoters, Mehta holds approximately 24.75% stake in the company and Gupta holds 24.76% stake. South Lake Investment has the highest stake in the company at 39.25%. 

Among prominent institutional shareholders, Fireside Ventures Investment Fund-I (Scheme of Fireside Ventures Investment Trust) holds around 3.28%, Qualcomm Ventures LLC holds about 2.28%, and Malabar Select Fund holds approximately 1.20% stake in the company. 

While there were no major secondary deals in the last few years, Mehta gifted 20,000 equity shares on September 29, 2025 to Usha Dev Chawla.

The SEBI approval for the public issue comes five months after boAt pre-filed its DRHP via the confidential route. 

On the financial front, boAt saw its revenue from operations increase 10.7% to INR 628.1 Cr in Q1 FY26 from INR 567.2 Cr in the year-ago quarter. The company also turned profitable during the quarter, posting a profit of INR 21.3 Cr as against a loss of INR 31 Cr in Q1 FY25.

In FY25, boAt reported a profit of INR 61 Cr as against a loss of INR 79.6 Cr in the previous fiscal year. Revenue dipped 1.4% to INR 3,073.2 Cr from INR 3,117.6 Cr in FY24.