About Imagine Marketing IPO
On 28 October 2025, Imagine Marketing Ltd. filed its updated draft red herring prospectus (UDRHP). This IPO is a 100% book-built public offering, consisting of a fresh issue of ₹500 crores and an offer for sale of ₹1,000 crores. Therefore, the total value of the Imagine Marketing IPO is nearly ₹15,000 crores.
The company has not yet determined the exact share price and issue date. The book-running lead managers are ICICI Securities Ltd., Goldman Sachs India Securities Private Ltd., JM Financial Ltd., and Nomura Financial Advisory and Securities India Private Ltd. The registrar to the issue is MUFG Intime India Private Ltd.
Company Background
Founded on 1 November 2013 in Mumbai, Maharashtra as "Imagine Marketing Private Ltd.," the company evolved through several organizational structures. It was renamed "Imagine Marketing Ltd." after becoming a public limited company in January 2022 and trades under the brand "boAt." Since launching "boAt" in 2015, the company has become the largest digital-first consumer products company in India, focusing on audio and wearable devices.
Operations & Product Range
Imagine Marketing Ltd. operates a strong lifestyle- and technology-focused business, offering personal audio and wearable devices. Consumers can purchase wireless headphones, earphones, speakers, smartwatches, and other products designed for young, digital-oriented users. Many products include features like IPX sweat resistance and noise-canceling technology.
Facilities & Capacity
The company's facilities include a highly efficient logistics network and a supply chain emphasizing domestic manufacturing. As of FY2025, it is the largest branded personal audio products company in India by value and volume. Manufacturing most products domestically ensures competitive pricing and resilient operations across the supply chain.
Brands & Market Presence
Imagine Marketing Ltd. has a strong presence in India through the "boAt" brand, the third-largest digital-first brand in India by revenue in FY2025. It is the #1 branded personal audio company in India and the 4th largest globally by volume. This reputation and high consumer engagement strengthen the value proposition of the Imagine Marketing IPO.
Revenue Streams and Business Model
The company's revenue comes from multiple sources, including online channels (e-commerce marketplaces, quick commerce platforms, and its DTC web platform) and over 12,000 physical retail locations across 25 states and 5 Union Territories. This hybrid model balances online growth with an offline physical presence, supporting continuous revenue growth.
Management & Shareholding
Sameer Ashok Mehta and Aman Gupta founded the company and collectively held over 99% of the shares before the IPO. Both bring extensive experience and strategic vision in consumer electronics, ensuring the company’s competitive advantage and brand growth.
Board & Key Management
The board includes executive directors (Sameer Mehta and Aman Gupta) and independent directors who provide corporate governance oversight. Key management includes Company Secretary and Compliance Officer Shreekant Jayram Sawant.
Imagine Marketing IPO Details
| Detail | Description |
|---|---|
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹ 1 per Equity Share |
| Issue Price Band | [.] |
| Lot Size | [.] |
| Sale Type | Book Built Issue |
| Total Issue Size | Up to ₹ 1,500.00 Crore |
| Fresh Issue(Ex Market Maker) | Up to ₹ 500.00 Crore |
| Offer for Sale | Up to ₹ 1,000.00 Crore |
| Issue Type | 100 % Book Built Offer |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 100 % (Promoters and Investors) |
Imagine Marketing IPO Financial Information
Latest Revenue
638.44
₹ Crore
Profit After Tax
21.35
₹ Crore
Net Worth
452.78
₹ Crore
Total Borrowing
572.05
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 1,720.53 | 638.44 | 21.35 | 452.78 | 511.30 | 572.05 | |||
| 31 Mar 2025 | 1,618.07 | 3,097.81 | 61.08 | 432.01 | 487.77 | 564.88 | |||
| 30 Jun 2024 | 1,656.96 | 572.37 | -31.08 | 345.09 | 389.08 | 781.76 | |||
| 31 Mar 2024 | 1,735.51 | 3,135.35 | -79.68 | 7.70 | 416.79 | 860.19 | |||
| 31 Mar 2023 | 2,178.50 | 3,403.18 | -129.45 | 454.58 | 474.77 | 1,236.11 | |||
| Amount in ₹ Crore | |||||||||
Imagine Marketing Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 14.14% |
| Debt/Equity | 1.31x |
| PAT Margin | 1.97% |
| EBITDA Margin | 4.60% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹6.34 (Basic) / ₹4.05 (Diluted) | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The funds raised through the Imagine Marketing IPO will be used for:
- • Funding innovation centers and software development to improve proprietary hardware and Crest OS.
- • Scaling the digital storefront and increasing penetration in multi-brand offline retail outlets.
- • Investing in inorganic growth opportunities and reinforcing partnerships with manufacturers like Califonix.
- • Strengthening local supply chains and manufacturing to reduce reliance on imports.
Conclusion
The Imagine Marketing IPO is an opportunity to invest in the growing Indian audio and wearables market. With a strong brand, extensive distribution network, focus on local manufacturing, and digital-first strategies, the company aims to maintain its leadership in the fast-evolving consumer electronics space.
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Competitive Strengths
It is the largest branded personal care company in India and also claims to have a high position worldwide in terms of volume.
"boAt" has strong brand recall for consumers and is considered to be an outstanding digital-first brand in India.
With increasing emphasis on "Make in India," there is a possibility of quick product development options.
Significant reach through the most influential e-commerce platforms and over 12,000 offline retail touch points.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 01/08/2025 | - |
| 2 | Filed with SEBI/Exchange | 09/04/2025 | - |
Imagine Marketing IPO Timeline
| IPO Open Date | [.] |
| IPO Close Date | [.] |
| Tentative Allotment | [.] |
| Initiation of Refunds | [.] |
| Credit of Shares to Demat | [.] |
| Tentative Listing Date | [.] |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | [.] | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | [.] | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | [.] | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | [.] | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | [.] | Over ₹10,00,000 |