boAt Parent Imagine Marketing Files for IPO Through Confidential Route

This is the company's second attempt at going public

by Aishwarya Bhatt · April 8, 2025

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Imagine Marketing, the company behind popular wearables brand boAt Lifestyle has submitted draft IPO papers to market regulator SEBI. They are trying to keep the submission under wraps by using the confidential pre-filing route. This approach allows the company to keep details of its draft red herring prospectus private until later.

The company announced its filing in a public notice Monday, stating it has "filed the Pre-filed Draft Red Herring Prospectus with Sebi and stock exchanges under the... ICDR Regulations in relation to the proposed initial public offering of its equity shares on the main-board of the stock exchanges." However, Imagine Marketing emphasized that this filing doesn't guarantee it will proceed with the public offering.

This represents the company's second attempt at going public. Imagine Marketing filed draft papers in January 2022 for a Rs 2,000-crore IPO, including a fresh issue worth Rs 900 crore and an offer for sale of Rs 1,100 crore.

Founded in 2013 by Aman Gupta and Sameer Mehta, Imagine Marketing offers a diverse product lineup spanning audio gear, smart wearables, personal grooming products, and mobile accessories.

The confidential pre-filing approach has recently gained popularity among Indian companies. Tata Capital and edtech unicorn PhysicsWallah chose this route, while food delivery platform Swiggy and retail chain Vishal Mega Mart successfully completed their IPOs after filial filings in 2024.

Previously, OYO filed confidentially in 2023 but didn't move forward with its offering. Tata Play (formerly Tata Sky) became India's first company to use this option in December 2022, receiving SEBI's observation letter in April 2023 before withdrawing.

Industry experts point to several advantages of the confidential route. Companies face less pressure to proceed with listings and gain an extended timeline of 18 months from SEBI approval compared to the standard 12-month window. Additionally, companies can adjust their primary issue size by up to 50% until the Updated Draft Red Herring Prospectus stage.