BoAt Files Draft Papers For IPO Via Confidential Pre-Filing Route

Imagine Marketing, the parent company of wearables brand boAt, has filed draft papers for an IPO using SEBI’s confidential pre-filing route. 

This route lets the company keep IPO details private until later in the process. However, the company said that filing these papers doesn’t mean it’s certain to go public.

This is boAt’s second attempt at an IPO. Back in January 2022, it had filed for Rs 2,000 crore offering, which included Rs 900 crore of new shares and Rs 1,100 crore worth of shares sold by existing investors.

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Imagine Marketing’s choice to go with the confidential pre-filing route follows a growing trend among Indian companies. Recently, Tata Capital and edtech unicorn PhysicsWallah also chose this method to keep their IPO plans private in the early stages.

About boAt

Founded in 2013 by Aman Gupta and Sameer Mehta, boAt is known for its audio products, smart wearables and phone accessories. It sells through Amazon, Flipkart, its own website and retail stores across India.

So far, boAt has raised over $170 million, including a $60 million round in 2023 led by Warburg Pincus and Malabar Investments.

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