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Imagine Marketing Ltd, which owns consumer electronics brand “boAt” has filed DRHP (Draft Red Herring Prospectus) for an initial public offer (IPO) of up to ₹2,000 crore with market regulator SEBI.
According to its DRHP filing, the IPO will consist of a fresh issue of shares worth up to ₹900 crore and an offer for sale of up to ₹1,100 crore. South Lake Investments Ltd will sell up to ₹800 crore in the IPO.
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 its internal accruals for further investment in business expansion.
Axis Capital Ltd, BofA Securities India Ltd, Credit Suisse Securities (India) Private Ltd and ICICI Securities Ltd are the Book Running Lead Managers for the IPO.
The company was founded in 2013, and its flagship brand “boAt” was launched in 2014. Sameer Mehta and Aman Gupta are the promoters of the company. Its portfolio consists of earphones and smartwatches and is one of the leading homegrown D2C brands.
The company said it has grown its operating revenue at a CAGR of 141 per cent from FY19 to FY21 while maintaining profitability. It has established leading market positions in volume and value terms in India in categories such as audio and smartwatches as of September 30, 2021.
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