Imagine Marketing, the powerhouse behind consumer electronics brand boAt, has taken a step toward going public — again. This time, the company has quietly submitted its IPO draft under SEBI’s confidential pre-filing route, which lets companies delay making key IPO details public until a later stage.
In a notice issued Monday, the company confirmed it had filed a “Pre-filed Draft Red Herring Prospectus” (PDRHP) with SEBI and the stock exchanges under the ICDR (Issue of Capital and Disclosure Requirements) regulations. But there’s a catch: pre-filing doesn’t necessarily mean the IPO will go through — it simply opens the door.
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This is Imagine Marketing’s second shot at a public listing. Back in January 2022, the company filed for a Rs 2,000 crore IPO — Rs 900 crore in fresh equity and a Rs 1,100 crore offer-for-sale — but didn’t move ahead with the plan.
Founded in 2013 by Aman Gupta (a familiar face on Shark Tank India) and Sameer Mehta, Imagine Marketing has built a strong brand presence through its boAt portfolio, which includes headphones, smartwatches, grooming tools, and phone accessories. It’s one of India’s most visible consumer tech startups, known for its aggressive branding and celebrity-led marketing.
The confidential IPO filing strategy is gaining traction among Indian firms. It gives companies breathing room — they don’t have to face investor and media scrutiny too early in the process. Tata Capital and PhysicsWallah recently took the same route, while Swiggy and Vishal Mega Mart both launched successful IPOs this year after using it.
OYO and Tata Play also explored this path earlier, though they eventually shelved their public plans.
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One major benefit? Companies using this route aren’t locked into a 12-month deadline post-SEBI approval — they get 18 months instead. Plus, they can tweak the issue size by up to 50% before filing the final draft, offering more flexibility in uncertain market conditions.
Whether Imagine Marketing finally makes it to the public markets this time around remains to be seen. But by going the confidential route, it’s clear they’re keeping their options open — and their cards close to the chest.
