Markets regulator Sebi has cleared the public listing of Imagine Marketing Ltd, the parent company behind the boAt brand, paving the way for one of India’s most awaited consumer electronics IPOs this year.
The approval follows Imagine Marketing’s confidential filing in April and sets the stage for a market debut that could value the Warburg Pincus-backed company at around ₹13,000 crore, according to people aware of the matter. This marks the firm’s second attempt at going public after it shelved a ₹2,000-crore IPO plan in 2022. That earlier draft had proposed a ₹900-crore fresh issue and a ₹1,100-crore offer for sale.
Founded in 2013 by Aman Gupta and Sameer Mehta, Imagine Marketing has built a diversified product suite spanning headphones, speakers, smartwatches, grooming devices and mobile accessories under the boAt label. The company has carved a strong position in the affordable wearables and audio accessories market, competing with global majors such as Apple, Samsung and local challenger Noise.
Sebi’s green light comes at a time when IPO activity in India remains buoyant. Alongside Imagine Marketing, 12 other companies have received approval for share sales. The list includes Urban Company, renewable energy player Juniper Green Energy, Allchem Lifescience, Pace Digitek, Omnitech Engineering, KSH International, Ravi Infrabuild Projects, Mouri Tech, Priority Jewels, Corona Remedies, Om Freight Forwarders and Jain Resource Recycling.
For investors, boAt’s proposed listing is being closely tracked as a proxy to India’s expanding consumer electronics story. With demand for affordable wearables surging, the company is expected to use public market funds to strengthen distribution, scale product innovation and sharpen its competitive edge in a crowded sector.
With regulatory clearance secured, Imagine Marketing now joins the growing pipeline of consumer-facing businesses ready to test investor appetite in India’s primary markets.
