Boat’s parent company Imagine Marketing files draft IPO papers

Smart wearables and electronic accessories brand Boat’s parent company Imagine Marketing has filed preliminary papers with the Securities and Exchange Board of India for a potential initial public offering. The business made the filing through the confidential pre-filing route.

In a public notice issued on Monday, Imagine Marketing confirmed that it had submitted a pre-filed draft red herring prospectus under Sebi’s Issue of Capital and Disclosure Requirements regulations, the Press Trust of India reported. However, it noted that the filing does not necessarily indicate a commitment to launch the IPO.

The filing marks Imagine Marketing’s second attempt to list on the stock exchanges, India Retailing reported. In January 2022, the business had proposed a Rs 2,000 crore IPO, which included 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, the company’s product portfolio spans audio devices, smart wearables, grooming tools, and mobile accessories under the Boat brand. Imagine Marketing joins a growing list of Indian firms using the confidential pre-filing route, including Tata Capital and PhysicsWallah. 

The pre-filing method provides added flexibility for businesses, allowing IPOs to be launched within 18 months of Sebi’s final comments and enabling adjustments to the issue size by up to 50% at the updated filing stage. Recent success stories via this route include Swiggy and Vishal Mega Mart, while others like OYO and Tata Play did not proceed to listing.