Summary
boAt’s parent company, Imagine Marketing, has confidentially filed draft papers with SEBI for a potential IPO, marking its second attempt to go public. Using the pre-filing route, the company avoids immediate public disclosure of its Draft Red Herring Prospectus (DRHP), offering strategic flexibility and reduced market pressure. Imagine Marketing had previously filed in 2022 for a ₹2,000 crore IPO. Founded by Aman Gupta and Sameer Mehta, the company has grown into a consumer tech leader with products across audio, wearables, grooming, and accessories. This move aligns with a growing trend of Indian startups and corporations opting for confidential filings before IPOs, including Tata Play, Swiggy, and PhysicsWallah.
Table of Contents
Stepping Towards Public Listing—Quietly
Imagine Marketing, the company behind India’s popular audio and wearables brand boAt, is taking a significant step toward going public—again. The company recently filed draft IPO papers with Securities and Exchange Board of India (SEBI) through the confidential pre-filing route, a strategic move that’s becoming increasingly popular among Indian firms preparing to enter the stock market.
This confidential filing allows the company to keep the contents of its Draft Red Herring Prospectus (DRHP) out of public view until a later stage in the IPO process, offering greater flexibility and less public scrutiny in the early stages.
What Is the Confidential Pre-Filing Route?
A Strategic Option for Indian Companies
The confidential pre-filing route, introduced by SEBI in 2022, gives companies the option to test market waters without committing to a full-blown IPO announcement. Unlike traditional filings, which require public disclosure of offer details as soon as the DRHP is submitted, the confidential route allows companies to wait until SEBI reviews and responds before revealing the offer to the public.
This mechanism has been used by major Indian companies like Tata Play, Swiggy, Vishal Mega Mart, and PhysicsWallah to navigate volatile market conditions or uncertain investor sentiment while preparing for a potential listing.
Flexibility Is the Key
Market experts note that this route offers several key benefits:
- Companies can float the IPO within 18 months of SEBI’s approval, compared to the 12-month window in the traditional route.
- The primary issue size can be adjusted by up to 50% before submitting the Updated Draft Red Herring Prospectus (UDRHP).
- Businesses can gauge market interest quietly and make strategic decisions without intense public pressure.
Imagine Marketing’s Journey to the Stock Market
A Second Attempt at Listing
This is not Imagine Marketing’s first time at the IPO table. In January 2022, the company had filed for a ₹2,000 crore public issue, which included:
- A fresh issue of ₹900 crore worth of equity shares
- An offer for sale (OFS) amounting to ₹1,100 crore
However, the IPO did not proceed, likely due to shifting market dynamics and valuation concerns at the time.
Now, with improved market sentiment and stronger positioning in the consumer electronics segment, Imagine Marketing appears to be re-evaluating its timing with a smarter, quieter approach.
“No Guarantees Yet”
It’s important to note that while the pre-filing of IPO papers is a strong signal, it does not confirm that the IPO will definitely take place. The company itself has emphasized that this is just a step in the process, and there’s no guarantee of a public issue unless market conditions are deemed favorable.
Who Is Imagine Marketing?
The Brand Behind boAt
Founded in 2013 by Aman Gupta and Sameer Mehta, Imagine Marketing has become a household name in India with its flagship brand, boAt. What started as a stylish audio accessories brand has now grown into a comprehensive consumer electronics company.
The company’s offerings include:
- Audio products: Earphones, headphones, speakers
- Wearable tech: Smartwatches and fitness bands
- Personal grooming tools: Trimmers, grooming kits
- Mobile accessories: Cables, chargers, power banks
boAt has made a mark by combining affordable pricing with trend-forward design, appealing strongly to India’s tech-savvy millennial and Gen Z audiences.
Growing Trend: More Indian Companies Opting for Confidential IPOs
Imagine Marketing’s confidential filing isn’t happening in isolation. It’s part of a larger trend where Indian companies are opting for discreet IPO preparations over the traditional high-profile announcements.
Here are a few other notable cases:
- Tata Play (Dec 2022): First company to use this route in India; received SEBI’s nod in April 2023 but later shelved its IPO.
- OYO (2023): Filed confidentially but didn’t proceed.
- Swiggy & Vishal Mega Mart (2024): Successfully went public after confidential filings.
- Tata Capital & PhysicsWallah: Recently filed using this method.
The strategy is particularly useful for high-growth startups and consumer-facing brands navigating market volatility or looking to perfect their timing.
What This Means for Investors and the Market
A Sign of Maturity in Indian Capital Markets
The adoption of the confidential IPO filing route signals a shift in how Indian companies view capital raising. It reflects a more mature, strategic approach that’s common in markets like the U.S., where firms like Airbnb and Stripe have taken similar paths.
For investors, this also means:
- More prepared and transparent IPOs by the time they’re public
- Greater confidence in valuations due to pre-market testing
- Potential early investment opportunities in high-growth sectors like wearables and smart tech
Final Thoughts
Imagine Marketing’s confidential filing marks an important moment not just for the company but also for India’s IPO landscape. As boAt continues to dominate the consumer tech space, a public listing could provide the capital and visibility needed to take the brand global.
However, until the company makes a formal public announcement, investors and market watchers will have to wait and watch. One thing’s for sure — the wave of confidential IPOs is only gaining momentum, and Imagine Marketing is right at the forefront.