boAt IPO
boAt IPO Date, Price, GMP, Review, Allotment & Details
boAt IPO Details
boAt IPO is the proposed public issue of Imagine Marketing Limited, the company behind the boAt consumer electronics brand. The company proposes to raise ₹1,500 crore through a combination of a fresh issue of ₹500 crore and an offer for sale of ₹1,000 crore. The IPO is proposed to be listed on BSE and NSE. The price band, IPO opening date, closing date and other final issue terms are yet to be announced in the available offer document.
boAt IPO Timeline (Tentative)
The boAt IPO timeline will be updated once the company announces the final offer schedule. The currently available Updated DRHP-I does not specify the Bid/Offer Opening Date, Bid/Offer Closing Date, Basis of Allotment Date or Listing Date.
| Event | Tentative Date |
|---|---|
| IPO Opens | |
| IPO Closes | |
| Basis of Allotment | |
| Refund Initiation | |
| Credit of Shares to Demat | |
| Listing Date |
boAt IPO Lot Size
The boAt IPO lot size has not been announced because the price band and final offer terms are yet to be determined. The minimum investment amount for Retail, S-HNI and B-HNI investors will therefore be available after the company announces the final price band and lot size.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
boAt IPO Reservation
The boAt IPO reservation structure provides for not less than 75% of the Offer to Qualified Institutional Buyers, not more than 15% to Non-Institutional Bidders and not more than 10% to Retail Individual Bidders. The exact number of shares reserved for each category will be available after the final issue size and price band are determined.
boAt IPO Subscription
The boAt IPO subscription status will be updated after the issue opens for bidding. No subscription figures are available at present because the IPO has not opened for public subscription.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About boAt
Imagine Marketing Limited is the company behind the boAt brand and was incorporated in 2013. The company operates as a digital-first consumer products business focused on technology-enabled lifestyle products. Its portfolio includes personal audio, wearables, home audio, gaming products, personal care products and mobile accessories.
The company has built its brand around affordable and lifestyle-oriented consumer electronics, with a strong focus on product design, brand marketing, digital distribution and rapid product development. Its products are sold through online marketplaces, its own digital channels and offline retail networks.
The company operates across audio, wearables and other consumer electronics categories. Audio remains its largest business segment, while wearables and other categories provide additional sources of revenue. The company also has engineering and research capabilities through boAt Labs and has developed products and software features for its connected devices.
According to the IPO filing, boAt has established a strong position in India's personal audio market. In the TWS category, the company was ranked number one in India by volume from Financial Year 2021 to Financial Year 2025 and by value from Financial Year 2023 to Financial Year 2025. In Financial Year 2025, its TWS market share was 25% by value and 34% by volume, according to IDC.
Strengths
- Strong brand presence in India's personal audio and consumer electronics market.
- Number-one position in India's TWS category by volume for Financial Years 2021 to 2025 and by value for Financial Years 2023 to 2025, according to IDC.
- Diversified product portfolio covering audio, wearables and other consumer electronics categories.
- In-house engineering and research capabilities supported by boAt Labs and a dedicated R&D team.
- Established online distribution combined with a growing offline distribution network.
- Founder-backed management team with experience in the consumer technology industry.
Risks to Consider
- The company operates in a highly competitive consumer electronics market with frequent changes in technology and consumer preferences.
- Revenue from operations declined from ₹3,376.79 million in FY2023 to ₹3,117.67 million in FY2024 and ₹3,073.28 million in FY2025.
- A significant portion of the business depends on audio products, making category-level demand an important factor for future performance.
- The company purchases some products and components in foreign currency and is exposed to foreign exchange movements and international supply-chain risks.
- The company depends on online marketplaces and other distribution partners, and changes in commercial terms can affect margins and cash flows.
- Product quality issues, warranty claims, rapid product obsolescence and cybersecurity risks could affect the company's business and reputation.
boAt Financials (₹ Cr)
The financial table below uses the restated consolidated financial information presented in the Updated Draft Red Herring Prospectus-I. The filing reports amounts in ₹ million; the figures below are converted into ₹ crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2023 | 3,403.18 | -129.45 | 2,178.50 | 454.58 |
| FY2024 | 3,135.35 | -79.68 | 1,735.51 | 376.16 |
| FY2025 | 3,097.81 | 61.08 | 1,618.07 | 432.01 |
KPIs & Valuation
The key IPO valuation metrics will depend on the final price band and offer structure. The Updated DRHP-I reports FY2025 basic EPS of ₹4.07, RoNW of 14.14% and NAV of ₹28.78 per equity share. The P/E ratios at the floor and cap prices are not available because the price band has not yet been finalised.
Objects of the Issue
The boAt IPO fresh issue proceeds are proposed to be used primarily for working capital requirements, brand and marketing expenses and general corporate purposes. The Updated DRHP-I proposes ₹225 crore for working capital requirements and ₹150 crore for brand and marketing expenses, with the remaining amount allocated towards general corporate purposes subject to the final offer structure. The company proposes to utilise the Net Proceeds for the following purposes:
- Funding working capital requirements of the Company – ₹225 Crores
- Funding brand and marketing expenses towards enhancing the awareness and visibility of products and brand – ₹150 Crores
- General Corporate Purposes –
Promoters, Lead Managers & Registrar
The registrar to the proposed boAt IPO is MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited. The Updated DRHP-I identifies ICICI Securities Limited, Goldman Sachs (India) Securities Private Limited, JM Financial Limited and Nomura Financial Advisory and Securities (India) Private Limited as the Book Running Lead Managers.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 22 4918 6200 / +91 810 811 4949 |
| imagine.ipo@linkintime.co.in | |
| Website | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
boAt IPO Review
Imagine Marketing has built boAt into a recognised consumer electronics brand with a significant presence in personal audio and wearables. The company has developed a broad product portfolio and combines digital distribution with an expanding offline presence.
The company's financial performance shows a return to profitability in FY2025 after losses in FY2024 and FY2023. Restated consolidated revenue from operations was ₹3,073.28 crore in FY2025 compared with ₹3,117.67 crore in FY2024, while profit for the year increased to ₹61.08 crore from a loss of ₹79.68 crore in FY2024.
The proposed fresh issue is intended to provide funding for working capital and brand and marketing activities. The company also expects the listing to provide a public market for its equity shares and enhance its corporate visibility.
However, investors should consider the competitive nature of consumer electronics, changing technology cycles, pricing pressure, dependence on major sales channels, working capital requirements and the company's historical fluctuations in profitability before evaluating the IPO once the final price band is announced.
How to Apply
Investors can apply for the boAt IPO through the ASBA facility or through supported UPI-enabled IPO application platforms after the issue opens.
Through UPI
- Login to your trading or investment platform.
- Select the boAt IPO when the issue becomes available.
- Enter the required number of lots.
- Select the investor category.
- Enter your UPI ID.
- Verify the IPO application details.
- Submit the application.
- Approve the UPI mandate received from your bank.
- Ensure that the required application amount is blocked in your bank account.
- Check the IPO application status after submission.
Prospectus & Documents
The available IPO documents include the Updated Draft Red Herring Prospectus-I filed with SEBI and made available through Imagine Marketing's investor-relations section. The final Red Herring Prospectus and Prospectus will be added once filed and available.
Last updated Sep 30, 2026.