Synopsis
On April 7, homegrown wearables brand boAt's parent company, Imagine Marketing, announced the filing of draft IPO papers with SEBI through a confidential route, marking its second attempt at going public since its 2022 filing.Key Takeaways
- Imagine Marketing files for IPO with SEBI.
- Second attempt after previous filing in 2022.
- Confidential pre-filing allows flexibility.
- Plans to list on Indian stock exchanges.
- Broader trend among Indian companies.
New Delhi, April 7 (NationPress) The parent company of the homegrown wearables brand boAt, Imagine Marketing, has officially announced on Monday that it has submitted draft documents for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI) through the confidential pre-filing process.
This marks the second attempt by the company, led by Aman Gupta, to go public after its initial submission of a full draft red herring prospectus (DRHP) in 2022.
The confidential filing option enables firms to present their plans without disclosing all details prematurely.
The DRHP will only be accessible to the public at a later stage. A public notice indicates that the company has filed its pre-filed DRHP in accordance with SEBI's Issue of Capital and Disclosure Requirements Regulations.
Through this proposed IPO, Imagine Marketing aims to list its equity shares on the mainboard of Indian stock exchanges.
Previously, in January 2022, the firm had aimed for a ₹2,000 crore IPO, encompassing a fresh issue of ₹900 crore and an offer-for-sale (OFS) of ₹1,100 crore.
However, this plan was later abandoned, leading the company to opt for the confidential route now. It also clarified that the submission of the DRHP does not guarantee that the IPO will occur.
Imagine Marketing, established in 2013 by Aman Gupta and Sameer Mehta, is the owner of the well-known consumer tech brand boAt.
The company provides a diverse array of products, including audio equipment, smart wearables, personal grooming products, and mobile accessories.
More Indian firms are increasingly utilizing the confidential filing route for IPOs. Recently, Tata Capital and edtech company PhysicsWallah have also adopted this method.
In 2024, both Swiggy and Vishal Mega Mart successfully went public after initially filing confidentially. Other companies like Oyo and Tata Play also considered the confidential route, though they later decided against proceeding with their IPOs.
Market analysts suggest that this filing approach affords companies greater time and flexibility. Unlike the standard IPO process, where firms must go public within 12 months of SEBI's approval, the confidential route allows up to 18 months.
Additionally, it permits adjustments in the IPO size of up to 50% before the final document is released.
