Rewrites throughout with details from updated prospectus
Oct 29(Reuters) - Imagine Marketing IMAG.NS, the parent of Indian wearables brand boAt, has filed updated documents with the market regulator for a 15-billion-rupee ($170.7 million) initial public offering, months after securing approval for the listing.
The company had filed confidentially for an IPO in April, following which it received the regulatory approval in late August.
The confidential route allows companies to submit draft papers to the Securities and Exchange Board of India for feedback without making the details public, giving them greater flexibility on timing and disclosure.
It is Imagine Marketing's second attempt at listing after it shelved plans to launch a 20-billion-rupee IPO in 2022. It instead raised 5 billion rupees in private placements from Warburg Pincus and Malabar Investments.
In its 2022 draft papers, the offer comprised 9 billion rupees in fresh issue and shares worth 11 billion rupees was offered for sale.
The firm's updated IPO draft papers showed that boAt's co-founders and investors, such as South Lake Investment, Qualcomm Ventures, among others, will offload shares worth 10 billion rupees. The company will issue fresh shares worth 5 billion rupees.
Imagine Marketing's flagship "boAt" brand was founded in 2014, and according to consultancy firm Redseer, it has a 34% market share in India, based on volumes.
boAt's products range from smart watches to headphones, priced between 399 rupees and 18,999 rupees. It faces stiff competition from peers Noise and Fire-Boltt and global giants Xiaomi and OnePlus in India's fast-growing wearable technology market.
The filing comes at a time when India is witnessing a slew of market debuts from companies such as LG Electronics India LGEL.NS, Tata Capital TATC.NS, Lenskart LENS.NS and Urban Company URBN.NS.
For the year ended 31 March, 2025, the firm logged a revenue of about 30 billion rupees and net profit of 611 million rupees, snapping two years of consecutive losses.
($1 = 87.9360 Indian rupees)
(Reporting by Urvi Dugar; Editing by Nivedita Bhattacharjee and Harikrishnan Nair)
((UrviManoj.Dugar@thomsonreuters.com;))