Imagine Marketing Limited (BOAT)
boAt Unlisted Shares (Imagine Marketing) — Price, Turnaround & the ₹1,500 Cr IPO
India’s #1 audio brand is sailing toward the exchanges: boAt’s parent Imagine Marketing has filed its updated DRHP for a ₹1,500 crore IPO, backed by a genuine return to profit. Here’s what the filing actually says — including the parts the hype reels skip.
| boAt Unlisted Share | Details |
| Our Buy Price | ₹750 per share |
| Our Sell Price | ₹820 per share |
| Lot Size | 100 shares (min. investment ≈ ₹82,000) |
| ISIN | INE03AV01027 |
| Entity | Imagine Marketing Ltd, founded 2016 |
| Founders | Aman Gupta & Sameer Mehta |
| Key investors | Warburg Pincus (South Lake), Fireside Ventures, Qualcomm Ventures |
[Get Live boAt Quote on WhatsApp] [Sell Your boAt Shares]
About boAt
boAt is India’s largest branded personal-audio company — roughly 26% market share by value and 34% by volume in FY25, holding the #1 spot for five consecutive years — spanning earbuds, headphones, speakers, smartwatches and charging accessories across 250+ SKUs. It’s a digital-first machine (70.6% of FY25 sales online) that has built serious offline reach: 12,000+ retailers across 25 states via 112 distributors. Make-in-India momentum is real: ~76% of units were manufactured domestically in Q1 FY26, up from ~40% in FY23.
boAt Financials — The Turnaround Is Real
| Particulars (Consolidated) | FY23 | FY24 | FY25 | Q1 FY26 |
| Revenue from Operations | ₹3,403 Cr | ₹3,118 Cr | ₹3,070 Cr | ₹628 Cr (+11%) |
| Profit / (Loss) | ₹(129.5) Cr | ₹(79.7) Cr | ₹61.1 Cr | ₹21.3 Cr |
| EBITDA Margin | −1.8% | — | 4.6% | improving |
What the numbers say:
revenue has been flat-to-declining for three years — that’s the honest headline — but profitability swung decisively: from a ₹129.5 crore loss in FY23 to ₹61 crore profit in FY25, and Q1 FY26 continued the momentum with ₹21.3 crore profit on 11% revenue growth. The drivers: debt slashed from ₹1,236 crore to ₹565 crore (cutting interest costs), sharply lower warranty expenses from better quality control, and a richer audio mix. The soft spot is wearables, where revenue collapsed ~63% from ₹902 crore (FY23) to ₹330 crore (FY25) as the smartwatch category deflated industry-wide.
The IPO — What’s Filed
The updated DRHP (October 2025, after SEBI cleared the confidential pre-filing) seeks ₹1,500 crore: a ₹500 crore fresh issue plus a ₹1,000 crore OFS — sellers include South Lake/Warburg (₹500 Cr), co-founders Aman Gupta (₹225 Cr) and Sameer Mehta (₹75 Cr), Fireside (₹150 Cr) and Qualcomm Ventures (₹50 Cr). Fresh proceeds fund working capital (₹225 Cr) and brand-building (₹150 Cr). Bankers: ICICI Securities, Goldman Sachs, JM Financial, Nomura.
What the hype reels skip — the auditor’s remarks.
The UDRHP discloses that auditor BSR & Co flagged mismatches between statements filed with banks and the books for FY23–FY25, use of short-term borrowings for long-term subsidiary needs, going-concern uncertainty at two overseas subsidiaries, statutory-dues arrears and an FY23 remuneration breach. The company says corrective steps are taken — but read these disclosures before you invest, because the price band will be debated against them.
Lock-in: pre-IPO shares bought by retail/HNI investors carry a 6-month lock-in from listing.
Why Investors Buy boAt Unlisted Shares
- Category king — five straight years as India’s #1 personal audio brand with a beloved consumer franchise.
- Genuine profit turnaround with deleveraged balance sheet.
- Confirmed IPO path with marquee bankers and named OFS sellers.
- Make-in-India manufacturing shift improving margins and policy alignment.
Key Risks
- Three years of flat/declining revenue — growth must return to justify consumer-brand multiples.
- Wearables collapse shows category risk in fast-moving electronics.
- Auditor observations in the UDRHP (detailed above).
- Fierce competition from global (Sony, JBL) and value brands squeezing prices.
- IPO pricing risk versus recent private-market levels.
How to Buy or Sell
Live quote → deal confirmation → KYC → off-market demat transfer, prompt settlement: buy unlisted shares. Hold boAt from ESOPs or early rounds? Sell unlisted shares for a confidential quote before the lock-in clock starts.
FAQs — boAt Unlisted Shares
What is the boAt unlisted share price today?
We are buying at ₹750 and selling at ₹820 per share (lot of 100). Contact our desk for a live quote.
When is the boAt IPO?
Imagine Marketing filed its updated DRHP in October 2025 for a ₹1,500 crore IPO (₹500 Cr fresh + ₹1,000 Cr OFS). Dates and price band await the RHP.
Is boAt profitable?
Yes — FY25 profit was ₹61.1 crore after losses in FY23 and FY24, and Q1 FY26 added ₹21.3 crore profit on 11% revenue growth.
Who is selling in the boAt IPO?
South Lake Investment (Warburg Pincus), co-founders Aman Gupta and Sameer Mehta, Fireside Ventures and Qualcomm Ventures — via the ₹1,000 crore OFS component.
Related unlisted shares: OYO (PRISM) • Bira 91 • Signify Innovations • Versuni India • Lava International
