Boat Filed Draft Papers with SEBI

Imagine Marketing, which owns the Boat brand of earphones and smartwatches, filed DRHP for an initial public offer (IPO) of up to Rs 2,000 crore with market regulator Sebi. According to the DRHP, the IPO would consist of a fresh issue of shares worth up to Rs 900 crore, an offer for sale of shares worth up to Rs 1,100 crore. South Lake Investment will sell shares worth up to Rs 800 crore in Imagine Marketing’s IPO. The company is expected to seek a valuation of $1.5-2 billion in the IPO to be floated this year and will utilize its funds to repay debt.  Axis Capital, Bofa Securities, Credit Suisse Securities, ICICI Securities are the book running lead managers to the issue.

The Mumbai-based company, boat Lifestyle, was founded in 2016 by Aman Gupta and Sameer Mehta. The company sells many products under its brand, majorly focusing on headphones followed by Bluetooth speakers, electronic gadgets, earphones, wearables, and so on. Within a short period, the company has emerged as one of the biggest lifestyle brands in the market and is in direct competition with other companies like JBL, Bose, Samsung, One Plus, and so on. boat has also partnered with several big events, including the Indian Premier League, and had eminent sports personalities such as Rishabh Pant, Hardik Pandya, KL Rahul, Prithvi Shaw, and Shikhar Dhawan others as its brand ambassador. The company has its manufacturing units in India as well as in China. It clocked a net profit of Rs 78 crore in the fiscal ended March 31, 2021, on the back of Rs 1,500 crore in revenue.