Imagine Marketing Ltd.

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Overview

Imagine Marketing Limited (boAt) is an Indian digital-first consumer electronics company that sells lifestyle-focused audio devices, wearables and charging solutions under the boAt brand. It began in audio and has expanded into adjacent categories such as smartwatches, smart rings and accessories, distributing through online marketplaces, its D2C website, quick commerce platforms and a growing offline retail and distributor network, while increasingly designing and manufacturing products in India supported by in-house R&D (boAt Labs) and technology partnerships.

Opening Date

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Closing Date

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Listing Date

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IPO Type

Mainboard

IPO Status

Upcoming

Issue Size

1500 Cr

Fresh Issue

500 Cr

Offer for Sale

1000 Cr

Price Band

₹500 - ₹1500

Lot Size

Grey Market PremiumGMP

Data not available yet

Est. Listing gains

Data not available yet

GMP Trend

No Trends Yet

IPO Timeline

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Open Date

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Close Date

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Initiation of Refunds

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Listing Date

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Allotment Date

Financials

Revenue

Profit After Tax (PAT)

Use of IPO funds

Total IPO size₹1500 Cr

Funding the working capital requirements of our Company₹225 Cr

Funding the brand and marketing expenses towards enhancing the awareness and visibility of our products and brand₹150 Cr

General corporate purposes—

To selling shareholders₹1000 Cr

Key Performance Indicator

P/E Ratio

20.35

EPS

5.87

ROE

15.21%

ROCE

13.45%

RONW

14.14%

Debt to Equity Ratio

1.26

PAT Margin

3.34%

EBITDA Margin

4.64%

P/B

3.28

Bull vs Bear

📈

Bull case

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Market leadership: #1 branded personal audio in FY2025 with 26% value and 34% volume share; scale makes distribution, shelf-space and algorithms harder for rivals.
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Brand-led demand flywheel: 20 million “boAtheads” as of June 30, 2025 gives repeatable reach for launches and cross-sell, lowering reliance on paid discovery.
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Industry tailwind: India consumer devices market ₹1,115 billion in FY2025, projected to ₹1,782–2,038 billion by FY2030P (10–13% CAGR), supporting category depth.

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Bear case

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Profitability has swung: profit/(loss) was ₹610.80 million in FY2025 but -₹796.84 million in FY2024 and -₹1,294.54 million in FY2023, largely from wearables segment decline.
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Revenue relies on e-commerce and marketplaces: online channels were 71.65% of product sales in Q1 FY2026; top two marketplaces were 52.90% of sales, exposing terms/algorithm risk.
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Sales depend heavily on few platforms and credit cycles: top two marketplaces have 30–45 days credit and 60-day returns, and could delay payments or change fees/visibility rules.

Net takeaway

At its core, this is a bet on sustaining FY2025 profitability (PAT ₹610.80 million) after losses in FY2024 -₹796.84 million and FY2023 -₹1,294.54 million. If you believe audio-led scale (#1 with 26% value share) keeps economics stable, the upside holds. If marketplace dependence (52.90% via top two) tightens, risk holds. Keep watching wearables trajectory: total revenue-wearables fell to ₹3,304.14 million in FY2025 from ₹5,502.96 million in FY2024 and ₹9,015.60 million in FY2023.

Subscription Rate

Subscription data will be available once the IPO opens.

Application Details

Category	Price Band	Application Range	Lot Size
Regular	—	—	—

Frequently Asked Questions

The Imagine Marketing Ltd. IPO is scheduled to open for subscription on yet to be announced and close on yet to be announced. Investors can apply for shares during this period through eligible platforms.

The price band for the Imagine Marketing Ltd. IPO is ₹500 to ₹1500. Investors can place bids within this range once the issue opens.

The minimum lot size for the Imagine Marketing Ltd. IPO is 1 shares. The minimum investment amount ₹1,500.

The total issue size of the Imagine Marketing Ltd. IPO is approximately ₹1,500.00. Issue size represents the total value of shares offered to the public.

As per the latest available information, the Imagine Marketing Ltd. IPO has been subscribed 1.12 times. Subscription levels can change significantly during the offer period.

The Grey Market Premium (GMP) for the Imagine Marketing Ltd. IPO is ₹. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.

The shares of Imagine Marketing Ltd. are expected to list on stock exchanges on yet to be announced, subject to completion of the allotment process and regulatory approvals.

The net proceeds from the Imagine Marketing Ltd. IPO are proposed to be used for We propose to utilise the Net Proceeds towards funding the following objects:, Funding the working capital requirements of our Company, Funding the brand and marketing expenses towards enhancing the awareness and visibility of our products and brand, General corporate purposes.

Before applying for the Imagine Marketing Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.