Boat IPO: Imagine Marketing, a company that sells earphones and smartwatches under the name of Boat Brands, is preparing to bring its IPO. The company has filed a draft paper (DRHP) with SEBI to bring an IPO worth Rs 2,000 crore. According to the draft paper, the company will bring a fresh issue of 900 crores and shares will be sold under 1100 crores offer for sale. The company will pay off the debt from the proceeds of the IPO.
The bot has appointed Axis Capital, Credit Suisse Securities, ICICI Securities as the book running lead managers for the IPO. Boat company was established in 2016. Which has emerged as a stalwart leader in the earphones, speakers and smartwatches. In the last financial year 2020-21 ended March 31, the company’s revenue was Rs 1500 crore, on which a profit of Rs 78 crore was made.
Imagine Marketing boAt, the parent company of boAt wearables, is now gearing up to take the brand overseas as well. The company’s co-founder Aman Gupta said that under the Make in India strategy, a target of manufacturing 60 lakh units has been set in the first quarter of 2022-23. The company is focusing on contract manufacturing.
Imagine Marketing is eyeing this festive season. The company is trying to redeem the festive season through new products. The company believes that in the festive season people can gift products like boAt smartwatches.