boAT IPO
Mumbai/IBNS: Imagine Marketing, the makers of Boat brand of headphones and smartwatches, Thursday filed Draft Red Herring Prospectus (DRHP) with stock market regulator SEBI for an IPO of up to Rs 2,000 crore.
According to the DRHP, the IPO will comprise a fresh issue of shares worth Rs 900 crores, an offer for sale of shares worth up to Rs 1,100 crore, ET reported.
Further, South Lake Investment will offload shares worth up to Rs 800 crore in Imagine Marketing's IPO.
The proceeds of the IPO will be use to repay or prepay debts, according to the report.
The New Delhi-based company is expected to seek a valuation of $1.5-2 billion in the IPO to be floated this year, the report stated.
Boat had earlier raised Rs 50 crore from Qualcomm Ventures in April last year and was valued at around Rs 2,200 crore.
Axis Capital, Bofa Securities, Credit Suisse Securities, ICICI Securities are the book running lead managers to the issue, said the report.
Boat has emerged as a leading brand in earphones and wearable segment challenging the existing market leaders.
It had recorded a PAT of Rs 78 crore in the fiscal ended March 31, 2021while its revenue stood Rs 1,500 crore in revenue.
At the end of this fiscal, the company, the company is likely to nearly double the revenue, ET quoted a source as saying.
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