boAt IPO: Everything You Need to Know

boAt (Imagine Marketing Limited), one of India’s most recognisable digital-first consumer brands, is preparing for its highly awaited debut on the Indian stock exchanges in late 2025. Known for making high-quality, stylish and affordable audio and wearables products, boAt has rapidly become a household name, particularly among younger consumers. Its presence spans headphones, smartwatches, speakers, gaming accessories and mobile peripherals, capturing a leading share in India’s booming lifestyle electronics sector. 

The boAt IPO, following SEBI’s recent approval, targets to raise nearly ₹2,000 crore, comprising a fresh issue of ₹900 crore and an Offer for Sale (OFS) of ₹1,100 crore. The net proceeds will be used primarily to repay outstanding debts, fund R&D and brand-building initiatives, and expand capacity in both new and existing product categories. This IPO stands out as a milestone for Indian hardware startups, reflecting the ascendance of digital-first brands in the country’s capital markets.

This comprehensive guide will help you understand every aspect of the boAt IPO, from company background and business structure to performance trends, sector outlook and important considerations when applying for this much-anticipated listing.

boAt IPO Dates & Launch Details

• IPO opening date: To be announced
• IPO closing date: To be announced (Typically three days after opening)
• Basis of allotment: To be announced (Within 3 working days post closure)
• Refund initiation: To be announced (Shortly after basis of allotment)
• Expected listing date: To be announced (Usually within a week following allotment finalisation)

Lead Book Running Managers: Likely to be ICICI Securities, Goldman Sachs, and Nomura.

Registrar: To be announced

Price Band & Investment Details

• Price band: To be announced (Face value: ₹10 per share)
• Minimum lot size: To be announced
• Minimum investment: To be announced
• Maximum retail investment: To be announced

boAt IPO Structure

About boAt

boAt, under parent Imagine Marketing, has redefined India’s consumer electronics market in less than a decade. Founded in 2013, the company leverages digital-native strategies, influencer marketing and youth-driven product ideation to dominate the wearables, audio, and mobile accessories space.

Key Highlights:

• India’s leading earwear and wearables brand, with a 26.7% market share in Q2FY25
• Wide product offering, including headphones, earbuds, smartwatches, speakers and lifestyle-focused gadgets
• Strong focus on R&D and inhouse design, collaborating with global manufacturers for scale and flexibility
• Efficient omnichannel sales model, with leading e-commerce presence and growing offline retail footprint
• Highly effective influencer and digital marketing campaigns, partnering with sports leagues, celebrities and digital creators​

boAt’s asset-light manufacturing and nimble new product launches place it ahead of traditional consumer electronics peers. The brand’s appeal is particularly strong among Gen Z and millennial consumers who value affordability, style and quick upgrade cycles.

Financials 

Revenue and Profit Table

Cash Flow Table

Key Highlights:

• boAt’s revenue grew steadily from ₹1,512 crore in FY21 to over ₹3,100 crore by FY24, with only a marginal decline in FY25 as the product mix shifted and the company restrained aggressive expansion.
• After two loss-making years (losses of ₹101.1 crore in FY23, ₹53.6 crore in FY24), boAt delivered a strong turnaround in FY25 with a net profit of ₹64.2 crore, reflecting improved cost control, efficient supply chain management, and higher-margin segment growth.​
• Operating cash flows remained robust, increasing from ₹399.9 crore in FY24 to ₹424.4 crore in FY25, while boAt maintained significant investments in business expansion and technology, shown by negative investing cash flows.
• The company reduced working capital days from 71 in March 2024 to 36 in March 2025, signalling tighter operational discipline and improved financial flexibility.​
• boAt’s return to profitability and its continued leadership in audio and wearables underscore its resilience and adaptability in a dynamic consumer electronics market.

Sector & Market Context

India’s wearable devices and lifestyle electronics market has experienced a CAGR of 24% between 2020-2025, fuelled by rising disposable incomes and affordable digital access. boAt leads this wave, outperforming Mivi, Noise, Realme, JBL, and Sony in the affordable but trend-driven segment.

Consumer preferences are shifting rapidly towards online models, rapid refresh cycles, and collaborations with pop culture. As a result, digital-first brands like boAt capture growing mindshare and wallet share.

The regulatory outlook, government “Make in India” incentives, and expanding youth population provide a robust runway for boAt and other next-gen hardware brands.

Key Considerations for Investors

Strengths

• Market leader in wearable and earwear segments
• Successful asset-light, digital-first business model with a strong brand ecosystem
• Rapid revenue and profit growth over the last four years
• Strong promoter leadership and operational agility

Risks

• Aggressive expansion may impact near-term cash flows and profitability
• Highly competitive market with global peers and new domestic entrants
• Dependence on e-commerce and digital trends for growth

Opportunities

• Rising penetration of audio, wearable, and smart accessories in India and globally
• Scope to expand into premium segments, new categories, and international markets
• Ongoing shift towards digital commerce and lifestyle-upgrade culture

IPO Structure

• The boAt IPO is expected to be a mix of a fresh issue of ₹900 crore and an OFS of ₹1,100 crore, with significant shares being sold by Warburg Pincus, South Lake Investment, and Fireside Ventures.​
• Funds from the fresh issue will be utilised for debt repayment, working capital, R&D and expanding distribution.
• Promoters Aman Gupta and Sameer Mehta will continue to retain a strong stake and lead the brand’s growth.
• The IPO is being executed via the confidential pre-filing route, offering the company flexibility in timing and disclosures.
• All shares will be listed on NSE and BSE, enhancing market liquidity and broadening retail and institutional participation.

About the Company

Founded in 2013, boAt (Imagine Marketing Ltd) is at the forefront of affordable audio and smart wearables for young Indians. With a design-driven, influencer-led approach, boAt has built a loyal following while maintaining scale and profitability. Its mission is to make high-quality lifestyle technology accessible to all, contributing to stronger domestic manufacturing and employment.

Conclusion

The upcoming boAt IPO is not just a new listing, but a statement for the next wave of Indian consumer tech. With its strong track record, agile business model and unmistakable brand, boAt offers investors a window into digital-first retail and the future of affordable electronics. As with any fast-growth disruptor, close attention should be paid to margin sustainability and the competitive environment.

Always consider personal investment objectives and consult trusted sources before making any decisions.