Imagine Marketing, the parent of Indian wearables brand boAt, has received regulatory approval for a stock market listing worth Rs 1,500 crore, its updated prospectus showed on October 29.

The Warburg Pincus-backed firm's initial public offering will comprise a fresh issue of up to Rs 500 crore and an Offer for Sale worth Rs 1,000 crore by existing investors.

The offer for sale comprises of equity shares aggregating to Rs 75 crore by Sameer Ashok Mehta, equity shares aggregating to Rs 225 crore by Aman Gupta, equity shares aggregating to Rs 500 crore by South Lake Investment Limited (Promoter Selling Shareholders) as well as equity shares aggregating to Rs 150 crore by Fireside Ventures Investment Fund-I (Scheme of Fireside Ventures Investment Trust) and equity shares aggregating to Rs 50 crore by Qualcomm Ventures LLC (Individual Selling Shareholders).

The company proposes to utilise the net proceeds towards funding the working capital requirements amounting to Rs 225 crore, funding the brand and marketing expenses towards enhancing the awareness and visibility of the products and brand amounting to Rs 150 crore as well as for general corporate purposes.

boAt initially filed confidential draft papers with Sebi in April and secured approval in late August to launch the IPO.

The confidential pre-filing route allows the company to withhold public disclosure of details under the draft red herring prospectus (DRHP) until later stages.

This marks the company's second attempt to go public. Previously, it had filed draft papers in January 2022 for a Rs 2,000-crore IPO. This comprised a fresh issue of equity shares worth Rs 900 crore and an offer for sale (OFS) aggregating up to Rs 1,100 crore.

Of the fresh issue, the company proposes to utilise Rs 225 crore towards working capital requirements, Rs 150 crore for brand and marketing expenses, and a portion will also be used for general corporate purposes, according to the updated draft papers.

boAt returned to profitability in FY25 with a consolidated net profit of Rs 60 crore after reporting losses in the preceding two years. This was a significant turnaround from a net loss of Rs 79.7 crore in FY24 and Rs 129.5 crore in FY23.

The Gurugram-based company reported a consolidated revenue of Rs 3,097.8 crore, supported by sustained market dominance in audio, strategic growth in wearables, and strong traction in new businesses.

Established in 2013 by Aman Gupta and Sameer Mehta, the company offers a product portfolio ranging from audio gear and smart wearables to personal grooming products and mobile accessories.

ICICI Securities, Goldman Sachs (India) Securities, JM Financial and Nomura Financial Advisory and Securities (India) Pvt Ltd are the merchant bankers to the company's pubic issue.