India’s capital market has been buzzing with new activity, and one of the most anticipated names on the list is boAt. The parent company, Imagine Marketing, has received approval from the Securities and Exchange Board of India (SEBI) to go ahead with its Initial Public Offering (IPO). The company is aiming for a valuation of around ₹13,000 crore, which comes close to 1.5 billion dollars in dollar terms.
This is not boAt’s first attempt to enter the public markets. The company had earlier filed plans for an IPO in January 2022, targeting a much smaller ₹2,000 crore issue. That move was later withdrawn. The fresh draft was filed confidentially in April 2025, and with SEBI’s nod in August, the company has a clear window of 18 months to bring the issue to market.
boAt’s IPO is not an isolated event. SEBI has recently approved as many as 13 companies for public offerings. These include names like Urban Company and several others, collectively aiming to raise more than ₹15,000 to ₹16,000 crore. This has created one of the busiest IPO seasons in recent times. For investors, this means a wider basket of new-age companies to consider, and for the market, it could mean a sharp inflow of fresh retail and institutional money.
boAt is a brand that has quickly become a household name in India, especially among younger consumers. The company sells affordable earphones, headphones, smartwatches, and mobile accessories, and is known for combining stylish designs with budget-friendly pricing. Its products have consistently ranked among the top sellers on online platforms.
The company has also attracted strong backing from prominent investors. Its shareholders include global names such as Warburg Pincus, Fireside Ventures, Malabar Investments, and Qualcomm. Over the years, boAt has raised more than 170 million dollars in funding, including a notable 60 million dollar round in 2023.
In terms of performance, Imagine Marketing, the parent of boAt, reported revenues of about ₹3,122 crore in FY24. Though the figures for FY25 are not yet public, the scale of operations suggests steady growth. By comparison, Urban Company, another firm cleared for an IPO in this round, reported revenues of ₹1,144 crore in FY25, up 38 percent year-on-year, and posted a net profit of ₹28.5 crore. These numbers underline the growing presence of new-age Indian brands in mainstream markets.
The decision to go public with a ₹13,000 crore valuation highlights boAt’s ambitions. There are several reasons why the company is keen on this move. First, raising fresh funds will allow boAt to scale up its manufacturing base, invest more in research and development, and expand into new product categories or international markets. Second, the IPO gives early investors and founders a chance to unlock value through an Offer for Sale. Third, a listing on the stock exchanges will improve the brand’s visibility and credibility, helping it stand out in an increasingly crowded electronics and wearables market.
The most important question is whether this IPO will truly make waves in the market. There are several dimensions to this.
With 13 IPOs entering the market almost at the same time, investors will have multiple choices. The overall sentiment looks positive, as approvals for so many issues suggest confidence from both regulators and promoters. If demand from both retail and institutional investors holds steady, boAt may ride this wave of enthusiasm.
boAt has built strong loyalty among younger buyers. Its products are known for their trendy looks, accessible pricing, and wide online availability. The company has been aggressive with influencer marketing and brand collaborations, which has ensured high recall value. This strong consumer connect could become a major advantage when pitching to retail investors.
Despite its popularity, boAt faces intense competition. Rival brands like Noise, JBL, Boult, and several international players are all competing for the same consumer base. Price wars and rapid shifts in technology mean that boAt will have to work harder to maintain margins. Any stumble here could affect how the market views its valuation.
A valuation of ₹13,000 crore represents nearly five times its FY24 revenue. This is ambitious and will put the company under pressure to deliver consistent earnings growth. Investors will closely watch how the company improves profitability, increases market share, and launches new innovations. If the company falls short, the stock could face turbulence after listing.
The overall market environment also matters. Factors such as interest rates, global investor sentiment, and economic data will all influence how much money flows into new IPOs. If the markets remain stable and bullish, boAt could benefit from a strong debut. If volatility increases, the impact could be felt in subscription levels and post-listing performance.
boAt’s IPO is significant not only for the company itself but also for India’s broader IPO ecosystem. Over the last few years, many technology-driven consumer brands have considered public listings but only a few have actually managed to launch. Success for boAt could encourage more start-ups to look at the stock market as a viable option for growth capital.
It also signals the maturity of India’s consumer-tech segment. A few years ago, affordable earphones and smartwatches would not have been seen as a strong enough base for a billion-dollar valuation. Today, thanks to the size of India’s consumer market and boAt’s brand positioning, it has become possible.
Looking forward, the success of boAt’s IPO will depend on execution. The company will need to channel the funds raised into strengthening its product pipeline, expanding internationally, and improving profitability. At the same time, it must continue to defend its market share in India against both domestic and global players.
For investors, the story is a mix of opportunity and risk. On one hand, boAt is a strong consumer brand with a proven track record of rapid growth. On the other, the valuation being sought is high, and the industry it operates in is highly competitive.
boAt’s proposed ₹13,000 crore IPO is one of the most awaited events in India’s capital market this year. It comes at a time when regulators have opened the door for a cluster of high-profile listings, creating excitement among investors. The IPO has the potential to raise large sums of money, boost the company’s profile, and mark a turning point for consumer-tech listings in India.
Whether it will make waves or not will depend on several factors: the response from investors in a crowded IPO window, the company’s ability to expand and innovate post-listing, and how well it manages competition and valuation expectations.
If executed well, the IPO could become a milestone not only for boAt but also for India’s new-age consumer-tech space, showing that homegrown brands can successfully make the leap from popular online marketplaces to the country’s stock exchanges.