boAt brand parent Imagine Marketing files IPO draft papers with SEBI, check details
boAt brand: Imagine Marketing, the parent company of popular wearable brand boAt, which has established a strong foothold in the Indian market, has filed draft papers with SEBI for its initial public offering (IPO). The company has completed the process through a confidential pre-filing route, which is currently becoming increasingly popular among Indian companies.
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This route allows companies to file their DRHP with SEBI, but its information is not in the public domain at the initial stage. Public disclosure is required at a later stage.
Imagine Marketing on Monday issued a public notice stating that it has filed a DRHP for its equity shares IPO. However, the company has also clarified that filing a DRHP does not guarantee that an IPO will definitely be launched.
Imagine Marketing’s second attempt
The company is preparing to launch an IPO for the second time. In early January 2022, Imagine Marketing had filed draft papers for an IPO worth around Rs 2,000 crore. At that time, it planned a fresh issue of Rs 900 crore and an offer for sale (OFS) of Rs 1,100 crore.
Who is Imagine Marketing?
Started in 2013 by Aman Gupta and Sameer Mehta, Imagine Marketing offers a product portfolio ranging from audio gear and smart wearables to personal beauty products and mobile accessories.
Why are companies opting for the confidential pre-filing route?
Many large companies in India are now using the confidential pre-filing route. Recently, companies like Tata Capital, Physicswala, Swiggy, Vishal Mega Mart have also prepared for IPOs through this route.
Market experts believe that there is no pressure on companies to bring in an early IPO through this route. In the traditional method, the IPO needs to be launched within 12 months of SEBI approval, while in the pre-filing route, companies get a period of up to 18 months.
In addition, in this process, companies can increase or decrease their IPO size by up to 50% till the updated DRHP is filed.
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