The unlisted share price of Imagine Marketing, the parent firm of the wearable electronics brand boAt, has seen a significant dip in the past few months. boAt’s share price has declined to Rs 1,450 from Rs 1,675, a drop of 13.5% in the last six months.
boAt IPO: Will unlisted share price trend follow HDB Financial and NSDL?
This is similar to how the unlisted share price of HDB Financial Services, and the NSDL fared before the IPO. HDB Financial Services was priced at a 33% discount to the unlisted share prices. It was trading at Rs 1,250 per share before the IPO was launched. The listing price was also at a significant discount and is trading at nearly a 40% discount to the unlisted share price level.
The NSDL share price too listed at a significant discount to the issue. However, the share rallied significantly after listing and went as high as the unlisted share value.
boAt IPO: Financials of Imagine Marketing
If we look at the financials of Imagine Marketing, the revenue has declined by a CAGR of 3.1% over the last three years. However, the company has turned net profit positive in 2025. The company has a P/E ratio of 312 and a P/B ratio of 40.
The company, through a confidential pre-filling route, filed draft papers with SEBI in April. This allowed Imagine Marketing to withhold public disclosure of details under the DRHP until later stages.
boAT IPO: Issue size
The upcoming IPO is expected to be sizeable, targeting a valuation of around Rs 13,000 crore. The share sale will include a fresh issue of Rs 900 crore and an offer-for-sale (OFS) of up to Rs 1,100 crore by existing investors.
Second attempt for listing
Earlier in 2022, Imagine Marketing filed for a Rs 2,000 crore IPO but decided to withdraw it due to volatile market conditions. This is the second attempt by boAt to go public. With the latest SEBI approval, the company is all set to raise funds from the primary market.
About Imagine Marketing
Founded in 2013, Imagine Marketing is an Indian consumer electronics company. It is known as the parent company of the popular audio and wearables brand boAt. They design and market a wide range of affordable, lifestyle-focused products, including headphones, earphones, speakers, and smartwatches, targeting young, tech-savvy Indian consumers.