Lagatar24 Desk
New Delhi, Jan 27: Imagine Marketing, the owner of the consumer electronics brand BoAt, has filed a preliminary prospectus with the capital markets regulator SEBI in order to raise Rs 2,000 crore through an IPO.
According to the draft red herring prospectus (DRHP), the public offering comprises of a fresh issue of equity shares worth up to Rs 900 crore and an offer for sale worth up to Rs 1,100 crore
The revenues from the new offering will be used to pay down debt.
The debt payment will help the company maintain a favourable debt-to-equity ratio and allow it to use internal accruals for additional investments in business growth and expansion.
As of September 30, 2021, the firm had built dominant market positions in volume and value terms in India across various, high-growth consumer categories such as audio and smartwatches, led by its flagship brand BoAt, which was launched in 2014.
The company has a track record of quick and sustainable expansion, with a CAGR of 141 percent in operating revenue from FY19 to FY21 while retaining profitability.
The book running lead managers are Axis Capital Limited, BofA Securities India Limited, Credit Suisse Securities (India) Private Limited, and ICICI Securities.
