Boat Parent Files Draft Prospectus for Rs2,000cr IPO

Imagine marketing, the parent company of consumer device marker Boat, filed for a Rs2,000 crore share offer with the securities and Exchange Board of India (Sebi) on Thursday.

According to the draft red herring prospectus (DRHP), Rs900 crore will be raised through new shares and Rs1,100 crore via an offer for sale (OFS) in which existing investors will liquidate some holdings. One of the country’s largest direct-to-consumer (D2C) brands, Boat is backed by Warburg Pincus and other and sells devices such as smart wearables and headphones.

The company is seeking a valuation of $1.5-2 billion (Rs11,280-15,040 crore) in its planned initial public offer, ET had reported earlier in the week.

Boat joins a list of tech-led, new- age economy companies such as Zomato, Nykaa, Policy Bazaar and Paytm that have listed in the past year. It plans to hit the market by the first quarter of the next financial year, said people aware of the matter.

Boat was founded in 2013 by Aman Gupta and Sameer Mehta, who together own a 56.5% stake in the company, among the most held by Indian founders in a startup going public. Warburg Pincus has a 36.8% stake.

Nykaa founder Falguni Nayar and her family held about 53% of the company at the time of its IPO.

Wireless technology major Qualcomm Inc, became an investor in April last year with a Rs50 crore funding, valuing the Boat parent at Rs2,200 crore, ET had reported. Other investors include Fireside Ventures. S-ET

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