Wearables maker Boat's parent firm Imagine Marketing Limited has filed its updated draft red herring prospectus (UDRHP) with the Securities and exchange board of India (Sebi) on Wednesday.
According to the updated prospectus, the company’s initial public offering (IPO) size has reduced to Rs 1,500 crore from Rs 2,000 crore.
The company will be raising Rs 500 crore through a fresh issue, while Rs 1,000 crore is the offer-for-sale (OFS) component. According to the document, South Lake Investment will be selling the largest chunk in the OFS, followed by Fireside Ventures and Qualcomm Ventures.
Cofounders Aman Gupta and Sameer Mehta will also sell stake worth Rs 300 crore, as per the prospectus. They are joining the bandwagon of new-age founders cashing in on the OFS. Among the latest are Lenskart founders, who stand to make nearly Rs 1,200 crore through its Rs 7,300-crore IPO, which is to get listed next week.
Boat had filed its draft prospectus under Sebi’s confidential route in April and received a clearance for its IPO in September. Under the confidential route, companies can file the DRHP without making the details public.
For the first six months of FY26, Boat reported operating revenues of Rs 628 crore, up 10% from Rs 567 crore reported last year for the same period. Meanwhile, it reported a net profit of Rs 30 crore between April to September against a net loss of Rs 43.9 crore reported for the same period last year.
Notably, Boat turned profitable in FY25 after posting a net profit of over Rs 60 crore compared to a net loss of Rs 80 crore in FY24, driven by product innovation and cost control.
ET had reported in November 2024 that the Gurugram-based firm had appointed ICICI Securities, Goldman Sachs, and Nomura as bankers for its IPO, which it is targeting in FY26. According to the updated prospectus, JM Financial is another banker for the public issue.
Boat will join the list of Indian startups making a market debut in the coming years.
Besides Lenskart, value commerce platform Meesho filed its UDRHP with Sebi in October, and plans to raise approximately Rs 5,800–6,600 crore ($700–800 million) via the offering, which includes a primary issue of Rs 4,250 crore ($500 million). The company is planning an early December listing.
According to the updated prospectus, the company’s initial public offering (IPO) size has reduced to Rs 1,500 crore from Rs 2,000 crore.
The company will be raising Rs 500 crore through a fresh issue, while Rs 1,000 crore is the offer-for-sale (OFS) component. According to the document, South Lake Investment will be selling the largest chunk in the OFS, followed by Fireside Ventures and Qualcomm Ventures.
Cofounders Aman Gupta and Sameer Mehta will also sell stake worth Rs 300 crore, as per the prospectus. They are joining the bandwagon of new-age founders cashing in on the OFS. Among the latest are Lenskart founders, who stand to make nearly Rs 1,200 crore through its Rs 7,300-crore IPO, which is to get listed next week.
Boat had filed its draft prospectus under Sebi’s confidential route in April and received a clearance for its IPO in September. Under the confidential route, companies can file the DRHP without making the details public.
For the first six months of FY26, Boat reported operating revenues of Rs 628 crore, up 10% from Rs 567 crore reported last year for the same period. Meanwhile, it reported a net profit of Rs 30 crore between April to September against a net loss of Rs 43.9 crore reported for the same period last year.
Notably, Boat turned profitable in FY25 after posting a net profit of over Rs 60 crore compared to a net loss of Rs 80 crore in FY24, driven by product innovation and cost control.
ET had reported in November 2024 that the Gurugram-based firm had appointed ICICI Securities, Goldman Sachs, and Nomura as bankers for its IPO, which it is targeting in FY26. According to the updated prospectus, JM Financial is another banker for the public issue.
Boat will join the list of Indian startups making a market debut in the coming years.
Besides Lenskart, value commerce platform Meesho filed its UDRHP with Sebi in October, and plans to raise approximately Rs 5,800–6,600 crore ($700–800 million) via the offering, which includes a primary issue of Rs 4,250 crore ($500 million). The company is planning an early December listing.