The Brand that turned Headphones into a culture: Boat trims IPO size to ₹1,500 crore

31 October 2025

In 2015, two friends, Aman Gupta and Sameer Mehta, looked at India’s youth and saw one thing missing — affordable, stylish sound. What began as a small D2C experiment soon became boAt, a brand that turned earphones into a fashion statement.

• Today, boAt’s parent, Imagine Marketing Ltd, has filed its Updated DRHP with SEBI for a ₹1,500 crore IPO, trimmed from the earlier ₹2,000 crore plan.
• The issue comprises a fresh issue of ₹500 crore and an Offer-For-Sale (OFS) of ₹1,000 crore. This listing marks a key moment: from a digital born brand dominating Indian personal audio to a public‐market entity with governance and liquidity in full focus.

Market Leadership & Scale: boAt claims approximately a 25% market share by value and 34% by volume in India’s branded personal audio segment for FY25.  

Its affordable yet aspirational branding has made it one of India’s fastest-growing consumer electronics brands — a key moat against global competitors like Noise and OnePlus.

In FY25, it posted revenue of ~₹3,070.38 crore and turned profitable with net profit of ~₹61.08 crore, a turnaround after previous losses. In the first quarter of FY26, the company reported operating revenue of Rs 628 crore and a net profit of Rs 21.35 crore.

Diversified Portfolio & Channel Reach: The brand’s product range spans audio (earphones, speakers), wearables (smartwatches, rings), and charging solutions. On the distribution front, about 70.5% of sales were through online channels and ~29.5% through offline in FY25, plus over 12,000 offline retailers across India. 

The brand is a lifestyle icon, but its real test is profit sustainability.

Margins remain thin in a market crowded by Noise, OnePlus, and Fire-Boltt.
However, boAt’s local manufacturing, brand loyalty, and youth connect give it a moat most rivals dream of.