Upcoming IPO: Warburg Pincus-backed BoAt files confidential draft papers for IPO: Report

Upcoming IPO: Imagine Marketing Ltd, the parent company behind the well-known electronics and lifestyle brand BoAt, has announced its intention to raise ₹2,000 crore via an Initial Public Offering (IPO), according to a report by CNBC-TV18.

According to a report by CNBC-TV18, the firm has opted to submit its Draft Red Herring Prospectus (DRHP) confidentially, a strategy permitted by the updated guidelines from the Securities and Exchange Board of India (SEBI), which allow unlisted firms to file IPO documentation without immediate public announcement.

To adhere to the regulation, BoAt has published an official notice in a prominent national newspaper, stating its intention to launch an initial public offering.

As per the report, BoAt is making its second effort to go public. The firm had previously submitted an IPO application in 2022 but pulled back on those plans because of unstable market conditions. Afterward, it secured $60 million through private funding to support its growth.

IPO details

According to a report by CNBC-TV18, its sources indicate that the offering includes a new equity share issue valued at ₹900 crore and an existing shareholders' sale worth ₹1,100 crore. The company has officially published a public notice in a prominent newspaper, in accordance with SEBI regulations, to confirm its plans for the IPO.

CNBC-TV18's sources with direct knowledge of the situation have revealed that the proceeds from the new equity issue will be utilized to settle or prepay existing debt, support business growth, fund research and development, enhance product quality, and cover general corporate expenses.

ICICI Securities, Goldman Sachs, and Nomura have been chosen as the lead managers for the book-running process of the offering.

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