NEW DELHI: Imagine Marketing, the owner of consumer electronics brand boAt, has sought markets regulator SEBI’s nod to raise Rs 2,000 crore through an initial public offering (IPO). The IPO will consist of fresh issue of shares worth Rs 900 crore, and offer for sale of upto Rs 1,100 crore of existing shares, according to the draft red herring prospectus (DRHP) filed by the company.
boAt co-founders Aman Gupta and Sameer Mehta will dilute their stakes worth Rs 150 crore each in the company, the document said, adding, boAt investor South Lake Investment Ltd will also sell shares worth Rs 800 crore, according to the document. The company will use proceeds from the fresh issue towards payment of debt.
The company may also consider participation by anchor investors, in accordance with Sebi regulations, it said in the filing documents. Shareholders may consider further issue of specified securities through a private placement, preferential offer, or any other method of up to Rs 180 crore, at its discretion, prior to filing of the Red Herring Prospectus with the registrar of companies, as a pre-IPO placement, it said. boAt, founded in 2016, was backed by US-based private equity firm Warburg Pincus. The company is expected to be valued at $1.5-2 billion in the IPO float.