boAt parent files for updated DRHP for Rs 1,500 Cr IPO
According to the regulatory filing, the offering comprises a fresh equity share issue of Rs 500 crore and an Offer for Sale (OFS) of shares worth Rs 1,000 crore by existing shareholders.
Imagine Marketing, the parent company of consumer electronics brand boAt, has filed its updated draft red herring prospectus (DRHP) with markets regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) worth up to Rs 1,500 crore.
According to the regulatory filing, the offering comprises a fresh equity share issue of Rs 500 crore and an Offer for Sale (OFS) of shares worth Rs 1,000 crore by existing shareholders.
Among the selling shareholders, co-founders Sameer Ashok Mehta and Aman Gupta plan to offload shares worth Rs 75 crore and Rs 225 crore, respectively.
South Lake Investment Ltd, a Warburg Pincus entity, will sell shares worth Rs 500 crore, while Fireside Ventures Investment Fund-I and Qualcomm Ventures will sell shares worth Rs 150 crore and Rs 50 crore, respectively.
The proceeds from the fresh issue are earmarked for working capital needs of Rs 225 crore, brand and marketing expenses of Rs 150 crore, and general corporate purposes.
.
ICICI Securities, Goldman Sachs (India), JM Financial, and Nomura Financial Advisory and Securities are the book-running lead managers.
boAt initially filed confidential draft papers with SEBI in April and secured approval in late August to launch the IPO.
Edited by Megha Reddy