boAt IPO Deferred Again Amid Market Review Despite SEBI Approval

Imagine Marketing, the parent of consumer electronics brand boAt, has once again postponed its initial public offering, despite having received regulatory clearance, according to reports by CNBC-TV18.

IPO Put on Hold Amid Market Review

As per reports, the company has put the IPO on hold to reassess both market conditions and its internal readiness. The latest pause extends boAt’s prolonged journey toward a public listing and comes amid heightened investor scrutiny of new-age consumer and internet-facing companies.

This marks boAt’s second attempt at going public, and the second instance where its listing plans have been deferred.

2022 Filing Shelved After Market Correction

The company had first filed draft IPO documents with the Securities and Exchange Board of India (SEBI) in January 2022, proposing to raise about ₹2,000 crore. That plan was abandoned later the same year as weak market sentiment and sharp valuation corrections across consumer internet and technology stocks dampened investor appetite.

In 2025, Imagine Marketing revived its listing ambitions, opting for SEBI’s confidential pre-filing route, which allows companies to engage with the regulator without immediately disclosing details publicly. SEBI issued its observation letter in September 2025, effectively granting the company the go-ahead to proceed.

Issue Size and Structure

Subsequently, an updated draft red herring prospectus outlined a proposed IPO size of roughly ₹2,000 crore, comprising a fresh issue of shares and a substantial offer-for-sale aimed at providing partial exits to existing investors. However, despite completing the regulatory process, the company has now chosen to defer the offering before announcing price bands or launch timelines.

Also Read: Parmeshwar Recycling Receives Exchange Approval for IPO Launch

Profitability Under Pressure

Financial performance has also been under the spotlight. While boAt has achieved significant scale in the audio and wearables segment and delivered strong revenue growth, profitability has remained under strain. Elevated inventory levels, aggressive marketing spend, and fierce competition have weighed on margins, raising concerns over the durability of earnings.

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