boAt Files Updated DRHP For INR 1,500 Cr IPO

Consumer electronics startup boAt’s parent Imagine Marketing has filed its updated draft red herring prospectus (UDRHP) with SEBI for up to INR 1,500 Cr IPO.

The Bengaluru-based company’s public offering will comprise a fresh issue of equity shares worth up to INR 500 Cr and an offer-for-sale (OFS) component of up to INR 1,000 Cr.

Investor and promoter South Lake Investment will offload shares worth up to INR 500 Cr. While cofounder Aman Gupta will sell shares worth up to INR 225 Cr, Sameer Mehta will offload shares worth up to INR 75 Cr. Fireside Ventures and Qualcomm Ventures LLC will sell shares worth up to INR 150 Cr and INR 50 Cr, respectively.

The company intends to utilise INR 225 Cr from the fresh issue for working capital requirements, while INR 150 Cr will be used for branding and marketing activities. The remaining proceeds will be used for general corporate purposes.

(The story will be updated soon)

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