Boat (Imagine Marketing Ltd) Unlisted Shares
₹ 895
About Boat (Imagine Marketing Ltd) Unlisted Shares
Are you looking to invest in India’s fastest-growing consumer electronics brand? boAt (Imagine Marketing Services Pvt. Ltd.) is a market leader in the audio and wearables space, and it is one of the most anticipated unlisted companies preparing for an IPO.
Founded in November 2013 by Aman Gupta and Sameer Ashok Mehta, boAt has revolutionized the way India listens to music and tracks fitness. The brand offers a wide range of stylish and affordable products, including:
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Wireless and wired earbuds & headphones
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Smart watches
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Portable wireless speakers
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Home audio equipment
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Mobile accessories and rugged cables
The “BoAthead” Culture:
boAt isn’t just a product; it’s a lifestyle. The company promotes its brand through a powerful mix of influencer marketing and strategic tie-ups. Their brand ambassadors, or “BoAtheads,” include celebrities like Neha Kakkar, Naezy, and cricketers Hardik Pandya and Shreyas Iyer. They have also partnered with major sports franchises like Chennai Super Kings and Mumbai Indians, as well as events like Sunburn Festival and Lakmé Fashion Week.
Market Dominance (As per RedSeer Report):
As of September 2021, boAt is the undisputed leader in India:
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Wireless Hearables: Ranked #1 with a massive 48% market share by volume.
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Smartwatches: Ranked #2 with a 23% market share by volume.
This dominance has grown consistently, proving the brand’s strong connection with Indian consumers.
Sales & Expansion Strategy:
While boAt generates about 85% of its sales from online giants like Amazon and Flipkart, the company is rapidly expanding its physical presence. As of September 2021, boAt products are available in over 23,000 retail stores across 32 states, supported by a vast distributor network.
Looking ahead, boAt is expanding globally into markets like the UAE, Nepal, and Southeast Asia, targeting regions with a large Indian diaspora.
Industry Growth Tailwinds:
The timing for investment couldn’t be better. According to the RedSeer Report:
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The hearables market is projected to grow to between ₹51,500 crore and ₹76,500 crore by 2025.
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The wearables market is projected to reach between ₹17,000 crore and ₹27,500 crore by 2025.
As a market leader, boAt is perfectly positioned to capture this explosive growth.
Valuation Update:
As of December 2022, boAt unlisted shares are trading at approximately ₹850 per share, giving the company a market capitalization of around ₹11,000 crore. With the DRHP already filed and additional funds raised, the valuation trajectory looks promising.
Ready to Invest in India’s Leading Wearable Brand?
Buy Unlisted Shares of boAt (Imagine Marketing Ltd.) exclusively through Unlisted Network.
Get in early on a brand that is already a household name.
Fundamentals
| Boat Unlisted Share (Imagine Marketing) Price | ₹ 975 Per Equity Share |
Market Cap (in cr.) | ₹ 12791 |
| Lot Size | 100 Shares | P/E Ratio | 209.68 |
| 52 Week High | ₹ 1675 | P/B Ratio | 27.12 |
| 52 Week Low | ₹ 975 | Debt to Equity | 1.2 |
| Depository | NSDL & CDSL | ROE (%) | 12.96 |
| PAN Number | AADCI3821M | Book Value | 35.95 |
| ISIN Number | INE03AV01027 | Face Value | 1 |
| CIN | U52300MH2013PLC249758 | Total Shares | 131194300 |
| RTA | Link Intime |
Financial
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 2873 | 3377 | 3104 | 3073 |
| Cost of Material Consumed | 2591 | 2527 | 2263 | 2070 |
| Change in Inventory | -245 | 84 | 32 | 105 |
| Gross Margins | 18.34 | 22.68 | 26.06 | 29.22 |
| Employee Benefit Expenses | 56 | 99 | 97 | 135 |
| Other Expenses | 341 | 748 | 715 | 663 |
| EBITDA | 130 | -81 | -3 | 100 |
| OPM | 4.52 | -2.4 | -0.1 | 3.25 |
| Other Income | 12 | 21 | 18 | 42 |
| Finance Cost | 34 | 78 | 63 | 28 |
| D&A | 9 | 25 | 22 | 40 |
| EBIT | 121 | -106 | -25 | 60 |
| EBIT Margins | 4.21 | -3.14 | -0.81 | 1.95 |
| PBT | 99 | -163 | -70 | 75 |
| PBT Margins | 3.45 | -4.83 | -2.26 | 2.44 |
| Tax | 30 | -34 | -17 | 14 |
| PAT | 69 | -129 | -53 | 61 |
| NPM | 2.4 | -3.82 | -1.71 | 1.99 |
| EPS | 7.19 | -13.44 | -5.52 | 6.35 |
Financial Ratios |
2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 4.52 | -2.4 | -0.1 | 3.25 |
| Net Profit Margin | 2.4 | -3.82 | -1.71 | 1.99 |
| Earning Per Share (Diluted) | 7.19 | -13.44 | -5.52 | 6.35 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 2.8 | 155 | 63 | 127 |
| CWIP | 14 | 8 | 0 | 2.2 |
| Investments | 32 | 30 | 325 | 115 |
| Trade Receivables | 323 | 276 | 150 | 255 |
| Inventory | 554 | 470 | 429 | 326 |
| Other Assets | 1060.2 | 1213 | 738 | 755.8 |
| Total Assets | 1986 | 2152 | 1705 | 1581 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 9.6 | 9.6 | 9.6 | 9.6 |
| FV | 1 | 1 | 1 | 1 |
| Reserves | 592 | 449 | 462 | 461 |
| Borrowings | 921 | 1236 | 860 | 565 |
| Trade Payables | 219 | 259 | 217 | 371 |
| Other Liabilities | 244.4 | 198.4 | 156.4 | 174.4 |
| Total Liabilities | 1986 | 2152 | 1705 | 1581 |
| Cash-Flow Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | 99 | -164 | -71 | 75 |
| OPBWC | 265 | -5 | 92 | 93 |
| Change in Receivables | -242 | 22 | 126 | -106 |
| Change in Inventories | -251 | 51 | -44 | 164 |
| Change in Payables | 68 | 39 | -39 | 134 |
| Other Changes | -160 | -161 | 269 | 147 |
| Working Capital Change | -585 | -49 | 312 | 339 |
| Cash Generated From Operations | -320 | -54 | 404 | 432 |
| Tax | -49 | -10 | -4 | 9 |
| Cash Flow From Operations | -369 | -64 | 400 | 441 |
| Purchase of PPE | -14 | -23 | -35 | -5 |
| Sale of PPE | 0 | 0 | 8 | 0 |
| Cash Flow From Investment | -632 | -75 | -40 | -94 |
| Borrowing | 879 | 188 | -377 | -296 |
| Dividend | 0 | 0 | 0 | 0 |
| Equity | 2.9 | 0.3 | 0.7 | 0 |
| Others From Financing | 13 | 37.7 | -69.7 | -27 |
| Cash Flow from Financing | 894.9 | 226 | -446 | -323 |
| Net Cash Generated | -106.1 | 87 | -86 | 24 |
| Cash at the Start | 165 | 60 | 139 | 60 |
| Cash at the End | 58.9 | 147 | 53 | 84 |
Events
| Name | Date | Details |
|---|---|---|
| Boat File Pre-DRHP for IPO boAt has announced the confidential filing of its DRHP with SEBI for a proposed IPO. |
03/04/2025 | Download |
| BoAt EGM Approval of 500 Cr IPO Approval of key resolutions for IPO, including ₹500 crore fresh issue, Offer for Sale (OFS) |
15/02/2025 | Download |
| Intimation of Proposed IPO and OFS of boat Imagine Marketing Limited’s proposed IPO and eligibility for participating in the Offer for Sale (OFS). |
17/12/2024 | Download |
Promoters or Management
| Name | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Aman Gupta | Co-Founder, CMO | 20 yrs |  |
| Sameer Mehta | Co-Founder, Chief Product Officer | 15+ yrs | |