Boat IPO: Will It Sail Through The Uncertainty Or Sink Amidst Market Turbulence?

Launched in 2016, BoAT is among India’s largest direct-to-consumer (D2C) audio-focused electronic brands. The company is known to be the world’s fifth-largest wearable brand for its high-quality and affordable products. The boAT is regarded as a revolutionary brand in the headphone market among music freaks, as the brand offers affordable, stylish, and good-quality audio devices. The brand has tremendously overtaken Samsung, Apple, and Xiaomi to be the most prominent contender in the market. In FY20, the company’s revenue was Rs. 701 crores, and the profit was Rs. 49 crores. Further, the brand sold 15,000 units daily within a three-million-plus online user community. In 2020, the company tied with the Indian Premier League (IPL) and roped in 14 brand ambassadors from Bollywood and Cricket. On this, Aman Gupta (founder of BoAT) remarks, “We have disrupted the space, and we will continue doing that. The high of becoming the fifth biggest in the world lasted just for a day. “Now I am looking for another high, another kick.” This statement clearly reveals the company’s approach and constant efforts to remain a leader. 

In the first half of FY22, the company made solid revenue of Rs. 1547.8 crores. This figure is indeed more significant than its previously recorded revenue of FY21 Rs. 1313.7 crores which were more than twice compared to FY20. It is evident that the company has been profitable in all three periods in its net earnings respectively. However, the market is constantly fluctuating, and no one is certain about the surge and decline; it is still a ticklish question whether the BoAT (Imagine Marketing Ltd.) IPO will sail through the uncertainty or sink amidst market turbulence?

The company witnessed a significant flux in the unlisted share/ grey market when talking about the pre-IPO shares. As per the statistics, since the company started trading in the unlisted share market, its prices have fallen significantly. Earlier, the company was selling its pre-IPO shares at above Rs. 1300, but due to market fluctuations, the prices of the company dipped and are currently trading at Rs. 876.8. After facing a significant decline in the unlisted shares, the company went on to announce its listing in IPO. The co-founder of Unlistedzone.com, Umesh Paliwal, said, “the BoAT volumes are down 70% in the market since it started trading the unlisted shares or grey market.” It is only because there is no more demand for BoAt in the unlisted space, and there are a lot of scopes to invest in these companies in the listed space. After seeing the growth and people’s inclination towards listed shares, the company majorly focused on listing shares in IPO. 

According to the sources, Imagine Marketing Ltd., The parent company of the BoAT brand, filed its Draft Red Herring Prospectus (DRHP) for an Initial Public Offering (IPO) in late January 2022 for up to Rs. 2000 crore with market regulator SEBI. According to the DRHP, the company’s IPO would consist of a fresh issue of shares worth Rs. 900 crores. The company aims to utilize IPO proceeds to repay or prepay debts. It is also estimated that the company is planning to double the review by the end of March 2023. Imagine Marketing Limited’s flagship brand, ‘boAt’ has established goodwill in India for wireless wearables and hearables. It is revealed that the company believes that it can build its market leadership position in its existing categories through multiple levels. Further, the company aims to grow its consumer base and attract new consumers with its effective branding and powerful marketing strategy. Indeed, boAt and Mamaearth are renowned D2C brands that started online and later expanded their presence through offline channels as well. 

Since the company follows an omnichannel marketing strategy to sell its products across channels like Flipkart, Amazon, Myntra, Paytm, and many more. Undoubtedly, the company has emerged as a giant D2C brand that has challenged market leaders in the earphones and wearables space. And the growth of the company is clearly seen with the surging demand for the boAt products and its entry into IPO. According to the company, the wearables market in India is estimated to grow more than ten times $2-4 billion by 2025 compared to $200 million in 2018. This is limpid that the company is all set/ ready to sail through the uncertainty of the market turbulence. The future of BoAt is bright compared to its competitors like Zebronics, Noise, NoNotes, Nothing, etc. It is also because the company majorly focuses on quality and prioritizes customers. So, it can be said that buying boAt unlisted shares will be a fair investment opportunity at a time when IPOs are likely to scare due to market volatility. For more information, connect with Stockify.

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