boAt parent files updated draft papers with Sebi

New Delhi: Imagine Marketing, the parent company of wearables brand boAt, has filed updated draft papers with markets regulator Sebi to raise Rs 1,500 crore through an initial public offering (IPO).

The company’s IPO comprises fresh issue of equity shares worth Rs 500 crore and an offer for sale (OFS) of Rs 1,000 crore by promoters and investors, according to the updated draft red herring prospectus (UDRHP) filed on Tuesday.

As part of the OFS, South Lake Investment will sell shares worth Rs 500 crore, Aman Gupta looks to offload shares worth Rs 225 crore, and Sameer Ashok Mehta will offer shares to the tune of Rs 75 crore. Additionally, investors -- Fireside Ventures Investment Fund-I and Qualcomm Ventures LLC -- would sell shares valued at Rs 150 crore and Rs 50 crore, respectively.

boAt initially filed confidential draft papers with Sebi in April and secured approval in late August to launch the IPO. The confidential pre-filing route allows the company to withhold public disclosure of details under the draft red herring prospectus (DRHP) until later stages.