Imagine Marketing, parent company of boAt brand, has filed its updated draft red herring prospectus (UDRHP) with the SEBI.
According to the regulatory filing, the proposed initial public offering comprises a total issue of equity shares of face value of ₹1 each aggregating up to ₹1500 crore, with fresh issue of equity shares aggregating to ₹500 Crore and offer for sale of equity shares aggregating to ₹1000 Crore.
The offer for sale comprises of equity shares aggregating to ₹75 crore by Sameer Ashok Mehta, equity shares aggregating to ₹225 crore by Aman Gupta, equity shares aggregating to ₹500 crore by South Lake Investment Limited (promoter) as well as equity shares aggregating to ₹150 Crore by by Fireside Ventures Investment Fund-I (Scheme of Fireside Ventures Investment Trust) and equity shares aggregating to ₹50 Crore by Qualcomm Ventures LLC (Individual Selling Shareholders).
Use of funds
The company proposes to utilise the proceeds towards funding the working capital requirements amounting to ₹225 crore, funding the brand and marketing expenses towards enhancing the awareness and visibility of the products and brand amounting to ₹150 crore as well as for general corporate purposes.
MUFG Intime India Private Limited is the registrar of the issue and ICICI Securities Limited, Goldman Sachs (India) Securities Private Limited, JM Financial Limited and Nomura Financial Advisory and Securities (India) Private Limited are the book running lead managers to the issue.