Imagine Marketing, which owns the BoAt brand of earphones and smartwatches, has filed a Draft Red Herring Prospectus (DRHP) for an Initial Public Offer (IPO) of over Rs 2,000 Crores with the market regulator Securities and Exchange Board of India (SEBI).

According to the DRHP, the IPO will include a fresh issue of shares up to Rs 900 Crores and an offer to sell claims up to Rs 1,100 Crores. The company plans to utilise the IPO returns to repay or prepay debt. BoAt was last valued at around Rs 2,200 Crores when it raised Rs 50 Crores from Qualcomm Ventures in April 2021. It is now looking for a valuation of around 5-6 times its earnings for this fiscal year.