Imagine Marketing is a digital-first consumer products company and one of the largest Indian digital-first brands in terms of revenue from operations for the financial year 2021. (Source: RedSeer Report). They have an attractive offering of wide-ranging, high-quality and aspirational lifestyle-focused consumer products at accessible price points, under their brands. Founded in 2013 and led by flagship brand “boAt” launched in 2014, they have established leading market positions in volume and value terms in India across multiple, high-growth consumer categories such as audio and smartwatch as of September 30, 2021. (Source: RedSeer Report).
They seek to identify fast-growing, lifestyle-oriented product categories with high consumer engagement and large market opportunities and disrupt the incumbent industry landscape. We endeavour to achieve this by launching distinctive and aspirational products having a clear value proposition at accessible prices, specifically tailored for the Indian audience and marketed towards the rapidly emerging online audience of young, digitally-enabled and trend-conscious consumers in India. While they initially started their journey with hearables products within the audio category, they offer products across a variety of price points and customer segments across multiple product categories, which comprise (i) audio (wired headphones and earphones, wireless headphones and earphones (neckbands), true wireless stereo (“TWS”), Bluetooth speakers and home theatre systems and sound bars), (ii) wearables (smartwatches), (iii) gaming accessories (wired and wireless headsets, mouse and keyboards), (iv) personal care appliances (trimmers and grooming kits) and (v) mobile accessories (chargers, cables, power banks and other accessories).
Their product mix has evolved significantly over the past several years as they have successfully entered into new product categories and diversified their business. For the year ended March 31, 2019, 96.01% of their revenue from operations was derived from the audio category, nil% from the wearables category and 3.99% from the other category. For the six months period ended September 30, 2021, 83.13% of their revenue from operations was derived from the audio category, 14.05% from the wearables category and 2.82% from the other category.
A timeline setting out significant milestones achieved by them since the launch of “boAt” brand in 2014 till September 30, 2021 is set out below:
As of September 30, 2021, for the second quarter of Financial Year 2022, they were ranked #1 in India among the wireless hearables brands by value and volume and #2 among smartwatch brands in India in terms of volume (Source: RedSeer Report). Moreover, their market share in both wireless hearables and smartwatch segments has consistently increased over time, and for the quarter ended September 30, 2021, they had a market share of 48% and 23% in terms of volume, and 30% and 13% by value, in the branded wireless hearables and smartwatch markets, respectively (Source: RedSeer Report).
Offerings by the company:
Audio –
Wearables:
Personal Care & Other Accessories:
Images Source: BoAt IPO DRHP
| Name | Imagine Marketing Limited Unlisted Shares |
|---|---|
| Alias Name | BOAT |
| Face Value | Rs.1 |
| ISIN Code | INE03AV01027 |
| ISIN Description | Imagine Marketing Limited New FV RE.1/- |
| PAN | AADCI3821M |
| Particulars | 6M FY 22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|
| Revenue from operations | 15,478.66 | 13,137.16 | 6,091.07 | 2,258.49 |
| Other income | 52.85 | 66.59 | 8.52 | 2.63 |
| Total Income | 15,531.51 | 13,203.75 | 6,099.59 | 2,261.12 |
| Total Expenses | 13,947.38 | 12,021.56 | 5,447.41 | 2,146.99 |
| Profit before tax | 1,584.13 | 1,182.19 | 645.51 | 114.13 |
| Profit for the period/year | 1,183.15 | 865.37 | 477.98 | 80.37 |
| EPS (In INR) | 11.77 | 8.53 | 4.78 | 0.80 |
*Rates mentioned in the chart are indicative.
Total Number of Outstanding Shares: 95,815,500 (As per BoAt IPO DRHP)
Add: Convertible Securities: 39,638,000
Total Shares taken into consideration for calculating Market Cap: 135,453,500
Market Cap Scenarios:
At 800 Rs/Share, Imagine Marketing – BoAt Unlisted Shares values the company at approx. Rs. 10,836 crores.
This are just pre-defined scenarios, since the market cap is variable to price, you can calculate the latest market cap based on the ongoing rates of Imagine Marketing – BoAt unlisted shares.
At 1000 Rs/Share, Imagine Marketing – BoAt Unlisted Shares values the company at approx. Rs. 13,545 crores.
This are just pre-defined scenarios, since the market cap is variable to price, you can calculate the latest market cap based on the ongoing rates of Imagine Marketing – BoAt unlisted shares.
At 1200 Rs/Share, Imagine Marketing – BoAt Unlisted Shares values the company at approx. Rs. 16,254 crores.
This are just pre-defined scenarios, since the market cap is variable to price, you can calculate the latest market cap based on the ongoing rates of Imagine Marketing – BoAt unlisted shares.
Source: BoAt IPO DRHP
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