In the evolving Indian startup-investor ecosystem, boAt unlisted shares have emerged as one of the most-followed pre-IPO plays. With the brand already a household name in audio, wearables, and lifestyle electronics, many investors are betting on the upside if boAt crosses the threshold into the listed universe. In this deep-dive, we unpack the latest pricing, corporate moves, risks, and what to watch ahead as the company heads toward its public listing.
What Does boAt Unlisted Shares Mean?
When we refer to boAt unlisted shares, we are talking about equity stakes in Imagine Marketing Ltd., the parent company behind the boAt brand, which are not yet listed on any public stock exchange (NSE / BSE). These shares trade in the secondary private market, often through unlisted-share brokers or platforms. They offer early investors exposure to boAt’s growth trajectory before a formal IPO.
Because these shares lack the liquidity, transparency, and regulation of listed stocks, they typically command a risk premium. But when a listing happens, early holders may benefit from listing gains—if everything goes well.
Latest Price Levels & Market Sentiment
Tracking the unlisted share price for boAt is trickier than for listed companies, due to infrequent trades, bid-ask spreads, and information asymmetry. Still, multiple platforms and market trackers provide indicative quotes:
- Planify reports the price of boAt unlisted shares at about ₹1,424 per share (lot size 50), with a 52-week high of ₹1,807 and low near ₹1,400.
- SharesCart shows the boAt unlisted share price at ₹1,375, lot size 25, with a 52-week high of ₹1,725.
- IPOCentral quotes it at ₹1,450, noting that lot sizes are usually 50 shares.
- Some sources claim higher levels—for example, Stockify mentions a price of ₹1,659 per share.
These variations underscore the inherent volatility and opacity of unlisted trading. The true market-clearing price depends heavily on supply and demand, the latest financials, investor sentiment, and any new fundraising or IPO signals.
About the Company – Imagine Marketing Ltd
| Factor | Details |
|---|---|
| Founded | 2016 |
| Founders | Aman Gupta, Sameer Mehta |
| Industry | Audio, Wearables, Lifestyle Electronics |
| Major Investors | Warburg Pincus, Qualcomm Ventures, Fireside Ventures |
| Headquarters | New Delhi, India |
| Brand Strength | Among India’s top 3 wearable brands |
The company’s core strength lies in its deep D2C (direct-to-consumer) distribution, affordable innovation, and aspirational marketing targeted toward India’s young consumers.
Why boAt’s Pre-IPO Journey Matters
1. Brand Strength & Market Reach
boAt has become synonymous with affordable, stylish audio and wearable tech in India. Its direct-to-consumer (D2C) strategy, deep penetration in tier-2/3 cities, and strong brand recall make it a compelling consumer play.
2. Institutional Backing & Private Equity
Over the years, boAt has attracted backing from notable investors like Warburg Pincus and Qualcomm Ventures. This institutional support adds credibility and often helps in bridging valuation gaps in the unlisted market.
3. Return to Profitability
In FY25, boAt (via Imagine Marketing) reportedly swung back to profitability, with a net profit of about ₹60 crore, after facing headwinds in prior years. While revenue has seen minor declines, this profit turnaround gives confidence ahead of the listing push.
These factors together make boAt unlisted shares appealing to those seeking exposure to a consumer tech play before it goes public.
Financial Highlights (FY25)
boAt’s FY25 numbers show a cautious turnaround:
- Revenue: ₹3,089 crore (vs ₹3,122 crore in FY24)
- Net Profit: ₹60 crore (returning to profitability after previous losses)
- EBITDA Margin: Improved slightly due to better cost management and new product mix
While the revenue plateau raises concern, the return to profit is a strong signal for potential investors in boAt unlisted shares.
Key Corporate and Regulatory Milestones
IPO Filing & SEBI Approval
- In April 2025, Imagine Marketing filed a confidential DRHP (Draft Red Herring Prospectus) with SEBI.
- By September 2025, SEBI reportedly approved the IPO plan — a major step toward listing.
- Earlier, boAt had attempted an IPO in 2022, but postponed due to unfavorable market conditions.
Leadership Overhaul
To prepare for public scrutiny, boAt restructured its leadership:
- Gaurav Nayyar, formerly COO, was elevated to CEO.
- Sameer Mehta, cofounder, moved into the role of Executive Director.
This reshuffle is widely seen as an attempt to bolster governance and execution discipline.
Market Sentiment & Unlisted Share Volatility
In October 2025, the unlisted share space saw a broad correction. Multiple IPO-bound names, including boAt, dropped ~5–7% as weak IPO listings dampened investor enthusiasm.
Additionally, SEBI has issued warnings against unregulated online platforms facilitating unlisted share trading, emphasizing that only authorized platforms should be used.
Risks to Consider Before Investing
While boAt unlisted shares offer upside potential, investors must be wary of several key risks:
1. Liquidity Risk
Unlike stocks on NSE/BSE, unlisted shares lack consistent buyers and sellers. Exiting your position may require waiting for an IPO or finding a private buyer.
2. Valuation Uncertainty
Unlisted prices are not guided by daily market forces or analyst coverage. Large swings can occur based on rumors, private trades, or new funding rounds.
3. Delayed or Scaled-Down IPO
Even after SEBI approval, IPOs can be delayed if macro conditions sour. Also, parts of the issue may be reserved for institutional investors, leaving limited shares for smaller stakeholders.
4. Weak Financials / Competitive Pressure
The consumer electronics and wearables space is highly competitive. boAt’s recent revenue softness could be concerning. If margins contract or growth falters, valuation multiples may compress.
5. Regulatory / Compliance Risk
Post-IPO, boAt will face rigorous compliance and disclosure standards. Any lapses could hurt valuation or investor confidence.
What Could be the Upside? A Rough Estimate
If boAt unlisted shares trade at ₹1,424 and the IPO listings command a premium (say 30–50 %), early investors might see substantial listing gains. Suppose the listing price lands at ₹1,800–₹2,100 (purely illustrative), gains could range from ~25% to ~50% above the unlisted entry.
But this assumes strong demand, clean financials, and favorable market conditions. If sentiment is weak, listing gains might be muted—or even negative.
What to Track Next: Catalysts & Red Flags
Catalysts
- IPO Price Band & Subscription Levels: High retail/institutional demand will signal strength.
- Quarterly Financials (FY26 Q1 / Q2): Any positive revenue growth or margin expansion will boost confidence.
- Strategic Tie-ups / Product Innovation: New product launches (audio, wearables, IoT) or partnerships can add growth levers.
- Private Round / Anchor Investor Activity: Fresh funding rounds or anchor allocations often impact valuation expectations.
Red Flags
- Weak subscription / undersubscription of IPO
- Revenue decline or margin compression in post-IPO quarters
- Corporate governance issues or restatements
- Broader market downturn or cold IPO cycle
Tips for Investors in boAt Unlisted Shares
- Use only reputable unlisted-share brokers or regulated platforms to avoid scams. SEBI itself has cautioned against unauthorized platforms.
- Verify recent trade confirmations and ensure shares are credited to your demat.
- Invest with a long-term horizon, assuming you might not exit until or after IPO.
- Diversify — don’t bet your portfolio entirely on a single unlisted play.
- Monitor regulatory developments — SEBI’s rules around pre-IPO and unlisted securities are evolving.
Final Conclusion
The story of boAt unlisted shares encapsulates India’s startup-to-IPO evolution. A brand that started in 2016 with affordable earphones is now preparing to test the public markets.
With SEBI approval secured, a refreshed management team, and profitability restored, the stage is nearly set for boAt’s market debut. Still, investors must balance optimism with caution — focusing on real financial metrics and risk management.
Whether or not you invest today, boAt unlisted shares highlight how India’s private markets are maturing, offering early access to high-growth companies before they hit the stock exchange.
FAQ's about boAt Unlisted Shares
1. What are boAt unlisted shares?
boAt unlisted shares are the equity shares of Imagine Marketing Ltd — the parent company of boAt — that are traded privately in India’s unlisted or pre-IPO market. These shares are not listed on stock exchanges like NSE or BSE but can be bought and sold through authorized unlisted share trading platforms or SEBI-registered brokers.
2. What is the current price of boAt unlisted shares in 2025?
As of October 2025, the average boAt unlisted share price ranges between ₹1,375 and ₹1,659 per share, depending on the platform and demand-supply ratio in the pre-IPO market. Prices are subject to frequent changes based on investor sentiment and upcoming IPO timelines.
3. Is investing in boAt unlisted shares profitable?
Investing in boAt unlisted shares can be profitable for long-term investors, especially if the company’s IPO lists at a premium. However, unlisted shares are illiquid and riskier than listed stocks. Profitability depends on the IPO valuation, market conditions, and the investor’s entry price.
4. When is the boAt IPO expected?
The boAt IPO is expected to launch in early or mid-2026, following SEBI’s approval in September 2025. The company plans to raise around ₹2,000 crore through a mix of fresh issue and offer-for-sale (OFS).
5. What are the risks of investing in boAt unlisted shares?
Some key risks include:
- Liquidity issues: Difficulty finding buyers before IPO.
- Valuation uncertainty: No fixed market price.
- IPO delay risk: The IPO may be postponed.
- Competition: Intense pressure from rivals like Noise and Fire-Boltt.
Investors should diversify and invest only a small portion of their portfolio in pre-IPO stocks in India.
