Boat Unlisted Share Price 2026:
Complete Pre-IPO Investor Guide
By Kanishk Devbangia, NISM Series XV Certified Research Analyst (NISM-202300182946)
Introduction
If you have used earphones, smartwatches, or Bluetooth speakers in India over the last five years, there is a high likelihood that your products are manufactured by boAt. Launched in 2016, boAt, the full form of which is Imagine Marketing Pvt. Ltd., has established itself as India's #1 audio and wearable brand by volume, dominating the domestic market of various consumer electronics against many international giants.
During 2022, boAt attracted a lot of attention in financial circles after filing its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to raise roughly ₹2,000 crore via IPO. Nevertheless, citing unfavorable market conditions (global equity markets were unstable because of inflation fears and rate increases from the Fed), boAt withdrew its IPO in August 2022 before getting listed. Investors waiting for the listing remained disappointed.
Moving into 2026, interest in boAt has risen again. Given favorable market conditions and healthy business fundamentals, speculation around an impending re-filing of DRHP started emerging, leading to active trading of boAt's unlisted shares in the gray market. Investors familiar with how unlisted shares work are already preparing for the eventual IPO.
Boat Unlisted Share Price Today
The price of boAt unlisted stocks is arrived at through a system of intermediaries and dealers who trade stocks away from the market place. These are registered dealers and intermediaries with SEBI. In contrast to listed stocks, prices for unlisted stocks are not derived from any stock exchange.
Current Price (Indicative, May 2026)
Price Movement (Historical — Indicative)
Note: Historical price data is indicative and sourced from dealer network insights. It does not constitute a guarantee of future performance. Always browse unlisted shares marketplace for the latest pricing.
Boat (Imagine Marketing) — Company Overview
Think about Imagine Marketing Pvt. Ltd. which is better known by its brand name boAt and which was jointly established in 2016 by Aman Gupta and Sameer Mehta. As for Aman Gupta, he gained national recognition as the host of Shark Tank India. He is a Co-founder and CMO of boAt, whereas Sameer Mehta is CEO.
Market Position
According to market research reports and AMFI industry data, boAt has consistently ranked as India's #1 wearable audio brand by volume shipments since 2020. The brand commands strong shelf space both online (Flipkart, Amazon) and offline (Reliance Digital, Croma).
Product Portfolio
The product mix of boAt includes four main categories:
• Earwear: True wireless stereo earbuds, neck bands, over-the-ear headphones the primary source of revenue.
• Smartwatches: boAt Xtend, Lunar, Wave range of watches— an emerging product category.
• Speakers: Bluetooth portable and party speakers— target segment is mass market.
• Soundbars & Accessories: Home audio and travel accessories— an evolving category.
Distribution channels
boAt follows a mixed distribution strategy:
• D2C (Direct to Consumer): Through its website and mobile application of boAt, along with extensive digital marketing.
• Online Marketplaces: Flipkart and Amazon together contribute to majority revenue.
• Offline Retail: National Electronic retail chains like Croma, Reliance Digital, general trade and modern trade.
• Brand stores: Exclusive brand stores in selected metros.
Boat Financials FY26
boAt’s financial performance has been improving over the past years; however, just like any other consumer electronics company, it has also been experiencing margin issues due to stiff competition. The following data shows a summary of boAt’s financial figures for its first year of operation through recent years as per Economic Times, Mint, and Moneycontrol.
Revenue & PAT — 3-Year Growth
boAt returned to profitability in FY23 after posting losses in FY22 (a year marked by heavy marketing spend and supply chain disruptions), signalling improved operational efficiency and better inventory management.
Margin Trends
While margins remain thin compared to software or services companies, they are improving steadily — a common pattern in consumer electronics businesses scaling through volume. The EBITDA margin improvement from negative territory to ~6–7% is a positive signal for pre-IPO investors.
Comparison vs Peers
boAt leads the pack by a wide margin in terms of scale, making it the most investable pre-IPO consumer electronics brand in India currently. (Source: ET, Moneycontrol reports)
Boat IPO — DRHP Status & Timeline
2022: The First Attempt
The DRHP filing for Imagine Marketing took place in January 2022 when it approached SEBI to launch a share offering for ₹2,000 crore. This would comprise a new issue of ₹900 crore and an OFS amounting to ₹1,100 crore. The valuation of Imagine Marketing at that time stood at about ₹12,000-14,000 crore. However, with the Indian stock market becoming highly volatile amid global technology stocks selling off, Imagine Marketing withdrew its DRHP filing in August 2022..
2025–26: Refiling Speculation
Several media stories on Mint and Economic Times have suggested that boAt would reconsider filing its DRHP around late 2025/early 2026. Given the rapid growth in India’s IPO market (as per SEBI statistics, FY25 saw an unprecedented number of public offerings), the timing may be ideal. As of the writing of this guide, there have been no news stories announcing any new DRHP. However, investors’ demand for unlisted boAt stocks has been rising steadily.
Expected Price Band & Valuation
Note: These are analyst estimates, not SEBI-approved figures. Actual IPO pricing depends on market conditions at the time of filing.
What Pre-IPO Holders Should Expect
• Lock-in period: Anchor investors have 30 days' lock-in period whereas retail investors in unlisted shares have a mandatory lock-in period of 6 months after listing (SEBI guidelines on shareholding prior to IPO).
• Listing performance: Consumer brand IPOs have been known to list at 15-35% premium during bull markets, but there are no guarantees.
• Taxes: For shares held for more than 24 months prior to IPO, LTCG is applicable at 20%.
Why Investors Are Watching Boat Pre-IPO
1. D2C Consumer Brand Premium
DTC companies have premium valuations in the public markets as they own the customer connection, have data, and do not require significant capex to scale. The DTC business model and the digital first model of boAt are quite similar to those used by globally successful brands such as Anker (China) and Skullcandy (United States). In India, however, it remains a relatively new industry.
2. Founder Brand Equity — The Shark Tank Effect
Aman Gupta’s prominence on the show has made boAt a name that is more than just a brand in its category, but rather a name recognized across products. This unique form of brand value, owned by its founder, results in direct trust, reduced customer acquisition costs, and free press that no amount of money can buy.
3. Listing Pipeline Visibility
India's IPO pipeline is at an all-time high, with SEBI witnessing a surge in applications in both FY25 and FY26. Companies in consumer discretionary that have a track record of revenues and profitability, along with good brand recognition, are top priorities for underwriters. BoAt ticks all these boxes.
4. Comparison with Listed D2C Peers
The D2C space in India has seen volatility post-listing, but brands with genuine revenue and profit (unlike unprofitable D2C models) have held up better. boAt's evolving profitability makes it a more credible IPO candidate than many peers were at the time of their listing.
How to Buy Boat Unlisted Shares
Buying shares that are neither listed nor those which have not been offered for Initial Public Offering is quite distinct from buying listed shares. There is no stock exchange platform, rather trading occurs through SEBI registered brokers and approved pre-IPO dealers. Here is how you can do it. For a detailed guide, check here.
1. Step 1: Open a Demat Account – To purchase unlisted stock, you need to have an active demat account with a participant of CDSL/NSDL. Stock will be credited into the demat account. Some recommended DPs include Zerodha, Groww, Upstox, and ICICI Direct.
2. Step 2: Select a Vetted Dealer – All dealers cannot be trusted. Select a dealer that has a proven track record and good client reviews. We suggest consulting a professional adviser. Visit the online platform of unlisted shares market to view trusted dealers.
3. Step 3: Perform the KYC Process and Share Verification – Submit your PAN, Aadhar card details, and demat account details. The dealer will provide a contract note or trade confirmation to you. It is essential that you verify the ISIN of your shares such as boAt / Imagine Marketing.
4. Step 4: Make the Payment through NEFT/RTGS – The payment will be made via bank transfer (NEFT/RTGS) to the bank account of the seller. Never transfer money via cash payment or unauthorized wallet transfers.
5. Step 5: Demat Transfer Schedule – Upon completion of payment, shares will be transferred into the demat account via an off-market transaction. The whole process usually takes between 2-5 business days.
Risks of Investing in Boat Unlisted Shares
All investments are risky. Pre-IPO or Unlisted Share Investments entail additional risks that every investor should know beforehand:
- Consumer Electronics Cycles Sensitivity: The market for consumer electronics depends on the cycle of economic changes. Any fall in consumer sentiment, any supply chain disruptions, any changes in technologies such as introduction of new formats of audio etc. will directly influence the revenue of boAt.
- Margin Risks due to Competition: Chinese OEMs backed brand names such as Realme, sub-brands from Xiaomi or well-financed start-ups like Noise and Boult are all competing for market share by pricing pressures. This may further thin out boAt's margins.
- Risk Due to Delay in Re-Filing of Listing Papers: boAt might choose to delay the filing of its papers once again. No IPO guarantees exist in 2026 or 2027. Investors need to have patience in case of illiquid pre-listing shares for long duration.
- Restrictions Post-Listing: Pre-IPO investors are subjected to a 6-month lock-in period as per the pre-IPO share guidelines of SEBI. If you acquire shares less than 6 months prior to the date of filing, you cannot sell your stock post listing.
- Founder Dilution Risk: With the proceeds from the upcoming IPO and subsequent rounds, there is a risk that founder equity will become diluted, impacting EPS.
- Liquidity Risk: In contrast to listed stocks, boAt unlisted stocks are not immediately tradeable. The search for a buyer during the grey market phase can be challenging, and the stock price may diverge considerably from its intrinsic value during low liquidity periods.
Boat Unlisted Shares Taxation 2026
Taxation of unlisted shares in India is governed by the Income Tax Act, 1961, and is distinct from the tax treatment of listed securities. Here is the updated tax framework as per the Union Budget 2024 and Finance Act 2025:
Important Aspects for an Investor:
• There is a difference between 24 months for unlisted shares and listed shares, where LTCG is applicable after 12 months. This is one of the areas that may confuse new investors.
• Indexation enables you to adjust the cost of purchase with the help of Cost Inflation Index (CII) provided by CBDT, which reduces your taxable amount.
• Profits made during the first two years are considered short-term gains and are added to the gross total income and taxed as per the relevant slab (up to 30% for the highest tax bracket).
• It is always wise to keep purchase certificates, transfer papers, and contract notes.
Frequently Asked Questions (FAQ)
Q: When will be the boat IPO?
A: The Imagine Marketing Pvt Ltd has not announced any new DRHP till May 2026. Market speculation suggests a potential new DRHP filing in late 2026, though no official SEBI confirmation exists as yet. Please keep tabs on the SEBI EDGAR database.
Q: Who owns Boat (Imagine Marketing)?
A: The co-founder and shareholder of Imagine marketing are Mr. Aman Gupta and Mr. Sameer Mehta. Some of the other institutional investors in the company include Warburg Pincus, Qualcomm Ventures, Malabar Investments, and InnoVen Capital.
Q: Is Boat profitable?
A: Yes, Imagine Marketing (boAt) recorded its profit during FY22-23 financial year after recording loss in FY22. As per the MCA filings and media reports like ET and Moneycontrol, the company reported profit in the last financial year, while FY24 & FY25 are expected to show increasing PAT.
Q: How can I buy Boat shares before IPO?
A: Yes. You can buy boAt unlisted shares from the secondary market before the IPO through the services of registered stock brokers/dealers in unlisted shares. These transactions happen off-market via demat transfer. Check out our post on what are unlisted shares?
Q: What is the minimum investment in Boat Unlisted Shares?
A: The minimum investment will depend on the size of the lot being offered by the broker, which normally varies between 50-100 shares. Using the indicative prices of ₹720-760 per share in May 2026, the minimum investment will be about ₹36,000-₹76,000. The exact amount may vary; you should get in touch with your broker for details.
Q: Is Boat Unlisted Shares worth purchasing before its IPO?
A: boAt has a good brand equity, solid financials, and a reliable pipeline for its upcoming IPO – thereby making it one of the most promising investments to make before its initial public offering among the consumer brands in India. However, the pre-IPO investment also comes with risks like low liquidity, uncertainty regarding the IPO date, and the lock-in period after listing.
Disclaimer:
This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing.
