Audio and wearables company Imagine Marketing, which operates the brand boAt, has filed an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) of Rs 1,500 crore.

The IPO comprises a fresh issue of equity shares aggregating Rs 500 crore and an offer for sale (OFS) of RS 1,000 crore by existing shareholders, including investors and co-founders, according to the UDRHP.

Private equity major South Lake Investment (Warburg Pincus), the largest shareholder in the company with a 39.35% stake, will offload shares worth Rs 500 crore, accounting for half of the total OFS. Other investors participating in the share sale include Fireside Ventures, which will sell shares worth Rs 150 crore, and Qualcomm Ventures, wh

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