BoAt, Urban Company, Juniper Green Energy get SEBI nod for IPOs

Capital markets regulator Securities and Exchange Board of India (SEBI) has cleared the initial public offering (IPO) plans of 13 companies, including consumer electronics maker Imagine Marketing Ltd., the parent of wearables brand boAt, home services provider Urban Company, and renewable power producer Juniper Green Energy Ltd. 

SEBI issued “observation letters”—regulatory shorthand for approvals—during the week ending August 29, allowing the companies to move ahead with their IPO offerings.

At least 53 other IPO applications remain under review, according to SEBI filings.

BoAt, known for its headphones and smartwatches and backed by Warburg Pincus, is pursuing a second attempt to tap the public markets after shelving plans in 2022.

Its parent, Imagine Marketing, filed the draft papers through SEBI’s confidential pre-filing route in April, which allows companies to keep prospectus details private until later stages. The Mumbai-based company is targeting a valuation of about Rs 13,000 crore ($1.5 billion).

For companies like boAt, the confidential filing regime offers a key advantage. Unlike the traditional process, where IPOs must launch within 12 months of SEBI’s approval, the new route provides 18 months and allows adjustments of up to 50% in issue size until the updated prospectus stage. 

Founded in 2013 by Aman Gupta and Sameer Mehta, Imagine Marketing has expanded its portfolio from audio gear to personal grooming devices and mobile accessories.

Its decision to choose the confidential pre-filing route follows a path taken by other Indian consumer internet names, including Swiggy and Vishal Mega Mart, which floated successful IPOs last year.

Urban Company, backed by Accel and Elevation Capital, seeks to raise as much as Rs 1,900 crore through its IPO, which will include Rs 429 crore of fresh shares and a Rs 1,471 crore stake sale by existing investors, according to its draft prospectus.

Meanwhile, Juniper Green Energy plans to raise Rs 3,000 crore to fund its expansion in utility-scale solar, wind, and hybrid renewable projects. The company is among a growing crop of clean energy producers aiming to tap equity markets as India pushes toward ambitious renewable targets.

The wave of approvals arrives during a busy year for India’s primary market. More than 50 companies have already been listed so far in 2025, with over a dozen making their debut in August alone. Rising retail participation, buoyant secondary markets, and regulatory reforms have helped sustain momentum for issuers.

Beyond the high-profile names, Allchem Lifescience, Omnitech Engineering, KSH International, Ravi Infrabuild Projects, Mouri Tech, Priority Jewels, Corona Remedies, Om Freight Forwarders, Jain Resource Recycling and Pace Digitek have also received SEBI clearance to list on the National Stock Exchange and Bombay Stock Exchange.