Urban Company and boAt Secure SEBI’s Green Signal for IPO

In a significant boost to India's IPO market, two high-profile companies, Urban Company and boAt, have received the Securities and Exchange Board of India (SEBI)'s approval to launch their IPOs. Urban Company, a leading app-based home services platform, and Imagine Marketing, the parent company of the consumer electronics brand boAt, are gearing up for their public market debuts with substantial IPO sizes. This blog will walk you through the IPO highlights of these companies, their financial performance, the objectives behind their public offering, and how their market listings could impact investors and the broader tech ecosystem.

Introducing Urban Company and boAt IPOs

Urban Company is a prominent platform that offers beauty, home cleaning, appliance repairs, and grooming services through a technology-driven app, targeting urban consumers' convenience needs. It plans to raise approximately ₹1,900 crore through its IPO, as per the DRHP. boAt, known for affordable audio and wearable devices, is eyeing a valuation near ₹13,000 crore with an IPO size involving a fresh issue and an offer for sale.

Objectives of the IPOs

Urban Company and boAt aim to use the proceeds from their IPOs primarily to fuel growth, repay debt, and provide partial exits to early investors. Here are the key objectives simplified:

• Urban Company
  • Raise ₹429 crore through a fresh equity issue to expand service offerings and scale operations.
  • Offer For Sale (OFS) worth ₹1,471 crore, enabling early backers like Accel, Tiger Global, and Elevation Capital to partially exit.
• boAt
  • Raise funds via a fresh issue for its business expansion and product innovation.
  • Provide liquidity to existing shareholders via an offer for sale in the IPO.
  • Focus on strengthening presence in India’s wearable and audio segments with continued product development.

For more details, visit the IPO pages of Urban Company and boAt at INDmoney.

IPO Timeline

Here is a timeline overview of their IPO journey:

• Urban Company
  • April 2025: Filed draft red herring prospectus (DRHP) signaling intent for IPO.
  • September 2025: SEBI approval received for ₹1,900 crore IPO.
• boAt
  • January 2022: First draft IPO papers filed for ₹2,000 crore issue, but did not proceed.
  • April 2025: Confidential filing for IPO made.
  • September 2025: SEBI grants approval to proceed with IPO.

Financial Performance Overview

Both companies have demonstrated robust financial trajectories, reflecting their readiness for market scrutiny:

Urban Company’s FY25 revenue grew by 38% year-on-year to ₹1,144 crore. It posted its first-ever full-year net profit of ₹240 crore, following a significant deferred tax credit. It also reported operational improvement with reduced EBITDA losses from ₹147 crore in FY24 to ₹32 crore in FY25.

On the other hand, boAt’s FY24 revenue stood around ₹3,122 crore, slightly down from the previous year due to market headwinds. However, it managed to reduce losses by 47%, turning to a positive EBITDA of ₹14 crore, showing operational strength. It faces pricing pressure in wearables but is growing steadily in audio devices.

Also Read: OYO’s $8 Billion IPO Bid: Is the Hospitality Giant Ready for Dalal Street’s Big Test?

Upcoming IPOs in India’s New-Age Tech Space

The approvals of Urban Company and boAt are part of a larger trend of tech-focused IPOs slated for India in late 2025 and early 2026. Other key IPOs in the pipeline include:

• Zepto (quick commerce platform)
• PhonePe and Pine Labs (payment solutions providers)
• OYO (proptech and hospitality)
• WeWork India (co-working solutions)
• PhysicsWallah (edtech startup)

For comprehensive details on these and other upcoming IPOs, readers can visit INDmoney’s complete IPO tracker here.

Final Take

The approval of Urban Company and boAt's IPOs by SEBI is an important event for India's growing tech and services market. Urban Company has shown good growth and made a profit recently, while boAt continues to grow despite some challenges. Both companies are now ready to enter the stock market, where their future results and business decisions will be closely watched. These IPOs give an opportunity to many to learn more about how fast-changing consumer demands and technology companies in India are developing. It will be interesting to see how they perform once they start officially trading on the stock exchanges.

For more information on these IPOs and other upcoming ones, you can check the detailed pages on INDmoney’s website.

Disclaimer

Source: Urban Company and Imagine Marketing’s DRHP, Financial Statements, Media Reports. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Please be informed that merely opening a trading and demat account will not guarantee investment in securities in the IPO. Investors are requested to do their own independent research and due diligence before investing in an IPO. Please read the SEBI-prescribed Combined Risk Disclosure Document prior to investing. This post is for general information and awareness purposes only and is nowhere to be considered as advice, recommendation, or solicitation of an offer to buy or sell, or subscribe for securities. INDstocks is acting as a distributor for non-broking products/services such as IPO, Mutual Fund, and Mutual Fund SIP. These are not exchange-traded products. All disputes with respect to the distribution activity would not have access to the Exchange investor redressal forum or the Arbitration mechanism. INDstocks Private Limited (formerly known as INDmoney Private Limited) does not provide any portfolio management services, nor is it an investment adviser. Logos above are the property of respective trademark owners, and by displaying them, INDstocks has no right, title, or interest in them. SEBI Stock Broking Registration No: INZ000305337, Trading and Clearing Member of NSE (90267, M70042) and BSE, BSE StarMF (6779), SEBI Depository Participant Reg. No. IN-DP-690-2022, Depository Participant ID: CDSL 12095500, Research Analyst Registration No. INH000018948 BSE RA Enlistment No. 6428.