<p>Audio products and wearables brand boAt, which operates under the parent company Imagine Marketing Limited, has withdrawn its listing plans owing to market concerns.</p>.<p>"Market conditions are currently quite choppy," the press release stated, adding that the company will go public "when the environment is better."</p>.<p>The Mumbai-based company had filed its draft red herring prospectus (DRHP) with Sebi on 26 January this year to raise Rs 2,000 crore through an initial public offering (IPO).</p>.<p>The brand is instead now raising Rs 500 crore from its existing backer Warburg Pincus and new investor Malabar Investments, via preference shares in a private placement.</p>.<p>"We now want to make smartwatches our second core and will replicate the boAt digital playbook to become global leaders in this category as well," said Aman Gupta, co-founder & chief marketing officer of boAt.</p>.<p>The company is likely to reconsider IPO plans in the next 12-18 months.</p>
<p>Audio products and wearables brand boAt, which operates under the parent company Imagine Marketing Limited, has withdrawn its listing plans owing to market concerns.</p>.<p>"Market conditions are currently quite choppy," the press release stated, adding that the company will go public "when the environment is better."</p>.<p>The Mumbai-based company had filed its draft red herring prospectus (DRHP) with Sebi on 26 January this year to raise Rs 2,000 crore through an initial public offering (IPO).</p>.<p>The brand is instead now raising Rs 500 crore from its existing backer Warburg Pincus and new investor Malabar Investments, via preference shares in a private placement.</p>.<p>"We now want to make smartwatches our second core and will replicate the boAt digital playbook to become global leaders in this category as well," said Aman Gupta, co-founder & chief marketing officer of boAt.</p>.<p>The company is likely to reconsider IPO plans in the next 12-18 months.</p>
