Introduction
India’s IPO market has two loud names on its watchlist right now. Parle Products, the maker of Parle-G, may finally go public after nearly a century as a private company. boAt, the audio and wearables brand, already has SEBI’s approval and waits for a launch window.
Neither IPO has opened yet. Neither has a confirmed price band. But both carry massive brand recall, and retail investors keep searching for updates daily.
“One quick clarification before we start. “Parle” is not one company. Parle Products (biscuits), Parle Agro (Frooti, Appy Fizz), and Parle Bisleri (packaged water) are three separate businesses. A 2009 Bombay High Court ruling split the Parle trademark across different branches of the Chauhan family. The current IPO buzz belongs to Parle Products, not Parle Agro. This article covers Parle Products”.
SEBI Disclaimer: I am not a SEBI-registered investment advisor. This article is for informational purposes only. Please do your own research or consult a registered advisor before investing.
Companies Overview
Parle Products
What does the company do? Parle Products manufactures biscuits, confectionery, and snacks. Its flagship brand, Parle-G, remains one of the world’s largest-selling biscuits by volume.
Which industry is it in? The company operates in the FMCG sector, competing mainly in biscuits and confectionery.
Business model: Parle runs a mass-market distribution strategy. It reaches millions of retail outlets across urban and rural India, and also exports to several countries.
Revenue sources: Biscuit sales generate most of the company’s revenue. Its portfolio includes Monaco, KrackJack, Hide & Seek, Melody, Mango Bite, and 20-20 Cookies. A premium range called Platina targets higher-margin urban buyers, helping Parle compete with Britannia and Mondelez at the premium end.
Parle Products started in 1929 in Vile Parle, Mumbai. Key people include Vijay Chauhan, Sharad Chauhan, and Raj Chauhan, all part of the founding family. The company has stayed entirely private since inception. Public information shows no external investors on its shareholder list.
boAt (Imagine Marketing)
What does the company do? boAt manufactures audio products and wearables, including headphones, earbuds, smartwatches, and charging accessories. It also owns RedGear, a gaming peripherals brand.
Which industry is it in? The company operates in consumer electronics, focused on personal audio and wearable technology.
Business model: boAt follows a digital-first approach. It sells through online marketplaces and offline retail, backed by aggressive marketing and celebrity association.
Revenue sources: Audio products contribute the bulk of revenue. Wearables form a fast-growing segment. boAt holds the top spot in India’s personal audio market, with 34% volume share and 26% value share in FY25.
Imagine Marketing launched in 2013. Co-founders Aman Gupta and Sameer Mehta built the company from a small accessories business. Today it ranks among India’s most recognised D2C brands. Vivek Gambhir currently serves as CEO. Aman Gupta’s public profile grew sharply through Shark Tank India, giving boAt a cultural identity most Indian electronics brands lack. Global investors Warburg Pincus, Qualcomm Ventures, and Fireside Ventures all hold stakes in the business.
IPO Details
Parle Products IPO
| Parameter | Details |
|---|---|
| DRHP Status | Not filed as of August 2026 |
| IPO Open/Close Date | Not announced; earliest realistic window is late 2026 or 2027 |
| Price Band | Not announced |
| Lot Size | Not announced |
| Reported Issue Size | |
| Fresh Issue vs OFS | Reported to be fully OFS, unconfirmed |
| Listing Exchange | NSE/BSE (expected, once filed) |
Important note: Parle has not filed its DRHP. The company remains in early talks with investment banks, and its own management has declined to confirm the plan.
boAt IPO
| Parameter | Details |
|---|---|
| DRHP Status | UDRHP filed publicly, October 2025; SEBI approved |
| IPO Open/Close Date | Not announced |
| Price Band | Not announced |
| Lot Size | Not announced |
| Issue Size | ₹1,500 crore |
| Fresh Issue vs OFS | Fresh Issue: ₹500 crore; OFS: ₹1,000 crore |
| Listing Exchange | NSE/BSE |
Important note: boAt has SEBI approval and a filed UDRHP, but no price band or date has been announced as of August 2026. This is the company’s second IPO attempt; it first filed in December 2021 and withdrew the plan in 2022 amid volatile markets, raising ₹500 crore from Warburg Pincus and Malabar Investments instead.
Company Financials (Last 3 Years)
Parle Products (₹ crore)
| Metric | FY24 | FY25 | YoY Change |
|---|---|---|---|
| Revenue from operations | 14,349.40 | 15,568.49 | +8.5% |
| Total income | ~15,090 | 16,190.98 | +7.3% |
| Net profit | ~1,606* | 979.53 | -39% |
| Ad spend | 443.00 | 482.96 | +9% |
*FY24 profit is an approximate figure derived from the reported 39% decline; treat it as indicative, not an official number.
boAt / Imagine Marketing (₹ crore)
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ~3,377 | ~3,100-3,135 | ~3,073-3,098 |
| Net profit/(loss) | (129) | (53 to 80)** | 60-61 |
**Different data sources report slightly different FY24 loss figures; the range reflects that variance.
Other reported metrics for boAt (sourced from unlisted-share trading platforms, not from SEBI filings; treat as indicative only, since these platforms often show inconsistent numbers):
| Metric | Reported Value |
|---|---|
| ROE | ~13% |
| Return on Assets | ~4% |
| Debt to Equity | ~2.36 |
| Book Value per Share | ~₹48.70 |
| Unlisted Market Cap | ~₹8,700-9,000 crore |
Parle Products has no equivalent unlisted-market metrics. It carries no external investors, so no secondary share market exists to derive ROE, debt ratios, or a market-implied P/E.
Parle’s revenue keeps growing at high single digits, but rising commodity costs are squeezing margins. Wheat, sugar, and edible oil prices all stayed elevated through FY25. The company chose to protect volumes rather than raise prices sharply, which limited cost pass-through and hurt profit.
boAt tells a different story. Revenue has stayed flat to slightly declining for three straight years. The company did return to profit in FY25 after two loss-making years, which is a genuine positive. But the return to profitability came without meaningful topline growth. That raises questions about how much runway the current product mix still has.
Valuation Analysis
Parle Products Valuation
Reports peg a possible Parle Products IPO valuation above $10.5 billion, or roughly ₹1 lakh crore. The reported issue size sits near $1 billion, or about ₹9,530 crore.
For context, the 2025 Hurun India 500 list had already valued Parle Products at ₹75,420 crore. That ranked it 7th among India’s most valuable unlisted companies, well before the current IPO reports surfaced.
Compare that to listed rival Britannia Industries, which posted FY25 consolidated revenue of ₹17,942.67 crore. If Parle lists near a ₹1 lakh crore valuation, that implies a revenue multiple close to 6.4 times FY25 sales. On the profit side, ₹1 lakh crore against ₹979.53 crore of FY25 profit implies a P/E near 102x. Both figures rest entirely on an unconfirmed rumor, not an official price band. Treat them as a starting point for debate, not as fact.
boAt Valuation
No official valuation exists yet, since the price band remains unannounced. Two different reference points exist, and they tell different stories.
The unlisted share market gives one signal. As of June 2026, boAt’s unlisted shares traded around ₹840 to ₹890 per share. That implies a market cap near ₹8,700-9,000 crore. It sits well below the $1.4 billion (~₹11,500 crore) valuation from its 2022 funding round. Using FY25 profit of roughly ₹61 crore, the implied P/E lands somewhere in the 140-220x range. The exact figure depends on which platform’s share count you use.
Separately, some media reports cite a higher target of around $1.5 billion (~₹13,000 crore) for the actual IPO. That figure has not been confirmed by the company or by any DRHP filing.
Both reference points suggest a rich valuation relative to boAt’s flat revenue trend. Investors should treat any single number here as a rough guide, not a forecast of the final issue price.
Grey Market Premium (GMP)
Neither company has a real, tradable GMP right now, because neither has an announced price band. GMP measures the premium buyers pay over the official issue price in an unregulated grey market. Without an issue price, there is nothing for a premium to be measured against.
You may still see specific figures online for boAt. Some sites quote a GMP of ₹89 against a “₹459 price band,” with a tentative “27-29 September” listing window. None of this comes from SEBI, the company, or the stock exchanges. These numbers appear to originate from content sites publishing estimates as if they were confirmed facts. Treat any such figure as speculation until boAt’s official filing shows a real price band.
Note: GMP is never an official indicator, even once a price band exists. It reflects informal sentiment and can swing sharply in either direction right up to listing day.
Parle Products has no GMP activity at all. No DRHP exists yet, and no price discussion has started in any regulated or grey market.
Strengths (Bull Case)
Parle Products:
- Nearly a century of brand trust across urban and rural India
- Clear category leadership in mass-market biscuits
- Growing premium range (Platina) that could lift margins over time
- One of the deepest distribution networks in Indian FMCG
- Steady, recession-resistant demand for packaged food
boAt:
- India’s #1 personal audio brand by both volume and value
- Strong founder-led marketing, backed by real cultural visibility
- Diversified into wearables, charging, and gaming through RedGear
- Backing from institutional investors like Warburg Pincus and Qualcomm Ventures
- Genuine return to profitability in FY25 after two difficult years
Risks (Bear Case)
Parle Products:
- Profit fell 39% in FY25 as input costs rose faster than prices
- A fully secondary (OFS) structure means the company gets no fresh capital
- The rumored valuation looks rich against slowing profit growth
- Commodity price swings in wheat, sugar, and edible oil directly hit margins
- No DRHP has been filed yet, so the entire plan could still be delayed or shelved
boAt:
- Revenue has stayed flat to declining for three consecutive years
- Competition keeps intensifying from Sony, JBL, Noise, Boult, and Chinese OEMs
- Profit margins remain thin even after the return to profitability
- Debt-to-equity levels look elevated on unlisted-market estimates
- The business relies heavily on third-party manufacturing partners
- Price band and listing date remain unconfirmed a full year after SEBI approval
Use of IPO Proceeds
boAt’s ₹500 crore fresh issue has a stated purpose. Around ₹225 crore is earmarked for working capital needs, spread across FY26, FY27, and FY28. The remaining amount likely supports brand building, product R&D, and general corporate purposes.
Parle Products’ reported structure looks very different. If the fully secondary plan holds, the company itself would raise no fresh capital from the listing. Every rupee from the sale would go to the Chauhan family and any other selling shareholders, not toward business operations. This distinction matters: a fresh issue signals investment in growth, while a pure OFS signals promoters seeking liquidity.
Promoters and Management
Parle Products: The Chauhan family has promoted and run the company for close to a century, across multiple generations. Shareholding stands at effectively 100% pre-IPO, with no external investors on record. This would reduce only if and when shares are sold in an eventual OFS.
boAt: Founders Sameer Mehta and Aman Gupta hold a joint stake with corporate promoter South Lake Investment Ltd. Together they hold 88.86% of the company pre-offer. In the proposed OFS, Sameer Mehta could sell shares worth up to ₹75 crore. Aman Gupta could sell up to ₹225 crore. South Lake Investment may offload shares worth up to ₹500 crore. Investors Fireside Ventures and Qualcomm Ventures could sell up to ₹150 crore and ₹50 crore respectively. Vivek Gambhir leads day-to-day operations as CEO, alongside the founder-directors.
Industry Analysis
Biscuits and confectionery industry (Parle)
India’s biscuit, cookies, and crackers market was valued at ₹1.16 lakh crore in 2025. Analysts expect this market to grow at a 6.8% compound annual rate. It could reach roughly ₹1.64 lakh crore over the next several years. Rural consumption remains a key driver, while urban premiumisation offers a separate growth lever.
Britannia currently leads this market by revenue, with Parle Products close behind. Mondelez India, which owns Oreo and Bournvita Biscuits, trails further back and has seen its own revenue decline recently.
Audio and wearables industry (boAt)
India’s consumer devices market touched roughly ₹1,11,500 crore in FY25. Wearables, personal audio, and charging accessories rank among the fastest-growing segments within it.
boAt leads personal audio by both volume and value today. But competition keeps rising from Chinese manufacturers entering the budget wearables space. Established names like Sony and JBL keep defending the premium end. Noise and Boult compete directly in boAt’s core price band.
Competitor Comparison
| Company | Revenue (FY25) | Profit (FY25) | Category |
|---|---|---|---|
| Parle Products | ₹15,568 crore | ₹979.53 crore | Biscuits & Confectionery |
| Britannia Industries | ₹17,943 crore | Not covered in this report | Biscuits & Confectionery |
| boAt (Imagine Marketing) | ~₹3,090 crore | ~₹60-61 crore | Audio & Wearables |
| Key boAt rivals | Sony, JBL, Noise, Boult | Privately held/listed separately | Audio & Wearables |
Parle sits close behind Britannia in revenue, yet its rumored target valuation implies a much richer multiple. boAt leads its category by market share. But its revenue has not grown meaningfully in three years, unlike the broader wearables market around it.
Subscription Status
Neither IPO has opened for subscription. There is no QIB, NII, retail, or employee-category bidding data to report for either company today.
Once either issue opens, subscription data becomes available in real time through the stock exchanges and registrar websites. Bookmark the official NSE and BSE IPO pages for live updates once a price band gets announced. Ignore any subscription figures you see published now; they cannot be real.
Analyst View
Parle Products
Positive points:
- Strong brand equity and near-unmatched distribution reach
- Resilience in a large, stable, slow-growth category
- Genuine revenue growth of 8.5% in FY25
Negative points:
- Net profit declined 39% in FY25 on rising input costs
- The fully secondary structure draws scrutiny, since public money would fund promoter liquidity rather than business expansion
- Britannia remains a formidable, better-capitalised competitor
boAt
Positive points:
- Dominant, defensible leadership in personal audio
- Founder-led brand identity that competes on more than price
- A real, filing-backed turnaround to profitability in FY25
Negative points:
- The unlisted market has cooled on boAt’s valuation compared to its 2022 peak
- Flat revenue growth over three years raises questions about future demand
- Heavy reliance on third-party manufacturing adds supply chain risk
Best Case / Base Case / Worst Case
Parle Products
- Best case: The company files its DRHP by late 2026, holds its valuation near ₹1 lakh crore, and delivers a strong listing on brand strength alone.
- Base case: The filing takes longer than expected, and the final valuation gets trimmed closer to Britannia’s trading multiples.
- Worst case: The plan stays stuck in the talks stage indefinitely, similar to previous years of unconfirmed IPO speculation around Parle.
boAt
- Best case: The company announces its price band soon, attracts strong subscription on brand recall, and delivers listing gains for early investors.
- Base case: The listing happens, but gains stay muted given flat revenue growth and thin margins.
- Worst case: The company delays the issue again, echoing its withdrawn 2022 attempt.
Final Thoughts
Neither IPO has a confirmed price band, so no honest “apply or avoid” call exists yet for either one. What follows is a read on the current setup, not investment advice.
Parle Products — Track, don’t chase. The business itself is excellent: a near-century of trust, unmatched distribution, and resilient demand. But a fully secondary structure and a rumored ₹1 lakh crore valuation, against a 39% profit decline, is a tough combination. Wait for the DRHP before forming a firm view.
boAt — Track, stay valuation-aware. Market leadership in personal audio is real and defensible. But three years of flat revenue, thin margins, and a valuation gap between 2022 funding levels and today’s unlisted price all argue for caution once a price band finally appears. Judge the actual issue price against these fundamentals, not against social media chatter.
Who should watch each one:
- Long-term investors: Track both companies’ official SEBI filings before forming any view.
- Listing-gain seekers: There is nothing to act on for either company until a real price band exists.
- High-risk investors: Both stories carry real upside if execution improves, but also real valuation risk at current rumored levels.
FAQs
When will the Parle Products IPO open?
No date exists yet. Parle Products has not filed a DRHP with SEBI as of August 2026. The company remains in early talks with investment banks.
When will the boAt IPO open?
SEBI has approved the issue, but boAt has not announced a price band or listing date as of August 2026. Ignore any specific dates you see circulating online.
What is the expected Parle Products IPO valuation?
Media reports suggest a valuation above ₹1 lakh crore, or around $10.5 billion. This figure stays unconfirmed until a DRHP is filed.
What is the boAt IPO issue size?
The current structure targets ₹1,500 crore. That includes a ₹500 crore fresh issue and a ₹1,000 crore offer for sale.
Is Parle Agro part of this IPO?
No. Parle Agro, which makes Frooti and Appy Fizz, is a completely separate company. It has no link to Parle Products or the current IPO chatter.
Should I trust current GMP numbers for either IPO?
No. Avoid relying on unofficial grey market premium figures before a company files its DRHP or announces a confirmed price band. Treat pre-filing numbers as speculation, not fact.
How do I check IPO allotment status once either issue opens?
Visit the registrar’s website once the IPO closes. Enter your application number or PAN. The registrar will display your allotment status.
What is the difference between a fresh issue and an OFS?
A fresh issue creates new shares, and the company receives that money. An OFS involves existing shareholders selling their stake; the company receives none of those proceeds.
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