Winspark Eyes Profits, boAt Wins SEBI Nod, Allchem & Jain Resource Join IPO Wave

Edtech firm Winspark Innovations Learning, the parent company of PlanetSpark, and consumer electronics brand boAt are preparing for initial public offerings (IPOs), reflecting strong momentum in India’s primary market. Both companies have outlined clear profitability and growth targets as they move closer to public listings.

Winspark sets Sights on Profitability and IPO

Winspark, backed by Flipkart co-founder Binny Bansal, expects to achieve profitability in the financial year 2025–26 (FY26). The company, which operates online learning platform PlanetSpark, plans to file for an IPO only after recording two consecutive profitable years and reaching a revenue milestone of ₹800 crore.

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“IPO has been the vision for us over the last couple of years. Our goal was very simple — we would first turn the company profitable sustainably and demonstrate at least two years of profitability, and then go for an IPO at a revenue scale of about ₹800 crore,” co-founder Kunal Malik told PTI.

PlanetSpark, the flagship platform of Winspark, provides training in communication and other soft skills to learners ranging from preschool children to working professionals. The edtech company aims to leverage rising demand for life skills learning in India and abroad as it scales operations toward profitability.

BoAt gains SEBI nod for IPO

Separately, Imagine Marketing, the parent company of boAt, has received regulatory approval from the Securities and Exchange Board of India (SEBI) for its proposed IPO. The Warburg Pincus-backed brand, known for its headphones, smartwatches, and consumer accessories, confidentially filed for the issue in April. The company is reportedly targeting a valuation of around ₹13,000 crore.

This marks boAt’s second attempt at going public. In 2022, the company filed draft papers for a ₹2,000 crore IPO, which included a fresh issue of ₹900 crore and an offer-for-sale (OFS) of ₹1,100 crore. The company eventually withdrew the plan, citing market conditions.

Founded in 2013 by Aman Gupta and Sameer Mehta, boAt has since expanded into wearables, grooming products, and mobile accessories. Its latest move to use the confidential pre-filing route reflects a growing preference among Indian firms. This method allows companies 18 months from SEBI’s final comments to launch their IPOs, providing greater flexibility than the traditional 12-month timeline.

Growing IPO pipeline

BoAt joins a long list of companies preparing to tap the capital markets. According to SEBI updates, 12 other firms — including Urban Company, Juniper Green Energy, and Allchem Lifescience — have recently received approval for their IPOs. Urban Company, for instance, aims to raise ₹1,900 crore through a mix of fresh equity and OFS.

The Indian primary market is witnessing robust activity this year, with 50 companies already listed and over a dozen making debuts in August alone. Investor appetite remains strong across diverse sectors such as edtech, consumer electronics, healthcare, and services.

Allchem Lifescience IPO

The Allchem Lifescience IPO includes an offer to sell up to 7,155,000 equity shares of the same face value as well as a new issuance of equity shares with a face value of ₹10 apiece, totalling ₹190 crore. Kantilal Ramanlal Patel has a maximum of 3,577,500 equity shares up for sale, and Manisha Bipin Patel (the promoter selling shareholder) has an identical quantity.

Jain Resource Recycling IPO

The public offering up to ₹2,000 crore consists of an offer for sale (OFS) up to ₹1,500 crore and a fresh issue of equity shares worth ₹500 crore. In addition to using the net revenues for general business objectives, Jain Resource Recycling intends to utilise them to retire or repay some of its current debts. The company's primary focus is on recycling non-ferrous metal waste to create non-ferrous metal products.

Conclusion

BoAt's SEBI-approved IPO and Winspark's cautious approach to profitability demonstrate Indian firms' faith in the capital markets. The IPO pipeline is anticipated to be busy as more companies obtain regulatory approval, providing investors with new options in high-growth sectors.