MUMBAI: Consumer electronics brand boAt has received board approval to move forward with its initial public offering (IPO), according to media reports. The company has amended its articles of association (AoA) to pave the way for a public listing.
Regulatory filings indicate that the IPO will include a fresh issue of equity shares worth up to 500 crore, alongside an offer for sale (OFS) by existing shareholders. Reports suggest that boAt is considering a confidential filing route for its draft red herring prospectus (DRHP) and aims to launch its 2,000 crore IPO in FY26.
Leading the offering, ICICI Securities, Goldman Sachs, and Nomura have reportedly been onboarded as lead bankers. boAt is said to be targeting a valuation of over $1.5 billion, though final details remain undisclosed.
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This marks boAt’s second attempt at an IPO, after previously shelving its plans in 2022 due to unfavorable market conditions. Instead, the company secured 500 crore from Warburg Pincus and Malabar Investments at the time.
Financial Performance & IPO Utilization
boAt plans to use the IPO proceeds to expand its offline presence, particularly in smaller cities. However, financial challenges persist—boAt’s consolidated operating revenue declined 7% to 3,117.7 crore in FY24, with its wearables category plummeting nearly 40% to 550.3 crore. Despite this, the company narrowed its losses by 38% to 79.7 crore from 129.4 crore in FY23.
About boAt
Founded in 2015 by Aman Gupta and Sameer Mehta, boAt has grown into a leading player in the audio and wearables market, selling products such as headphones, smartwatches, and speakers. The company is backed by Qualcomm Ventures, Ranveer Singh, and Warburg Pincus and has raised approximately $177 million in funding to date.
