Homegrown brand boAt mulls Rs 3,500 cr IPO, eyes $1.5 bn valuation

Homegrown consumer electronics brand boAt Lifestyle is mulling a public listing to raise around Rs 3,000-3,500 crore ($400-500 million) through a proposed IPO (initial public offering). 

The company's management held talks with investment bankers and the mandate is expected to be signed in a couple of weeks, sources told the Economic Times. 

boAt is seeking a valuation in the range of Rs 11,000 crore ($1.5 billion), however, the details of the proportion of primary and secondary stake sale are not yet known. 

Also Read: Delhi-based boAt emerges No. 1 player in Indian audio products market

US-based private equity firm Warburg Pincus is the largest investor in the company, holding a 30% stake, while other investors comprise Fireside Ventures and Qualcomm Ventures which jointly hold less than a 5% stake. 

boAt is expected to file a draft red herring prospectus (DRHP) in a couple of months and the IPO may hit the street by early 2022, another source told the publication. 

Established in 2016 by Aman Gupta and Sameer Mehta, boAt sells earphones, speakers, headphones, and related accessories such as cables and chargers. 

Also Read: Boat Lifestyle aims to garner Rs 1,000 crore revenue by FY24

The company competes with brands of the likes of JBL, Bose, Samsung, Realme, OnePlus, and Palred (Ptron).

The company raised around Rs 750 crore ($100 million) in funding from Warburg Pincus early this year. boAt clocked about Rs 700 crore in revenue for FY20.