BT Exclusive: boAt aims to float Rs 2000 crore IPO soon

Consumer electronics brand boAt is gearing up to file a fresh Draft Red Herring Prospectus (DRHP) with the capital markets regulator as early as next week, in its second attempt to go public.

Company sources have told Business Today TV that boAt hopes to secure SEBI approval for the IPO by Q2FY26.

While the exact IPO size will only be disclosed in the DRHP, sources close to the developments expect total IPO size of Rs 2,000 crore with fresh issue of shares of about Rs 500 crore and the rest Rs 1,500 crore is expected to be an offer for sale from current shareholders.  The company will opt for the confidential filing option available, offering it greater flexibility in timing the issue.

In November last year, the company appointed multiple bankers, including ICICI Securities, Goldman Sachs, and Nomura, to manage the public issue.

This will be the company’s second attempt at going public, after previously filing for a ₹2,000 crore IPO in 2022, which was later withdrawn due to unfavourable market conditions. Instead, boAt opted for $60 million in private funding round from existing investor Warburg Pincus and new backer Malabar Investments.

With the latest IPO push, boAt is likely to value the business at around $2 billion.

The development on IPO also follows an announcement by Aman Gupta, Co-founder and CMO of boAt, that the latest edition of Shark Tank would be his last, as he shifts focus to revitalizing his brand and the company's financials amid rising competition.

Founded in 2013, boAt has grown into one of India’s leading wearable and audio device brands, backed by investors like Qualcomm Ventures, Innoven Capital, Warburg Pincus, and Fireside Ventures. Given its strong market presence and investor confidence, its IPO is expected to attract significant interest from both institutional and retail investors.