Boat Aims To Launch $300-$500 Mn IPO By Next Year, Summons Bankers

Manvendra HadaNovember 18, 2024

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Three points you will get to know in this article:

IPO is expected to raise $300 million to $500 million from Public.
The public offering will be analysed by ICICI Securities, Goldman Sachs, and Nomura.
BoAt may seek a valuation greater than $1.5 billion, could change closer to the IPO date

BoAt Reportedly Prepares for IPO With Investment Bankers

The wearables and audio company boAt, founded by Aman Gupta, is preparing to conduct an initial public offering (IPO) in the next fiscal year (FY26), with a goal of raising $300 million to $500 million, ET reported.

Aman Gupta and Sameer Mehta founded boAt in 2015, and the company had planned to go public in 2022, but it was postponed owing to weak market conditions.

Bankers Appointed For Boat’s IPO, Boat’s Expected Valuation

According to reports, the public offering will be analysed by ICICI Securities, Goldman Sachs, and Nomura.

boAt may seek a valuation greater than $1.5 billion, although this could change closer to the IPO date.

Boat’s Funding, Investments by Ranveer Singh in Boat

Since then, the company has raised $60 million in private capital from Warburg Pincus and Malabar Investments, resulting in a valuation of at least $1.2 billion.

According to IDC data for the second quarter of FY2024, boAt has raised a total of $171 million in investment and presently controls a 26.7% share of India’s wearable market.

Earlier in February 2024, Bollywood actor Ranveer Singh made an undisclosed investment in boAt. This was not Singh’s first investment in the Indian startup sector. Prior to this, he invested in Bold Care, a sexual health and wellness firm, and became a co-owner.