BoAt Plans Confidential DRHP Filing for IPO, Aims to Raise Rs 2,000 Crore

Consumer electronics new-age company BoAt has planned to do a confidential DRHP filing for the initial public offering (IPO), according to a report published by CNBC-TV18. BoAt is expected to raise Rs 2,000 crore with its IPO in FY26, the report said, adding that it may seek a valuation exceeding $1.5 billion. However, the final figures are yet to be disclosed officially.

The wearables major has started the IPO process in 2022, with filing papers to get listed on the stock exchanges. Later, it withdrew papers due to market conditions. At that time, BoAt’ public issue consists of a fresh issue of equity shares, aggregating up to Rs 900 crore and an offer for sale aggregating up to Rs 1,100 crore.

After withdrawing IPO papers, the company raised funding of $60 million in private capital. Its key investors including Innoven Capital, Qualcomm Ventures, Fireside Ventures, and Warbug Pincus.

Read More | BoAt-Owner Files Papers For Rs 2,000 Crore IPO

In FY24, BoAt’s revenue dropped 5% to Rs 3,285 crore and halved losses to Rs 70.8 crore. Last year, the homegrown audio products brand had finalised various bankers like ICICI Securities, Goldman Sachs and Nomura for the IPO.

Founded in 2013 and led by its flagship brand “BoAt” launched in 2014, the company has established leading market positions in volume and value terms in India across multiple, high-growth consumer categories such as audio and smartwatches. Overall, the company holds over 26% share in the Indian wearables market as of Q2 2024.

Indian start-ups are making new waves on Dalal Street amid IPO (Initial Public Offering) frenzy. This wave also sailed high in 2024 with the majority of the IPOs observing a successful listing. It is expected to soar higher as around 25 startups are expected to launch their IPOs in 2025.

These new-age businesses include Ather Energy, ArisInfra, Avanse, Aye Finance, Bluestone, Cardekho, Captain Fresh, DevX, Ecom Express and Fractal.