New Delhi: Consumer tech brand boAt Lifestyle plans to come up with its initial public offering to raise raise Rs 3,000-3,500 crore. The management is in talks with investment bankers help it go public which are expected to be finalised in a couple of weeks.
The details of the IPO such as freshly issued shares and those to be offered for sale by existing investors are unknown as this point. Among prominent investors in the company is US-based private equity firm Warburg Pincus which holds 30% stake in the company. Other investors in the company include Qualcomm Ventures and Fireside Ventures which jointly less than 5%.
The company is expected to file with draft red herring prospectus in a couple of months and the IPO is likely to hit the street soon. The Mumbai-based company founded by Sameer Gupta and Aman Gupta in 2016 retails headphones, earphones, wearables, speakers and other electronic accessories such as chargers and cables.
Operated by Imagine Marketing Pvt Ltd, BoAt raised nearly Rs 750 crore from Warburg Pincus early this year. Qualcomm invested Rs 50 crore in April at a valuation of Rs 2,200 crore. In 2019, the company received Rs 50 crore as venture debt by BAC Acquisitions, cofounded by Flipkart founder Sachin Bansal.
In the financial year 2019-2020 (FY20) the company generated revenues of Rs 700 crore. It is the fifth-largest wearables brand globally and competes with One-Plus, Samsung, Realme, JBL, Bose and Palred (Ptron) in India.
Boat partnered with the Indian Premier League in April as their official audio partner and counts cricketers including KL Rahul, Rishabh Pant, Hardik Pandya, Shikhar Dhawan, Prithvi Shaw and Mayank Agarwal as its brand ambassadors.
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