boAt IPO: World’s fifth largest wearable brand planning to offer Rs 3,500 cr

New Delhi: Delhi NCR-based BOAT Lifestyle, one of the world’s largest wearable brands, is reportedly planning to bring its initial public offering (IPO). With its initial offering, the brand is planning to raise around Rs 3000 to Rs 3500 crore.

The IPO could value the consumer electronics brand around $1.5 billion, according to a report in the Economic Times, which also suggested that the company’s management has initiated discussions with investment bankers.

The mandate for the IPO is likely to be signed in a few weeks. The exact details of the primary and secondary shares, which will be sold as part of the IPO, are yet to be revealed.

boAt is currently backed by a number of investors including Warburg Pincus, Qualcomm Ventures and Fireside Ventures. With a 30% stake, Warburg Pincus is the largest investor in boAt, followed by Qualcomm Ventures and Fireside Ventures. The latter two investors hold less than 5% stake in boAt.

Founded in 2016 by Aman Gupta and Sameer Mehta, boAt has become the fifth largest wearable brand globally. The brand sells affordable consumer electronics products like earphones, bluetooth headphones, speakers and smartwatches among other accessories. Read also: Job Loss and Disappointment – What awaits the fate of about 45,000 employees working for Ford, dealerships?

For the financial year 2019-20, boAt reported a growth of 196% in its revenue to Rs 701 crore, while the company’s profit grew by 470% to Rs 49 crore. boAt currently manufactures its products in India and China. However, the company says that it is focusing on localizing its supply chain. Read also: Good News for Taxpayers! Deadline for filing ITR for FY21 extended till December 31

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