The company has chosen to file its Draft Red Herring Prospectus (DRHP) confidentially, a move allowed under the Securities and Exchange Board of India’s updated norms, which permit unlisted companies to file IPO documents without immediate public disclosure. In compliance with the regulation, BoAt has issued a formal advertisement in a leading national newspaper, confirming its intent to go public.
The IPO comprises a fresh issue of equity shares worth ₹900 crore and an offer for sale by existing shareholders of ₹1,100 crore.
Proceeds from the fresh issue will be used to repay or prepay outstanding debt, fund business expansion, invest in research and development, improve product quality, and meet general corporate expenses.ICICI Securities, Goldman Sachs, and Nomura have been appointed as the book-running lead managers for the offering.
This is BoAt’s second attempt at going public. The company had earlier filed for an IPO in 2022 but withdrew its plans due to volatile market conditions. Subsequently, it raised $60 million through private capital to fuel its expansion.
Founded in 2013, BoAt launched its flagship brand in 2014 and quickly became one of India’s leading consumer electronics companies. As of Q2 2024, BoAt commands a 26.7 percent share in India’s wearables market. The company’s audio segment saw muted growth in the second half of FY24, but online sales continue to gain momentum.
BoAt’s co-founders Aman Gupta and Sameer Mehta have built the brand on the back of strong design, affordability, and youth-driven marketing. The company’s investor roster includes marquee names such as Warburg Pincus, Qualcomm Ventures, Innoven Capital, and Fireside Ventures.
With inputs from rachna dhanrajani
First Published: Sept 2, 2025 1:27 PM IS
