boAt plans to go public again, aims to raise Rs 2,000 crore via IPO in FY26: Report
The company will file a confidential draft red herring prospectus (DRHP).
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Electronics brand boAt is reportedly planning for another attempt to go public as per the media report. Entrepreneur Aman Gupta-led company is planning to raise Rs 2,000 crore via Initial Public Offering (IPO) route in fiscal year 2026, CNBC-TV18 reported.
Citing sources, the news channel said the company will file a confidential draft red herring prospectus (DRHP).
The Securities and Exchange Board of India (Sebi) introduced a confidential filing route in 2022 for companies to file the DRHP papers confidentially. This allows companies to shield sensitive business information from competitors, premature public scrutiny, and potential legal troubles.
boAt, founded in 2013, has become one of the leading domestic brands in India's wearable electronic device market, holding 26.7 percent market share as of the 2nd quarter of 2024.
In FY 2024, the company's losses halved to Rs 70.8 crore and its revenue declined by 5 percent to Rs 3,285 crore.
Previously, the boAt's planned IPO in 2022 but later withdrew due to unfavourable market conditions. It then raised $60 million in private funding. According to Tracxn data, boAt has raised a total funding of $171 million over nine rounds. The company is backed by 12 investors which includes, Warbug Pincus, Qualcomm Ventures, Fireside Ventures, Malabar Investments, etc.
Its valuation was $1.32 billion as of 2 December 2022.
