KuberGrow Team boAt is gearing up for its big market debut after securing board approval to go public. The popular consumer electronics brand, known for its trendy audio gear and smartwatches, has cleared a major hurdle by updating its articles of association (AoA), paving the way for its initial public offering (IPO).
According to regulatory filings, boAt is looking to raise ₹500 crore through a fresh issue of equity shares. The IPO will also feature an offer-for-sale from existing shareholders, bringing the total issue size to around ₹2,000 crore. The company is targeting a public listing by the financial year ending March 2026 (FY26).
This isn’t boAt’s first attempt at going public. Back in 2022, it filed for an IPO but pulled back due to rough market conditions, opting instead to secure ₹500 crore in funding from major investors like Warburg Pincus and Malabar Investments. Now, with renewed momentum, the company has roped in ICICI Securities, Goldman Sachs, and Nomura as lead bankers for its upcoming public issue. While its final valuation is yet to be determined, estimates suggest boAt could be aiming for a figure north of $1.5 billion.
boAt plans to use the funds to strengthen its offline retail presence, particularly in smaller cities, as it looks to expand beyond its dominant online sales model. The company has faced some headwinds recently—its wearables category, once a key growth driver, saw a sharp 40% drop in sales, bringing in ₹550.3 crore in FY24 compared to ₹910.6 crore the previous year. Overall revenue also slipped by 7% to ₹3,117.7 crore. However, there’s a silver lining—boAt managed to significantly cut its losses, narrowing them from ₹129.4 crore in FY23 to ₹79.7 crore in FY24.
Founded in 2015 by Aman Gupta and Sameer Mehta, boAt has grown into a household name in India’s audio and wearables market, offering headphones, smartwatches, and speakers. The brand has drawn investment from major players like Qualcomm Ventures and even Bollywood star Ranveer Singh, raising a total of $177 million to date.
As boAt prepares to confidentially file its draft red herring prospectus (DRHP), all eyes are on its next move. If all goes as planned, the homegrown brand could soon be making waves on the stock market.
