boAt, a domestic wearables and audio device company, has chosen ICICI Securities, Goldman Sachs, and Nomura as its bankers for its upcoming $300–500 million public offering, as per media reports. The New Delhi-based business might aim for a valuation of more than $1.5 billion, though the precise figures might change in the days leading up to the initial public offering.
Following a halt in 2022 due to unfavorable market conditions, boAt eventually obtained $60 million in private finance through convertible preferred shares from investors Malabar Investments and Warburg Pincus at a minimum valuation of $1.2 billion.
According to the sources, ICICI Securities would spearhead the IPO. After boAt reported a 5% decline in revenue to Rs 3,285 crore for FY24 and a reduction of half of its losses to Rs 70.8 crore, the news was made public. boAt noticed a spike in sales during the Diwali season and reported positive EBITDA despite the poor performance of the wearables market.
According to IDC data for Q2 of FY2024, boAt, which was founded in 2015 by Aman Gupta and Sameer Mehta, has raised $171 million in funding so far and has a 26.7 percent market share in India’s wearables area.
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