World's Fifth-Largest Wearable Brand, Boat, Is Planning An Initial Public Offering

The IPO might be worth $1.5 billion to boAt Lifestyle.

World's Fifth-Largest Wearable Brand, Boat, Is Planning An Initial Public Offering
World's Fifth-Largest Wearable Brand, Boat, Is Planning An Initial Public Offering

NCR-based in Delhi One of the largest wearable businesses in the world, boAt Lifestyle, is apparently preparing an initial public offering (IPO).  The business expects to earn between Rs 3000 and Rs 3500 crore from its initial offer. 

According to a report in the Economic Times, the IPO may value the consumer electronics brand at around $1.5 billion, and the company's management has begun conversations with investment bankers.

In a few weeks, the IPO mandate will most likely be signed. The primary and secondary shares that will be sold as part of the IPO are still being worked out. 

A number of investors have backed the boAt, including Warburg Pincus, Qualcomm Ventures, and Fireside Ventures. Warburg Pincus is the largest investor in boAt, with a 30% interest, followed by Qualcomm Ventures and Fireside Ventures. The last two investors have a combined ownership in boAt of less than 5%. 

Aman Gupta and Sameer Mehta founded boAt in 2016, and it has since grown to become the world's fifth-largest wearable brand. The company distributes a variety of low-cost consumer electronics items, including earphones, Bluetooth headphones, speakers, and smartwatches. 

For the fiscal year 2019-20, boAt's sales increased by 196 percent to Rs 701 crore, while profit increased by 470 percent to Rs 49 crore. Currently, boAt's products are made in India and China. The corporation, on the other hand, claims to be concentrating on localising its supply chain.