Boat To Hit Bourses Soon, Eyes To Raise Rs 2,000 Crore Through IPO

Boat IPO Details: Boat is eyeing a valuation of $1.5-2 billion ahead of the IPO launch. Warbung Pincus, the largest shareholder in the company, will offload shares worth Rs 700-800 crore in the upcoming IPO. It owns a stake of 36 per cent in the company.

New Delhi: Audio electronics brands Boat is set to hit the bourses soon. According to a report by The Economic Times, the company will file a draft red herring prospectus for raising Rs 2,000 crore IPO this week. Boat is one of the largest direct-to-consumer (D2C) brands in India.

The report further said that the company is eyeing a valuation of $1.5-2 billion ahead of the IPO launch. Warbung Pincus, the largest shareholder in the company, will offload shares worth Rs 700-800 crore in the upcoming IPO. It owns a stake of 36 per cent in the company.

Along with Warbung Pincus, co-founders of Boat Aman Gupta and Sameer Mehta will dilute a minor part of their holdings in the company. They own a 56 per cent stake in the company.

According to the report, the company is expected to double its revenue by March 2022. They were earlier valued at Rs 2,200 crore while raising Rs 50 crore from Qualcomm Ventures in April 2021. The report also added that the Boat IPO price may be changed depending upon the markets.

A lot of IPOs have seen a big downfall in their valuation after listing due to market volatility in recent days. This week shares of Paytm, Nykaa and Zomato hit their lifetime lows.

Boat was founded in 2016 and was among the first brands to sell their products wholly on online platforms. Mamaearth was the second brand that opted for online selling. However, Boat has started opening offline stores. The report stated that the electronic wearables market is expected to grow 10 times to $2-4 billion by 2025.