boAt Gears Up For Rs 2,000 Crore IPO After Board Approval, Plans FY26 Launch

Consumer electronics brand boAt has received board approval to proceed with its initial public offering (IPO), according to media reports. The company has amended its articles of association (AoA), setting the stage for a public listing.

Regulatory filings reveal that the IPO will comprise a fresh issue of equity shares worth up to ?500 crore, along with an offer for sale (OFS) by existing shareholders. Reports indicate that boAt is exploring a confidential filing route for its draft red herring prospectus (DRHP) and aims to launch its ?2,000 crore IPO in FY26.

ICICI Securities, Goldman Sachs, and Nomura have reportedly been appointed as lead bankers for the offering. While exact details remain undisclosed, boAt is said to be targeting a valuation exceeding $1.5 billion.

This marks boAt’s second IPO attempt after shelving its plans in 2022 due to unfavorable market conditions. Instead, the company secured ?500 crore in funding from Warburg Pincus and Malabar Investments at the time.

Financial Performance & IPO Utilization

boAt plans to utilize the IPO proceeds to expand its offline presence, particularly in smaller cities. However, financial challenges persist—its consolidated operating revenue declined 7% to ?3,117.7 crore in FY24, with the wearables segment plunging nearly 40% to ?550.3 crore. Despite this, the company managed to narrow its losses by 38%, reporting ?79.7 crore in FY24 compared to ?129.4 crore in FY23.