Consumer electronics brand boAt Lifestyle is considering a public listing to raise about Rs 3,000-3,500 crore ($400-500 million) through an initial public offering (IPO).
According to sources, the company’s management held talks with investment bankers and the mandate is expected to be signed in a couple of weeks. The boAt is seeking a valuation of around Rs 11,000 crore ($1.5 billion), but it is not yet known how much of its primary stake will be sold.
Warburg Pincus is the largest investor in the company, holding a 30% stake, while other investors include Fireside Ventures and Qualcomm Ventures, which hold less than 5% each.
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Another source told the publication that boAt may file a draft red herring prospectus (DRHP) in a couple months, and the IPO may take place as early as 2022. Aman Gupta and Sameer Mehta founded boAt in 2016 to sell earphones, speakers, headphones, and related accessories.
Among its competitors are JBL, Bose, Samsung, Realme, OnePlus, and Palred (Ptron). This year, the company raised about Rs 750 crore ($100 million) in funding from Warburg Pincus. Revenue for FY20 was about Rs 700 crore.
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