boAT plans to create Rs 3,500-crore IPO
By MYBRANDBOOK
boAt Lifestyle has planned to come up with its initial public offering to raise Rs 3,000-3,500 crore. The management is in talks with investment bankers help it go public which are expected to be finalised in a couple of weeks.
Among prominent investors in the company is US-based private equity firm Warburg Pincus which holds 30% stake in the company. Other investors in the company include Qualcomm Ventures and Fireside Ventures which jointly less than 5%.
According to a report the company is expected to file with draft red herring prospectus in a couple of months and the IPO is likely to hit the street by early 2022. The Mumbai-based company founded by Sameer Gupta and Aman Gupta in 2016 retails headphones, earphones, wearables, speakers and other electronic accessories such as chargers and cables.
BoAt raised nearly Rs 750 crore from Warburg Pincus early this year. Qualcomm invested Rs 50 crore in April at a valuation of Rs 2,200 crore. In 2019, the company received Rs 50 crore as venture debt by BAC Acquisitions, cofounded by Flipkart founder Sachin Bansal.
In the financial year 2019-2020 (FY20) the company generated revenues of Rs 700 crore. It is the fifth-largest wearables brand globally and competes with One-Plus, Samsung, Realme, JBL, Bose and Palred (Ptron) in India.
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