boAt’s IPO offer to include INR 1,000 Cr worth fresh issue of shares and INR 1,000 cr worth of OFS
boAt has already roped in Credit Suisse, Bank of America, Axis Bank, and ICICI Securities to manage its IPO
In FY21, boAt has crossed INR 1,500 Cr in terms of revenue while posting a profit of INR 78.6 Cr
Delhi-based consumer electronics brand boAt is all set to become the first Indian D2C brand to file for an IPO. The D2C startup is aiming to raise about INR 2,000 Cr through IPO and is planning to file the DRHP with SEBI as early as next week.
According to Inc42 sources, the IPO offer will include fresh issue of shares worth INR 1,000 Cr and offer for sale worth INR 1,000 Cr.
The startup has roped in Credit Suisse, Bank of America, Axis Bank and ICICI Securities to manage its IPO.
As per the shareholding pattern, Warburg Pincus is likely to be one of the leading investors who will offload shares to bring its stake below 25%, as boAt is likely to go public as a professionally managed company. At present, Warburg Pincus holds around 30% stake in boAt.
FY21 has been a fantastic year for boAt as it crossed INR 1,500 Cr in revenue. The D2C brand recorded INR 1,511 Cr from revenue from operations, whereas it posted INR 19.57 Cr in other income, thus taking the total income to INR 1,531 Cr, a 2X rise from INR 704 Cr it posted in FY20.
The startup during FY21, clocked an EBITDA of INR 127.1 Cr. boAt saw its expenses rise by 122% from INR 637.5 Cr in FY20 to INR 1,420 Cr in FY21.
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The Delhi-based consumer electronic startup also saw its profit rise by 61% in FY21 to INR 78.6 Cr from INR 48.85 Cr it witnessed In FY20.
Founded in 2016 by Aman Gupta and Sameer Mehta, boAt is an audio-tech startup that manufactures products including earphones, headphones, speakers, soundbars, travel chargers, premium rugged cables, and more.
The startup has till date raised more than $116 Mn across six funding rounds and counts Qualcomm Ventures, Warburg Pincus, InnoVen Capital, Fireside Ventures, among others as its investors.
Recently, boAt acquired Singapore-based wearable company KaHa Pte Ltd (Cove IoT). The Indian D2C brand with the acquisition will be looking to augment its wearable products with KaHa’s concept design, electronic firmware, algorithm development, and other capabilities.
This week, boAt also formed a joint venture (JV) with homegrown contract manufacturer Dixon to undertake design and manufacturing of wireless audio solutions in India. The two will also co-invest in the evolving Indian mobile accessory market.
Last year, it had also ventured into the men’s grooming segment with “Misfit”. The D2C startup had introduced grooming appliances such as grooming appliances such as beard trimmers, shavers, groomers, as part of category expansion.
boAt has now become a handful of Indian startup companies which are profitable and are going public. Falguni Nayaar-led Nykaa, Aloke Bajpai’s ixigo, Prashant Pitti’s EaseMyTrip, and CarTrade are the new age tech companies which are profitable and have gone or are gearing for IPO.