boAt IPO Soon? Company Onboards Three Bankers for $300-500 Mn Offering

India's homegrown audio products and smartwatch maker boAt is gearing up for its second attempt at an Initial Public Offering (IPO), setting its sights on a $300-500 million listing next year. In a move that underscores the company’s ambition to tap into public markets, boAt has secured key banking partners for the upcoming IPO.

TICE brings you some exclusive detailed about BoAt IPO. 

A Strategic Move to Secure IPO Backing

According to sources close to the matter, boAt has officially onboarded ICICI Securities, Goldman Sachs, and Nomura to spearhead its IPO efforts. ICICI Securities is reportedly set to serve as the lead banker for the issue, while the other two prominent global names will assist in managing the public offering.

Though boAt is eyeing a valuation upwards of $1.5 billion, it is understood that the final valuation could adjust closer to the time of the IPO filing. These developments come as boAt prepares to tap into a growing market for consumer electronics, particularly in the wearables and audio product segments, which have seen rapid growth in India.

The Comeback Attempt: A Deja Vu from 2022

This is not boAt’s first foray into the IPO space. In 2022, the company had made an initial attempt by filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a ₹2,000 crore public offering. However, the plans were put on hold, and co-founder Aman Gupta revealed that boAt was in no rush to go public, stating last year that the company would not pursue an IPO for at least a couple of years.

Instead of moving forward with the IPO, boAt pivoted to raising $60 million in private funding, securing investments from its existing investor Warburg Pincus and new investor Malabar Investments. This round valued boAt at approximately $1.2 billion, a far cry from the $1.5 billion valuation it is now targeting for its public listing.

boAt Financial Performance: Mixed Results Ahead of IPO

Despite the company's growing aspirations, its financial performance has seen some turbulence in recent months. boAt’s consolidated operating revenue for the financial year 2023-24 (FY24) declined by over 7%, reaching ₹3,117.7 crore, compared to ₹3,376.8 crore the previous year. The company’s wearables category, in particular, has experienced a sharp downturn, with sales dropping nearly 40%—from ₹910.6 crore in FY23 to ₹550.3 crore in FY24.

On the flip side, boAt's audio products segment, which continues to account for the majority of its sales, saw a modest 5% revenue increase, bringing in ₹2,459.2 crore for FY24, up from ₹2,350.8 crore in FY23. While the wearables segment’s decline is concerning, the audio category remains a stronghold, showing steady demand in a competitive market.

In a silver lining, boAt was able to reduce its net loss by 38% in FY24. The company's loss for the year amounted to ₹79.7 crore, down from ₹129.4 crore in FY23. This positive trend in narrowing losses signals boAt’s potential to turn a corner, even in the face of operational challenges.

The Road Ahead: Global Aspirations and Market Challenges

Founded in 2015 by Aman Gupta and Sameer Mehta, boAt quickly became a major player in the audio and wearables markets in India. The company is known for its wide range of products, including headphones, smartwatches, and portable speakers. Backed by high-profile investors such as Qualcomm Ventures, Warburg Pincus, and Bollywood actor Ranveer Singh, boAt has raised approximately $177 million in funding to date.

Read More: Swiggy IPO: What's This Food Tech Startup Delivering to Investors?

As one of the top audio device brands in India, boAt faces stiff competition from global giants like JBL, Sony, Samsung, and emerging homegrown startups such as Noise and OnePlus. Yet, boAt has carved out a significant market share by appealing to India’s young, tech-savvy consumers who value affordability and quality.

Despite the challenges it faces, particularly in the wearables space, boAt’s strategy seems focused on expanding its footprint in both domestic and international markets. The upcoming IPO will likely help fuel its growth trajectory, enabling boAt to invest in innovation, expand its product portfolio, and further penetrate global markets.

boAt IPO Timing and Future Growth Prospects

The decision to pursue an IPO at this juncture reflects boAt's confidence in its long-term prospects, even amidst short-term revenue challenges. While the wearables segment remains a hurdle, the broader audio market continues to show promise, particularly with the rise in smart devices and connected ecosystems.

As boAt finalizes its IPO plans and looks towards listing in the coming year, industry experts will be keeping a close eye on the company’s next steps. The success of its listing will not only shape boAt’s future but also signal broader trends in India’s startup ecosystem, where the IPO route has become an increasingly viable exit strategy for high-growth companies.

Read More: BlackBuck IPO Opens Today: Is It the Right Investment for You?

BoAt’s IPO is set to be one of the most anticipated offerings of 2025, as it seeks to join the ranks of other successful Indian startups that have made their mark on global stock markets.

In conclusion, boAt’s forthcoming IPO marks a pivotal moment in the company’s journey, reflecting its ambition to scale up and expand beyond the Indian market. While the company has faced setbacks in its previous attempt, the upcoming listing represents a fresh opportunity to unlock new growth avenues and bolster its position as a key player in the global audio and wearable tech space.

Join Our Thriving Entrepreneurial Community

Follow TICE News on Social Media and create a strong community of Talent, Ideas, Capital, and Entrepreneurship. YouTube  | Linkedin | X (Twitter) | Facebook | News Letters