BoAt Readies Itself For Rs 2,000 Cr IPO

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boAt’s parent company, Imagine Marketing could be filing the DRHP with Sebi in coming days for an inital public offering (IPO) to raise about Rs 2,000 crore

Lifestyle consumer electronics brand BoAt is the newest entry in the rapidly-growing IPO-bound Indian companies this year. As per reports, boAt’s parent company, Imagine Marketing could be filing the DRHP with Sebi in the coming days for an initial public offering (IPO) to raise about Rs 2,000 crore.

The IPO is likely to be launched around April or May of this year. The offer will include fresh issue of shares worth Rs 1,000 crore and offer for sale worth Rs 1,000 crore. Credit Suisse, Bank of America, Axis Bank and ICICI Securities will be managing the IPO.

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The startup has to date raised more than $116 Million across six funding rounds with Qualcomm Ventures, Warburg Pincus, InnoVen Capital, Fireside Ventures, among others as its investors.

BoAt had raised nearly Rs 750 crore ($100 million) from the US-based Warburg Pincus early this year. As such, Warburg Pincus is likely to be one of the leading investors who will offload shares to bring its stake below 25 percent.

Recently, Dixon Technologies executed a joint venture agreement with Imagine Marketing.

Dixon and Imagine will undertake the manufacture of Blue tooth enabled audio devices. The proposed shareholding of the new JV Company will be 50:50.

BoAt has been profitable and crossed Rs 1,500 crore revenue mark in FY21. It registered a 2.2X surge in operating revenues which grew from Rs 700.44 crore in FY20 to Rs 1,511.7 crore in FY21.

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