Boat Gears Up For IPO With ICICI Securities, Goldman Sachs, Nomura As Bankers

Homegrown audio and wearables brand Boat has chosen ICICI Securities, Goldman Sachs, and Nomura to lead its anticipated USD 300 to 500 million public issue, targeted for the upcoming financial year, as per media sources. The New Delhi-based company may seek a valuation exceeding USD1.5 billion, though final valuation figures could adjust as the IPO nears.

Boat, co-founded in 2015 by Aman Gupta and Sameer Mehta, initially filed for a public offering in 2022 but delayed its plans due to challenging market conditions. In the interim, Boat secured USD 60 million in private funding through convertible preferred stock, backed by investors Warburg Pincus and Malabar Investments, valuing the company at a minimum of USD1.2 billion.

ICICI Securities will take the lead on the IPO, the sources said. The IPO planning follows Boat’s financial performance in FY24, where the company reported a 5 per cent drop in revenue to Rs 3,285 crore but halved its losses to Rs 70.8 crore. Despite slower growth in the wearables sector, Boat posted positive EBITDA and achieved a notable sales lift during the Diwali season.

With USD 171 million in total funding to date, Boat commands a significant 26.7 per cent share of India’s wearables market, according to Q2 FY2024 data from the International Data Corporation (IDC). As Boat progresses toward its public listing, market watchers will be keenly observing its final valuation amid evolving investor interest in India's tech-driven consumer products sector.