Boat is planning a Rs 2,000 crore initial public offering (IPO) with a $1.5-2 billion valuation.
- ByStartupStory | January 27, 2022
Boat, one of India’s top direct-to-consumer audio-focused electronics businesses, is slated to file a draught red herring prospectus with the Securities and Exchange Board of India this week for a Rs 2,000-crore initial public offering.According to people familiar with the situation, the New Delhi-based firm is set to seek a valuation of $1.5-2 billion in its IPO this year.
With a 36 percent investment in Boat, private equity firm Warburg Pincus will sell shares worth Rs 700-800 crore in the initial public offering, which would be a mix of new stock and an offer for sale. Aman Gupta and Sameer Mehta, who own roughly 56 percent of the company, are expected to sell a small portion of their stake.
A Boat spokeswoman declined to comment on the company’s IPO plans and offer information when approached. Warburg Pincus did not respond to an email sent to them.
When it raised Rs 50 crore from Qualcomm Ventures in April last year, Boat was valued at roughly Rs 2,200 crore. According to the persons cited earlier, it is now aiming for a valuation of about 5-6 times its revenue for this fiscal year. One of them added, “They (Boat) are getting indications to price the IPO at revenue multiples of five to six times.” “By the end of March, they should have roughly doubled their revenue.”
Boat, which was founded in 2016, has established itself as one of the most prominent local D2C businesses in the earbuds and wearables area. It made a net profit of Rs 78 crore in the fiscal year that ended March 31, 2021, on revenue of Rs 1500 crore.
Follow Startup Story
Related Posts
