Electronic brand boAt Gets SEBI Approval for Rs.2,000 Crore IPO
- ByStartupStory | May 19, 2022
boAt, a Delhi-based Electronics brand led by Aman Gupta receives approval from SEBI (Securities of Exchange Board of India) for an IPO of Rs. 2000 crore. According to DRHP (Draft herring prospectus), the firm offers fresh issues of a share of Rs.900 crore and OFS (Offer -for-sale) worth Rs.1,100 crores.
Founded in 2016, boAt is a Direct to customer (D2C) brand which produces headphones, earphones, and speakers. Founders Aman Gupta and Sameer Mehta sell the shares worth Rs.150cr individually, Warburg Pincus the largest shareholder in the firm sells the shares of Rs.800 crore in OFS.
Warburg Pincus has a share of 36.48% in the company through its affiliate South Lake investments. Fireside Ventures has 3.76% of the shares while Qualcomm Ventures has 2.6% of the shares in the company.
DRHP has revealed that the firm might go for a Pre-IPO funding round and raise to Rs. 180 Cr. The BoAt has raised around $116Million in funds so far in six funding rounds by marquee investors including Warburg Pincus, Fire Ventures, Qualcomm Ventures, and InnoVen Capital.
The boAt has earned Rs.1,553.15 Cr in April- September of FY22, with third party marketplaces, the profit earned was Rs.158.41 Cr.
In FY21, boAt reported earnings from operations of INR 1,320.3 crore, up from INR 609.9 crore in FY20. During the year, it made a profit of INR 118.22 crore. The firms’ costs climbed to INR 1,202.1 crore in FY21, up from INR 544.7 crore the year before.
Follow Startup Story
Related Posts
