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boAt Plans IPO in FY25-FY26: Co-Founder Aman Gupta

• ByStartupStory     |    July 19, 2023

Audio and wearables brand boAt, known for its popular products and appearances on Shark Tank India, is planning to go public through an IPO in the fiscal years 2025-2026, according to co-founder Aman Gupta. Despite earlier deferring its public share sale due to stock market volatility, the company is not in a hurry to list and is “well capitalised” for the time being.

Gupta shared his thoughts on the matter in an exclusive interview with PTI, explaining that the decision to delay the IPO was driven by market conditions. “We don’t need to go for an IPO, as such. We can do that after a few years also… So, maybe FY25-FY26 is what we’re looking… We’re not in a hurry to list,” Gupta said. He clarified that boAt’s listing will not take place in the current year.

While Gupta acknowledged the possibility of considering another round of capital raise before listing, he emphasized that boAt is adequately funded and not in immediate need of additional funds. The company had raised Rs 500 crore in October last year, with plans to expand into the smartwatches category and strengthen its position in personal audio.

Regarding the importance of listing for startups, Gupta mentioned that it allows early investors to exit and fulfill their fiduciary duties. He stated that a listing is not a choice for startups but a matter of when to go public. Previously, boAt had filed a draft prospectus for a Rs 2,000-crore IPO, but the company later withdrew it proactively.

In FY23, boAt achieved a significant net sales milestone of Rs 4,000 crore, establishing itself as a leader in the personal audio category and the second-largest earwear player globally. The company has been investing in the Indian manufacturing ecosystem, partnering with Electronic Manufacturing Services (EMS) players like Dixon to manufacture most of its audio and wearables products in India.

 

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