Aman Gupta-led boAt to launch $300-$500 million IPO in next fiscal, appoints bankers: Report

Aman Gupta-led wearables and audio brand boAt is preparing to launch an initial public offering (IPO) in the next fiscal year (FY26), aiming to raise between $300 million and $500 million, ET reported. 

The company has reportedly appointed ICICI Securities, Goldman Sachs, and Nomura to lead the public issue.

boAt may seek a valuation above $1.5 billion, though this could change closer to the IPO date.

Previous IPO plans and funding

Founded in 2015 by Gupta and Sameer Mehta, boAt initially filed for an IPO in 2022 but postponed the launch due to unfavorable market conditions.

Since then, the company raised $60 million in private funding from Warburg Pincus and Malabar Investments, securing a valuation of at least $1.2 billion.

boAt's market presence

To date, boAt has raised a total of $171 million in funding and currently holds a 26.7% share of India’s wearables market, according to IDC data for Q2 of FY2024.

Earlier in February 2024, Bollywood actor Ranveer Singh invested an undisclosed amount in boAt. This wasn't Singh's first investment in the Indian startup ecosystem. Prior to this, he invested in Bold Care, a sexual health and wellness startup, to become a co-owner.