MUMBAI: The parent of the Warburg Pincus-backed wearables brand boAt, has received regulatory approval for a Rs 1,500-crore public offering, after the company filed the updated prospectus today. The initial public offer comprises a fresh issue of up to Rs 500 crore and an offer for sale worth Rs 1,000 crore by existing investors.
In the OFS part, Sameer Ashok Mehta will be selling shares worth Rs 75 crore, Aman Gupta for Rs 225 crore, for Rs 500 crore by South Lake Investment, for Rs 150 crore by Fireside Ventures Investment Fund-I and for Rs 50 crore by Qualcomm Ventures. Established in 2013 by Aman Gupta and Sameer Mehta, the Gurugram-based company offers a product portfolio ranging from audio gears and smart wearables to personal grooming products and mobile accessories.
boAt initially filed confidential draft papers with Sebi in April and secured approval in late August to launch the IPO. Confidential pre-filing route allows a company to withhold public disclosure of details under the draft red herring prospectus until later stages.
This marks the company's second attempt to go public. Previously, it had filed draft papers in January 2022 for a Rs 2,000-crore issue, under which it was planned a fresh issue of equity of Rs 900 crore and an OFS of Rs 1,100 crore. Boat returned to profitability in FY25 with a consolidated net of Rs 60 crore after reporting losses in the preceding two years.
This was a significant turnaround from a net loss of Rs 79.7 crore in FY24 and Rs 129.5 crore in FY23. It had reported a consolidated revenue of Rs 3,097.8 crore, supported by sustained market dominance in audio, strategic growth in wearables, and strong traction in new businesses.