InvestorQ : Can you tell me about the proposed IPO of BOAT?
Archita Jajjoo made post

Can you tell me about the proposed IPO of BOAT?

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Niti Shenoi answered.
2 months ago
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BOAT is a consumer electronics brand which is looking at a mega IPO to give exit to some of its early investors. BOAT specializes in ear wear and other wearable categories. While the company is targeting a valuation of close to Rs.10,000 crore, the IPO is expected only around the second quarter of next calendar year 2022. This would entail a 5-fold growth in valuations from the last fund raising from Warburg Pincus less than a year ago.

The BOAT brand is owned by Mumbai-based Imagine Marketing. At this point they are just about talking about to investment bankers and the filing of DRHP and other processes will only start after that. Most likely, the IPO will include a fresh issue and an offer for sale where institutional investors like Qualcomm and Fireside may take an exit. BOAT also got funding from Qualcomm. Their products include headphones, earphones and speakers.

As per market estimates, BOAT has a 45.5% share in the earwear category and 27% share of the wearable watch category in India. It generated net sales of Rs.700 crore and net profits of Rs.49.5 crore in the last reported full year.

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