“Plug into Nirvana” is the tagline of the audio and wearables brand boAt, which is a Gurugram-based company set up in 2016 with the express objective of making quality audio and smart wearables at affordable prices. They have also successfully positioned their brand in the market. Reports state that they will be going public in the next financial year.
Significantly, the brand and the imagery of a boat has been selected since it indicates a calm state of the mind, which listening to one’s favourite music often creates. The company brand sells Bluetooth speakers, earphones, wearables and chargers. The wearables allows users to track steps taken and calories burned, oxygen levels in the blood, heart beat rates and even hours of sleep. One of their products also offers advanced features such as mood swings, menstrual cycles. Their primary target is the young citizen.
ICICI Securities, Goldman Sachs, Nomura as merchant bankers
The company has started preparations for the public issue by selecting heavyweight merchant bankers such as ICICI Securities, Goldman Sachs and Nomura. Reports have further stated that the company could be valued in excess of $1.5 billion, or Rs 12,600 crore, according to current exchange rates. However, since the issue will hit the markets after April 2025, the numbers might vary a bit closer to the date.
Market leader suffers dip in revenue
boAt is a market leader in wearables in India and reportedly commanded 26.7% market share in the second quarter of 2024, states statistics from International Data Corporation, a market tracker agency. The company has so far raised $171 million, which is according to data provided by Tracxn.
According to FY financial results boAt’s revenue declined from Rs 3,284.7 crore in FY23 to Rs 3,121.6 crore in FY24. But reports said that it registered profits before interest, taxes, depreciation, and amortisation (EBITDA) in FY24. The company was set up by Aman Gupta and Sameer Mehta Haryana in 2015.
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Gurugram-based wearable company boAt has started preparations for an IPO that could raise anywhere between $30-50 crore, according to reports. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
