boAt, a consumer electronics brand, is set to file a fresh Draft Red Herring Prospectus (DRHP) with SEBI as early as next week, Business Today reported. This marks the company’s second attempt at an IPO after it withdrew its 2022 plans due to market conditions.
The IPO is expected to be around Rs 2,000 crore, comprising a fresh issue of Rs 500 crore and an offer for sale (OFS) of Rs 1,500 crore by existing shareholders. The company is opting for a confidential filing, allowing it to control the timing of the issue. Regulatory approvals are targeted for the second quarter of FY26.
“Our company does not comment on any market speculation or rumours. We shall update you on any development as and when it is ready to be shared in the public domain,” a company spokesperson told FE Online.
Founded in 2013 by Aman Gupta and Sameer Mehta, boAt has grown into a leading player in India’s wearable and audio device market. Business Today reported that the company, which previously raised $60 million from Warburg Pincus and Malabar Investments, is now eyeing a valuation of around $2 billion.
In November last year, boAt appointed investment banks including ICICI Securities, Goldman Sachs, and Nomura to manage the IPO. The move comes as Aman Gupta, co-founder and CMO, announced his departure from Shark Tank India to focus on strengthening the brand amid increasing competition.
Backed by investors such as Qualcomm Ventures, Innoven Capital, Warburg Pincus, and Fireside Ventures, boAt’s IPO is expected to attract interest from institutional and retail investors.