Boat picks ICICI Securities, Goldman, Nomura as bankers for $300-500-mn IPO next fiscal: Report

Boat reported a 5 percent revenue dip to Rs 3,285 crore for FY24 while halving its losses to Rs 70.8 crore

Homegrown audio device and wearables brand Boat has selected ICICI Securities, Goldman Sachs and Nomura as bankers for its $300-500-million public issue lined up for the next financial year, according to sources cited by the Economic Times. The New Delhi-based company may seek a valuation above $1.5 billion, although the final numbers may shift in the run-up to the IPO.

Boat had initially filed for a public offering in 2022 but paused due to unfavourable market conditions, later securing $60 million in private funding through convertible preferred stock from investors Warburg Pincus and Malabar Investments at a minimum valuation of $1.2 billion.

ICICI Securities will lead the IPO, the sources said. The news of the public issue comes after Boat reported a 5 percent revenue dip to Rs 3,285 crore for FY24, while halving its losses to Rs 70.8 crore. Despite the wearables sector’s slow performance, Boat recorded positive EBITDA and saw a sales boost during the Diwali season.

Founded in 2015 by Aman Gupta and Sameer Mehta, Boat has raised $171 million in funding to date and holds a 26.7 percent market share in India’s wearables segment, shows IDC data for Q2 of FY2024.