Mumbai-Based boAt Plans IPO To Raise $300-400 Million At $1.5 Billion Valuation: Report

Joining the likes of Paytm, Nykaa, Mobikwik, Tracxn, Delhivery and more, homegrown consumer electronics startup boAt Lifestyle is gearing up for listing on the bourses to raise about Rs 3,000-3,500 crore ($400-500 million) at a valuation of about Rs 11,000 crore ($1.5 billion), reports Economic Times.

The management of the company is said to have held talks with investment bankers for the same and a mandate is likely to be signed in a couple of weeks. Thereafter, the company would likely file the draft red herring prospectus (DRHP) with the market regulator SEBI in a couple of months.

The Mumbai-based startup had earned revenues of about Rs 700 crore in FY20 alone. It has already become the fifth largest wearables brand globally. In India, it competes with established brands like OnePlus, Samsung, Realme, JBL and Bose and many more.