Boat sets sail for $300-500 million IPO with bankers on board
audio products brand Boat has finalised ICICI Securities, Goldman Sachs and Nomura as bankers for a $300-500 million IPO next year, sources aware of the matter said, joining the queue of new-age firms looking to go public. New Delhi-based Boat may aim for a valuation of over $1.5 billion, sources said, adding these numbers may change closer to the IPO filing. It’s targeting a public offer in next financial year.
Boat had filed draft papers for a public offering in 2022 but halted those plans citing market conditions and raised $60 million in private capital through convertible preferred stocks notes from existing investor Warburg Pincus and new investor Malabar Investments at a minimum valuation cap of around $1.2 billion.
“ICICI Securities is the lead banker for the issue and they are looking to file for next financial year,” one of the persons said. “In total they have finalised four bankers.”
‘Consolidation underway’
This comes as Boat’s revenue fell 5% in FY24 to Rs 3,285 crore, while it halved losses to Rs 70.8 crore. Sources said there’s a consolidation underway in the sector and that the recent Diwali season lifted sales after several muted quarters. Boat recorded positive earnings before interest, taxes, depreciation, and amortisation (ebitda) in FY24.
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