boAt, the wearables and audio brand co-founded by Aman Gupta and Sameer Mehta, is preparing to launch its initial public offering (IPO) in FY26, aiming to raise between $300 million and $500 million. The company has appointed ICICI Securities, Goldman Sachs, and Nomura as lead managers for the offering, with expectations of seeking a valuation exceeding $1.5 billion, though this figure is subject to market conditions closer to the IPO.
Founded in 2015, boAt initially planned its IPO in 2022 but deferred due to unfavorable market conditions. In the interim, the company secured $60 million in private funding from Warburg Pincus and Malabar Investments, elevating its valuation to at least $1.2 billion.
boAt currently commands a 26.7% share of India’s wearables market, according to IDC’s Q2 FY24 data, and has raised a total of $171 million in funding. Earlier this year, Bollywood actor Ranveer Singh joined as an investor, further amplifying the brand’s prominence. This strategic move aligns with Singh’s increasing involvement in India’s startup ecosystem, following his investment in Bold Care.
The IPO will be a significant milestone for boAt as it seeks to solidify its leadership in the competitive wearables market while expanding its brand reach globally.
