Aman Gupta, judge of Shark Tank and owner of headphone and earphone manufacturing company Boat, is now going to create a stir in the stock market. According to the latest information, Boat, a brand making daily wear watches and audio products, is going to launch an IPO of Rs 4000 thousand crore next year. They have finalized ICICI Securities, Goldman Sachs and Nomura as bankers for the IPO. Boat may aim for a valuation of more than $1.5 billion.
Boat had filed draft papers for a public offering in 2022, but put those plans on hold, citing market conditions and convertible preferred stock from existing investor Warburg Pincus and new investor Malabar Investments at a minimum valuation of about $1.2 billion. Raised $60 million in private capital through notes.
The news of launching the IPO has come when Boat's revenue fell by 5 percent to Rs 3,285 crore in FY 24. However, the company halved its losses to Rs 70.8 crore. Not only this, before the news of IPO, an increase in sales of audio segment has been recorded during the festive season. At the same time, the wearables segment is sluggish.
According to market tracker IDC, shipments of the wearables segment declined by 10% year-on-year during the June quarter. The wearables segment includes wireless audio devices and smartwatches. Aman Gupta and Sameer Mehta started Boat in the year 2014. Bot has so far raised a fund of $171 million and holds a market share of 26.7 percent in India's wearables segment.
Aman Gupta started boAt company in 2014 with his business partner Sameer Mehta. At that time Aman did not have much money, and he could not afford an office, so he took a co-working space in Delhi's Hauz Khas and started his work there. He started the business with just Rs 30 lakh and today this company is worth Rs 11,500 crore.
