Consumer electronics brand boAt has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), reducing its planned initial public offering (IPO) size from Rs 2,000 crore to Rs 1,500 crore.
The revised issue includes a fresh equity share issue worth Rs 500 crore and an offer for sale (OFS) of Rs 1,000 crore by existing shareholders and co-founders. As per the filing, South Lake Investment Ltd (Warburg Pincus) will offload shares worth Rs 500 crore, while Fireside Ventures and Qualcomm Ventures will divest Rs 150 crore and Rs 50 crore worth of shares, respectively.
Among the founders, Sameer Mehta will sell shares worth Rs 75 crore, and Aman Gupta, co-founder and Chief Marketing Officer, will sell shares worth Rs 225 crore. The funds raised through the fresh issue will be utilized for working capital (Rs 225 crore), brand marketing (Rs 150 crore), and general corporate purposes.
Currently, Warburg Pincus remains boAt’s largest shareholder with a 39.35% stake, followed by Mehta (24.75%) and Gupta (24.76%). Other investors include Fireside Ventures (3.28%), Qualcomm Ventures (2.28%), and Malabar Select Fund (1.20%).
Founded by Aman Gupta and Sameer Mehta, boAt has built a strong identity in India’s consumer electronics market with its affordable, youth-focused range of audio products, wearables, and accessories. The company follows a direct-to-consumer (D2C) model, driving sales through major online marketplaces, its website, and offline retail channels.
In FY25, boAt reported operating revenue of Rs 3,073 crore and net profit of Rs 61 crore, marking a turnaround from a loss of Rs 79.6 crore in FY24. In Q1 FY26, it recorded Rs 628 crore in revenue and Rs 21.35 crore in profit, underscoring a steady growth trajectory ahead of its public debut.
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