Consumer electronics brand boAt is taking a new route to the public markets. The company has refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), reducing its proposed IPO size from ₹2,000 crore to ₹1,500 crore.
Under the new structure, boAt will raise ₹500 crore through a fresh issue, while existing investors and founders will offload shares worth ₹1,000 crore through an offer for sale (OFS).
The biggest seller in the OFS will be South Lake Investment Ltd (Warburg Pincus), which plans to liquidate ₹500 crore worth of shares, accounting for half of the total offer. Fireside Ventures and Qualcomm Ventures will sell ₹150 crore and ₹50 crore worth of shares respectively, while co-founders Aman Gupta and Sameer Mehta will offload ₹225 crore and ₹75 crore worth of shares.
The company intends to deploy ₹225 crore from the fresh issue for working capital, and another ₹150 crore towards brand building and marketing, as it doubles down on expanding distribution and strengthening brand equity in India’s fast-growing audio and wearables market. The rest will be used for general corporate purposes.
ICICI Securities, JM Financial, Goldman Sachs, and Nomura will lead-manage the issue, with MUFG Intime as registrar.
As of the updated filing, Warburg Pincus remains the largest shareholder with 39.35%, while founders Mehta and Gupta hold nearly 25% each. Other investors include Fireside Ventures (3.28%), Qualcomm Ventures (2.28%), and Malabar Select Fund (1.20%).
The move signals boAt’s intent to go public with a sharper, more sustainable offer balancing capital needs with investor liquidity.
