Boat IPO: Boat, one of India’s largest direct-to-consumer, audio-focused electronics brands, is to file a draft Red Hearing Prospectus (DRHP) this week with the Securities and Exchange Board of India (SEBI) for an IPO of Rs 2,000 crore. is in preparation. According to a report in Economic Times, the New Delhi-based company is expected to get a valuation of $ 1.5-2 billion in the upcoming IPO this year.
36% stake is the major shareholder PE company Warburg Pincus
Private equity company Warburg Pincus, the only major shareholder with 36 per cent stake in the bot, will sell its shares worth Rs 700-800 crore through this IPO. The new stock and offer for sale will have an equal stake in this IPO. Cofounders Aman Gupta and Sameer Mehta, who hold a total of 56 per cent stake in the company, are expected to sell their minor stake.
Capital was raised last year with a valuation of 2,200 crores
When contacted, a spokesperson for the bot declined to comment on the company’s IPO plans and details. Warburg Pincus did not respond to an email sent in this regard. When Bot had raised Rs 50 crore from Qualcomm Ventures in April last year, its valuation was estimated to be around Rs 2,200 crore. Sources said the company is expecting 5-6x valuation this fiscal.
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Revenue expected to double by the end of March
A source said, “They (bots) are getting indications of getting the IPO price at multiples of five to six times the revenue. Their revenue is expected to almost double by the end of March. However, sources said the final IPO pricing may change depending on the market conditions. In recent days, the stocks of newly listed new-age Indian companies were hit hard due to the fall in the global market.
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Board approved the plan of IPO
The bot’s parent company, Imagine Marketing Pvt. Ltd. (Imagine Marketing Pvt. Ltd) has converted into a public company to launch an IPO and its board has approved the plan to launch an IPO. “The DRHP is expected to be filed by Thursday,” said a source.
Revenue was Rs 1,500 crore in FY 2021
Established in 2016, Boat emerged as one of the reputed domestic D2C brands that challenged the market leaders in the earphones and wearables space. The company had reported a net profit of Rs 78 crore with revenue of Rs 1,500 crore for the financial year ended March 31, 2021.
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