May 20, 2022 02:36 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Massive fire breaks out in a forest near Jammu | Undefeated German champion boxer Musa Yamak dies of heart attack during match | Gyanvapi mosque row: Report of videography, meant for court, made public | PM Modi to participate in Quad Leaders' Summit in Tokyo on May 24 | Prices of LPG hiked
Earphones and wearables brand BOAT files DRHP for Rs 2,000 cr IPO boAT IPO

Earphones and wearables brand BOAT files DRHP for Rs 2,000 cr IPO

India Blooms News Service | @indiablooms | 28 Jan 2022, 12:15 am

Mumbai/IBNS: Imagine Marketing, the makers of Boat brand of headphones and smartwatches, Thursday filed Draft Red Herring Prospectus (DRHP) with stock market regulator SEBI for an IPO of up to Rs 2,000 crore.

According to the DRHP, the IPO will comprise a fresh issue of shares worth Rs 900 crores, an offer for sale of shares worth up to Rs 1,100 crore, ET reported.

Further, South Lake Investment will offload shares worth up to Rs 800 crore in Imagine Marketing's IPO.

The proceeds of the IPO will be use to repay or prepay debts, according to the report.

The New Delhi-based company is expected to seek a valuation of $1.5-2 billion in the IPO to be floated this year, the report stated.

Boat had earlier raised Rs 50 crore from Qualcomm Ventures in April last year and was valued at around Rs 2,200 crore.

Axis Capital, Bofa Securities, Credit Suisse Securities, ICICI Securities are the book running lead managers to the issue, said the report.

Boat has emerged as a leading brand in earphones and wearable segment challenging the existing market leaders.

It had recorded a PAT of Rs 78 crore in the fiscal ended March 31, 2021while its revenue stood Rs 1,500 crore in revenue.

At the end of this fiscal, the company, the company is likely to nearly double the revenue, ET quoted a source as saying.

Related Images
FOHMA addresses press conference 01 Jan 1970, 05:30 am
Related Videos
PM Modi on Union Budget 2022-2023 01 Feb 2022, 06:28 pm
IBNS Live Business Chat 30 Dec 2021, 05:53 pm