Boat, a domestic brand known for its audio devices and wearables, has selected ICICI Securities, Goldman Sachs, and Nomura as underwriters for its upcoming IPO. The IPO is expected to take place in the next fiscal year and aims to raise between $300 million and $500 million. Boat is targeting a valuation of over $1.5 billion, although this may change closer to the IPO date.

Boat recently secured $60 million in private funding from Warburg Pincus and Malabar Investments, with a minimum valuation of $1.2 billion. In 2022, Boat initially filed for a public offering but postponed it due to unfavorable market conditions. For FY24, Boat reported a 5 percent decline in revenue to Rs 3,285 crore, but managed to significantly reduce its losses to Rs 70.8 crore. Despite challenges in the wearables sector, Boat achieved positive EBITDA and experienced increased sales during the Diwali season.

Boat was founded in 2015 by Aman Gupta and Sameer Mehta and has raised a total of $171 million in funding. According to IDC data for Q2 of FY2024, Boat holds a 26.7 percent market share in India's wearables segment.