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India’s homegrown audio and wearables giant boAt has just made a dramatic move in the stock market—slashing its planned IPO from ₹2,000 crore to ₹1,500 crore. But while
India’s homegrown audio and wearables giant boAt has just made a dramatic move in the stock market—slashing its planned IPO from ₹2,000 crore to ₹1,500 crore. But while the offering shrinks, the co-founders and big investors are still poised for massive paydays, making this one of the most talked-about listings in India this year.
Even with the reduced IPO, insiders are still locking in enormous gains, while retail investors scramble to grab a piece of the action.
Of the ₹500 crore fresh issue:
Marketing spends will roll out over three years, with ₹28 crore in FY26, ₹60 crore in FY27, and ₹62 crore in FY28, aiming to cement boAt’s position as a top digital-first consumer brand.
The company has staged a remarkable turnaround:
While audio remains the primary revenue driver at 84.23%, wearable sales have slumped from ₹901 crore in FY23 to ₹330 crore in FY25 due to competition, softening demand, and falling prices.
Advertising and promotion expenses were up 6.5% in FY25 but fell 34.5% YoY in Q1 FY26, signaling a more efficient marketing strategy.
boAt first filed for its IPO in 2022, aiming for ₹2,000 crore, but market volatility and profitability concerns pushed the plans back. Now, the downsized but strategic IPO could finally open the door for retail and institutional investors alike.
With a loyal D2C customer base, over 12,000 offline stores, and a presence in South Asia and the Middle East, boAt is poised for aggressive growth, both domestically and internationally.
The smaller IPO may have surprised the market, but insiders are set to pocket enormous gains, making this one IPO that everyone is watching. With a rebound in profits and aggressive marketing plans, boAt is aiming to sound the horn of its next big growth phase.
