Indian electronics and life-style startup Boat recordsdata for an IPO – TechCrunch

Think about Advertising, the holding firm of electronics and life-style model Boat, one of many uncommon {hardware} startups from India, has filed for an IPO of as much as $266 million.

In its DRHP submitting with native regulator on Thursday, Warburg Pincus-backed Boat stated it plans to subject recent shares price about $120 million and provide on the market of shares price $146 million. South Lake Funding, one in every of Boat’s backers, plans to promote shares price $106.4 million within the IPO, the submitting stated.

The startup, which was valued at $300 million in its Sequence B spherical a yr in the past, stated it plans to make use of the IPO proceedings to pay its previous money owed or “prepay” present money owed. It’s looking for a valuation of $1.5 billion or extra within the preliminary public providing, in keeping with one in every of its buyers, who requested anonymity sharing personal issues. (The sought-after valuation has been beforehand reported by the native media.)

Boat manufactures and sells a spread of digital merchandise resembling headphones, health wearables, smartwatches, gaming controllers. charging cables, moveable battery packs, earphones, and different cellular equipment. These gadgets’ low-cost and premium aesthetics choices have helped it courtroom children, who account for almost all of its buyer base.

Boat has expanded into a number of classes lately, and adopted the identical technique that made it stand out within the first place. Its health wearable begins at lower than $25, smartwatches and AirPod-like earbuds for lower than $30, charging cables at $3, residence theatre soundbars at about $50, wi-fi audio system at simply over $10, headphones at $5.50.

In accordance with the advertising and marketing analysis agency IDC, Boat commanded over 30% of the wearable market in India and was the fifth-largest model globally within the class as of early final yr.

The startup’s preliminary public providing might show to be a check of the general public market, which has plunged in current days as buyers throughout the globe fear about rising rates of interest within the US and its implications to the tech shares. Shares of 4 Indian tech startups — Zomato, Paytm, Nykaa and PolicyBazaar — that went public final yr have fallen up to now two weeks.

It is a creating story. Extra to observe…

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