NCR-based in Delhi One of the largest wearable businesses in the world, boAt Lifestyle, is reportedly planning an initial public offering (IPO). The firm aims to earn around Rs 3000 and Rs 3500 crore from its maiden offer. According to a report in the Economic Times, the IPO may value the consumer electronics brand at around $1.5 billion, and the company's management has begun discussions with investment bankers.

In a few weeks, the IPO mandate will most likely be signed. The primary and secondary shares will be sold as part of the IPO. boAt is currently backed by a slew of investors, including Warburg Pincus, Qualcomm Ventures and Fireside Ventures. Warburg Pincus is the largest investor in boAt, with a 30% interest, followed by Qualcomm Ventures and Fireside Ventures. The last two investors have a combined interest in boAt of less than 5%.

Aman Gupta and Sameer Mehta founded boAt in 2016, and it has since grown to become the world's fifth-largest wearable brand. The company provides a variety of low-cost consumer electronics items, including earbuds, Bluetooth headphones, speakers, and smartwatches.

For the fiscal year 2019-20, boAt's sales increased by 196 percent to Rs 701 crore, while profit increased by 470 percent to Rs 49 crore. Currently, boAt's products are made in India and China. However, the company says that it's focussing on localizing its supply chain.