Boat sets sail for $300-500 million IPO with bankers on board
Boat has finalised ICICI Securities, Goldman Sachs and Nomura as bankers for a $300-500 million IPO next year, sources aware of the matter said, joining the queue of new-age firms looking to go public. New Delhi-based Boat may aim for a valuation of over $1.5 billion, sources said, adding these numbers may change closer to the IPO filing. It’s targeting a public offer in next financial year.
Boat had filed draft papers for a public offering in 2022 but halted those plans citing market conditions and raised $60 million in private capital through convertible preferred stocks notes from existing investor Warburg Pincus and new investor Malabar Investments at a minimum valuation cap of around $1.2 billion.
ICICI Securities is the lead banker for the issue and they are looking to file for next financial year.
For FY25, Boat still anticipates an improvement in ebitda and profit before tax (PBT) margins, driven by initiatives such as optimising warranty costs and reducing advertising and promotional expenses.
