BoAt, a well-known company that makes products like smartwatches and audio gear, has postponed its IPO plan. The company may reconsider its plan to launch an IPO in the next 12-18 months. Meanwhile, the company has raised $60 million or Rs 500 crore from private investors.
According to BoAt, this amount will be used for expansion in the smartwatch category. Apart from this, the personal audio segment will also be strengthened.
In May last too, there were reports that BoAt may postpone IPO plans even after getting SEBI's nod due to market turmoil. The company's CEO Vivek Gambhir told Economic Times that the market situation is still very volatile. Only when circumstances are favorable, the listing is correct.
In January this year, BoAt's parent company Imagine Marketing had filed a DRHP with SEBI to raise Rs 2,000 crore through IPO. The company wanted to raise Rs 1,100 crore through this. Of this, fresh shares worth Rs 900 crore were to be issued while the rest was planned to be raised through offer for sale of shares.