boAt plans to raise funds & earmarks IPO in next 12-18 months

boAt plans to raise funds & earmarks IPO in next 12-18 months
Smartwatch and Audio products manufacturer, boAt fell into red in the financial year 2023 for the first time since inception. The company clocked a total loss of 129.4 crore against a total profit of 68.7 crore in the financial year 2022. 
Following this net loss, the Sameer Mehta, Co-Founder & CEO of boAt announced the company is looking to raise fresh funds up to 2000 crore through its IPO which was scheduled to be held within 12-18 months. 
Regarding this, Mehta stated that raising funds will be “strategic” by nature than just raising capital. Also, Imagine Marketing India, the parent company of boAt is under talks with three key investors for raising funds. 
“The IPO timeline depends on how fast we improve the financial ratios such as return on capital employed and net profit. We expect to do the IPO in 12-18 months”, Mehta said.
It is important to mention that it’s the company’s second stab at IPO. In the year 2022, the company filed its DRHP – Draft Red Herring prospectus with SEBI - Securities and Exchange Board of India for a 2,000 crore public issue. The market regulator SEBI showed the green light to the IPO in the month of May 2022. 
Though later the company cancelled the plans along with a the cofounder Aman Gupta comment that boAt was not in a rush to go for an Initial public offering for the following couple of years. 
Established in 2016 by Sameer Mehta and Aman Gupta, boAt is a notable player in the Indian wearables and audio segment and sells a various range of products such as earphone, headphones, smart watches, speakers, portable chargers and others.