BoAt Boosts Employee Welfare with Expanded ESOP Pool for the Festive Season:
As the festive season approaches, leading consumer electronics brand boAt has demonstrated its commitment to employee welfare by increasing its Employee Stock Option (ESOP) pool. The company’s board recently approved a special resolution to grant 9.55 Lakh ESOPs to its dedicated staff, as per regulatory filings with the Registrar of Companies (RoC).
ESOP Conversion for Employee Ownership:
- In a strategic move, boAt plans to convert each Employee Stock Ownership Plan (ESOP) into equity shares, valued at approximately Rs 72 crore ($9 million).
- This initiative aims to enhance employee ownership, fostering alignment with the company’s growth trajectory.
- The current market price for boAt per share is ₹950-₹1000.
Considering the declared value of ESOPs to be around 72 crores, and 9.55 lakh shares being issued, the price per ESOP comes to around ₹ 753/share
Strategic Funding and IPO Deferral:
- Following a successful funding round in October, boAt secured Rs 500 crore ($60 million) from Warburg Pincus and Malabar Investments.
- This capital infusion allowed the company to defer its initial public offering (IPO) by 12-18 months, showcasing its robust financial position.
Diverse Portfolio and Global Partnerships:
- Established in 2014, boAt manages a diverse portfolio with five brands, including boAt, Redgear, Tagg, Defy, and Misfit. The company has forged partnerships with global entities such as Qualcomm, Dolby, and Dirac, solidifying its dominance in the audio and smart wearable space.
Financial Performance and IPO Plans:
- The company registered over 2X growth in its scale for two consecutive fiscal years: FY21 and FY22.
- boAt’s revenue from operations shot up 2.2X to Rs 2,873 crore during the fiscal year ending March 2022 as opposed to Rs.1314 Cr in FY21.
In the last quarter of FY22, boAt filed its DRHP with SEBI to launch its initial public offer (IPO) worth Rs 2,000 crore and got approval for the same in May 2022.
Anticipated Growth and Pending Audited Numbers:
- The Gurugram-based firm anticipates a revenue of Rs 4,000 crore in FY23, projecting a 25% growth in FY24. However, audited FY23 numbers are pending submission to the Registrar of Companies (RoC), reflecting the company’s optimistic outlook and future plans.
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