The consumer electronics brand, BoAt has distributed employee stock options (ESOPs) to its workforce as part of its festive season reward initiative. In a special resolution, the company’s board sanctioned the issuance of 9,55,523 ESOPs. These ESOP options hold a collective value of $9 million, as disclosed in a regulatory submission to the Registrar of Companies (RoC).
In October last year, BoAt had managed to secure Rs 500 crore in funding from its existing investor, Warburg Pincus, and a new investor, Malabar Investments. This allowed BoAt to postpone its initial public offering (IPO) by 12–18 months, as it was well capitalised. During the final quarter of FY22, BoAt submitted its Draft Red Herring Prospectus (DRHP) to SEBI, receiving regulatory approval for a Rs 2,000 crore IPO.
Established in 2014, BoAt manages a portfolio of five brands, including BoAt itself, Redgear (acquired in 2020), Tagg (acquired in 2022), the wearable brand, Defy, and its proprietary personal care and grooming brand, Misfit. Strategic partnerships with global companies such as Qualcomm, one of BoAt’s shareholders, as well as Dolby, Dirac and others, have helped the company gain a strong hold in the audio and smart-wearable segments.