boAt IPO under scrutiny: Leadership exits, high attrition, financial discrepancies

• Analysts and audit firms have flagged significant concerns regarding boAt's financial disclosures ahead of its Rs 1,500 crore IPO.
• Concerns include co-founders' resignations from executive roles just before the IPO filing, deemed a "calculated pre-IPO pivot."
• High employee attrition rates (34.18%) are noted, with an analyst calling it a "mass exodus" reflecting a "broken internal culture."
• Audit firm BSR & Co LLP identified multiple compliance lapses, such as financial mismatches, misuse of short-term borrowings, and statutory due arrears.
• Additional issues flagged by auditors include non-compliance with audit-trail requirements, inadequate record backups, and director remuneration exceeding legal limits.

Why It Matters: It warns potential investors about significant financial and leadership issues in boAt's IPO.