India’s primary market has long-faced criticism for hosting overvalued IPOs. From sky-high pricing to post-listing underperformance, the “overvaluation” tag has been hard to shake off. But there’s a new pattern drawing attention in recent times, founders stepping down from their executive roles just before their companies go public.

Having been the face of their brands for years, these founders suddenly moving to non-executive positions has raised questions about intent and timing.

The latest example is boAt, the popular homegrown audio and wearables brand, where co-founders Aman Gupta and Sameer Mehta have stepped back from executive roles weeks before the company’s Rs 1,500 crore IPO.

According to the company’s Draft Red Herring Prospectus (DRHP), both founders resigned from their ope

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