The shareholders of Lenskart have given their consent for the company to raise INR 2,150 Cr ($248.7 Mn) through a new share offering as part of the first public offering (IPO).
What’s Included in the Upcoming Lenskart IPO?
A secondary offer for sale (OFS) component by current investors will also be included in Lenskart’s new issuance, according to the company’s filings with the MCA.
Additional corporate and other approvals are pending for the listing. The first to report on the development was CNBC TV18. According to reports, the total IPO amount is anticipated to be approximately $1 billion, or INR 8,500 crore.
Moreover, Lenskart suggested listing the equity shares on the National Stock Market of India Limited, the BSE Limited, and any other stock market that its board deemed appropriate.
Key Filings and Financial Updates
The company also obtained the board’s in-principle approval to distribute equity shares worth up to INR 430 Cr to specific investors, according to the document. The allocation would take place on or before the Securities and Exchange Board of India (SEBI) receives the red herring prospectus (RHP). In the meantime, the Lenskart Employee Stock Option Plan, 2025 (ESOP 2025), granted 7,280,431 equity shares to qualified employees.
This comes weeks after the massive eyeglasses company became a public company. Additionally, sources stated that Peyush Bansal, the cofounder and CEO of Lenskart, was seeking to repurchase 1.5–2% of the company from its current investors, which included TR Capital, SoftBank, Chiratae Ventures, and Kedaara Capital, for approximately $150 million.
Lenskart’s Global Footprint & Investor Backing
Lenskart, an omnichannel eyewear shop with locations in India, the United Arab Emirates, Singapore, and Japan, was founded in 2010 by Bansal, Amit Chaudhury, and Sumeet Kapahi.
According to the company, it has over 2,500 outlets and 2 Cr customers. Up to this point, the Gurugram-based business has raised more than $1.75 billion from investors, including Temasek, Abu Dhabi Investment Authority, and ChrysCapital. In terms of finances, the firm reduced its net loss from INR 64 Cr in the prior fiscal year to INR 10 Cr in FY24, an 84% decrease.
In the meantime, operating revenue increased 43% from INR 3,788 Cr in FY23 to INR 5,427.7 Cr in the reviewed year. Additionally, several startups have been moving forward with their intentions for a public offering at this time.
Lenskart Joins India’s Tech IPO Wave
Lenskart joined the line of cutting-edge IT firms that are planning to debut their public issues, such as Physics Wallah, Wakefit, Pine Labs, Shadowfax, Amagi, Curefoods, Capillary Technologies, Shiprocket, and Urban Company. UBS, Avendus Capital, IIFL, and JM Financial were reportedly hired as lead managers by supply chain solutions firm Leap India earlier today in preparation for its impending market debut.
Lenskart Files for INR 2,150 Cr IPO With SEBI, Eyes Market Expansion
The market watchdog SEBI has received Lenskart’s draft red herring prospectus (DRHP), which aims to raise up to INR 2,150 Cr through a new share offering. An offer for sale (OFS) of up to 13.2 Cr shares by current investors will also be included in the initial public offering (IPO).
The shares will be sold through the OFS by promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, as well as institutional investors SVF II Lightbulb (SoftBank), Schroders, PI Opportunities, Macritchie Investments, Kedaara Capital, and Alpha Wave Ventures. LensKart may also fund up to INR 430 Cr in a pre-IPO placement, according to the DRHP.
A total of INR 272.6 Cr would be set aside for capital expenditures to construct and outfit new Company Owned, Company Operated (CoCo) outlets. For the company’s CoCo outlets, an additional INR 591.4 Cr will be used for lease, rent, and license-related expenses.
Additionally, INR 320 Cr is set aside for marketing, brand promotion, and advertising to increase public awareness and draw in new clients, while INR 213.3 Cr will be utilised for the expansion and upgrade of cloud infrastructure and technology systems.
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