Eyewear giant Lenskart is all set to hit the public markets, with plans to raise ₹2,150 crore through a fresh issue of shares as part of its highly anticipated initial public offering (IPO). The company recently got the green light from its shareholders to move ahead with the public listing.
IPO Worth ₹8,500 Crore in the Works
According to a CNBC report, the total size of Lenskart’s IPO could be around ₹8,500 crore (approximately $1 billion). The offer will be a mix of a fresh issue and an offer-for-sale (OFS) component. While ₹2,150 crore will come from the new shares being issued, a significant portion — up to 13.22 crore equity shares — will be offloaded by existing stakeholders under the OFS.
Who’s Selling?
The OFS will see some key early investors and co-founders parting with part of their stake. Founders like Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi will sell shares. Among the institutional investors cashing out are SVF II Lightbulb (Cayman), Schroders Capital Private Equity Asia (Mauritius), PI Opportunities Fund – II, MacRitchie Investments, Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP.
Pre-IPO Placement on the Table
Lenskart may also explore a pre-IPO placement worth up to ₹430 crore, which would be completed before the company files its Red Herring Prospectus (RHP). This could help reduce the size of the public issue slightly, depending on the final structure.
Top Investment Banks on Board
To manage the IPO, Lenskart has roped in some of the biggest names in investment banking. The issue will be handled by Kotak Mahindra Capital Company, Morgan Stanley India, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services.
Peyush Bansal Eyeing More Stake
Interestingly, even as some stakeholders are exiting, Lenskart’s CEO and co-founder, Peyush Bansal, is doubling down. Earlier this month, reports surfaced that Bansal was in talks to buy an additional 1.5–2% stake in the company — a deal estimated to be worth around $150 million. He was negotiating with a group of existing investors, with the transaction pegged at a valuation of $7–8 billion, according to Livemint.
Anuj Prajapati