Lenskart Gets Shareholders Nod To Raise INR 2,150 Cr Via IPO

Omnichannel eyewear retailer LensKart has received the approval of its shareholders to raise INR 2,150 Cr ($248.7 Mn) through a fresh issue of shares as part of the initial public offering (IPO).

As per Lenskart’s filings with the MCA assessed by Inc42, the company’s fresh issue will also include a secondary offer for sale (OFS) component by existing investors.

The listing is subject to further corporate and other approvals.

CNBC TV18 reported the development first.

The overall IPO size is reportedly expected to be around $1 Bn or INR 8,500 Cr.

Lenskart also proposed to list the equity shares on the BSE Limited and the National Stock Exchange of India Limited and any other stock exchange as determined by its board.

As per the filing, the company also received the board’s in-principle nod to allot equity shares valued up to INR 430 Cr to certain investors. The allotment would occur on or prior to filing of the red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI).

Meanwhile, the company also allotted 72,80,431 equity shares to its eligible employees under the Lenskart Employee Stock Option Plan, 2025 (ESOP 2025).

The development comes weeks after the eyewear giant converted into a public entity.

Further, reports also mentioned that Lenskart’s cofounder and chief executive Peyush Bansal was looking to buy back 1.5-2% stake from its existing investors, including TR Capital, SoftBank, Chiratae Ventures and Kedaara Capital at around $150 Mn.

Founded in 2010 by Bansal, Amit Chaudhury and Sumeet Kapahi, Lenskart is an omnichannel eyewear retailer serving customers in India, the UAE, Singapore, and Japan. The company claims to have over 2,500 stores and a customer base of 2 Cr.

The Gurugram-based startup has raised over $1.75 Bn till date from investors, including ChrysCapital, Abu Dhabi Investment Authority and Temasek, among others.

On the financial front, the startup trimmed its net loss by 84% to INR 10 Cr in FY24 from INR 64 Cr in the previous fiscal year. Meanwhile, operating revenue jumped 43% to INR 5,427.7 Cr during the year under review from INR 3,788 Cr in FY23.

This also comes at a time when numerous startups have been making headway with their public listing plans.

Lenskart joined the queue of new age tech companies including Physics Wallah, Wakefit, Pine Labs, Shadowfax, Amagi, Curefoods, Capillary Technologies, Shiprocket and Urban Company—- who are set on their path of launching their public issues.

Earlier today, supply chain solutions provider Leap India reportedly roped in UBS, Avendus Capital, IIFL and JM Financial as lead managers for its upcoming market debut.