Lenskart IPO: Peyush Bansal Rakes In INR 823 Cr, SoftBank Pockets 5.4X Return

With Lenskart’s shares set to begin trading on the bourses tomorrow, its early backers and founders are set to unlock sizable gains through the offer-for-sale (OFS) component of the IPO.

SoftBank’s SVF II Lightbulb, the largest selling shareholder in the IPO, offloaded about 2.5 Cr shares. At the issue price of INR 402, SoftBank will rake in INR 1,025 Cr. This translates to a 5.4X return on its investment.

SVF II first invested $46 Mn in LensKart in 2020.

Schroders Capital, which sold 1.9 Cr shares, will net INR 763.8 Cr and clock a 9.8X return. PI Opportunities Fund II is set to secure INR 349.7 Cr by offloading 87 Lakh shares, delivering a 16.6X return, one of the strongest outcomes among institutional investors.

Temasek-owned MacRitchie Investments sold 78 Lakh shares to rake in INR 313.6 Cr. This translates to a 4.1X return on its investment. Meanwhile, Kedaara Capital is set to earn INR 295.9 Cr by selling 73.6 Lakh shares of Lenskart, giving it a 5.3X return. Alpha Wave Ventures will also garner INR 267.7 Cr by selling 66.6 Lakh shares, marking a 3.8X return.

Among cofounders and promoters, Peyush Bansal offloaded 2 Cr shares, raking in INR 823 Cr. Neha Bansal will get INR 40.6 Cr by selling 10.1 Lakh shares. 

Cofounders Amit Chaudhary and Sumeet Kapahi will each take home INR 115.3 Cr by selling 28.7 Lakh shares.

Lenskart’s IPO comprised a fresh issue of shares worth INR 2,150 Cr and an OFS of 12.75 Cr shares by promoters and early investors. 

At INR 70,000 Cr ($8 Bn), the eyewear major’s IPO values the company at 237X PE multiple, despite it turning profitable only recently with INR 297 Cr profit in FY25. This pricing raised eyebrows among market watchers, who pointed out the jump from Peyush’s buyback at INR 52 per share in July this year to the IPO price band of INR 382-402. 

However, this didn’t deter the investors, as the IPO closed with a bumper 28.26X oversubscription.

Meanwhile, FY25 marked Lenskart’s first profitable year. It posted a profit of INR 297 Cr versus a loss of INR 10.1 Cr in FY24, while operating revenue grew 23% YoY to INR 6,652.5 Cr. It remained profitable in Q1 FY26 with INR 61.2 Cr profit and 25% YoY growth in revenue to INR 1,894.5 Cr.