Lenskart Turns Into A Public Entity Ahead Of Its IPO

Omnichannel eyewear giant LensKart has converted into a public entity, as it lines up plans for its initial public offering (IPO). 

In an extraordinary meeting called on May 30, Lenskart’s board passed a special resolution to change the name of the company to “Lenskart Solutions Limited” from “Lenskart Solutions Private Limited” previously. 

In its filing, Lenskart said that the name conversion will enable it to undertake its IPO on “one or more stock exchanges”. It did not specify the quantum of the planned issue size. 

“In order to undertake the offer (IPO), the status of the company is required to be changed from a private company limited by shares to a public company limited by shares,” read the company’s filings with the Registrar of Companies (RoC).

The development was first reported by Entrackr. 

This comes five months after reports first surfaced that the eyewear unicorn had initiated talks with bankers for a $750 Mn to $1 Bn IPO at a valuation of $7-8 Bn. With an eye on a FY26 listing, the company, in January, roped in Kotak Mahindra Bank and Morgan Stanley to helm the IPO. 

It is also reported to be seeking a pre-IPO round of approximately $1 Bn.

Founded in 2010 by Peyush 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.

On the financial front, the startup narrowed 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.

Startups Line Up For Bourses

The development comes at a time when a slew of new-age tech companies are undertaking plans to list on the bourses. While 13 new-age tech companies went public last year, more than 20 such companies are preparing for their IPOs this year. 

Just two weeks ago, media-focussed SaaS unicorn Amagi also converted into a public entity in preparation for its IPO. In May, it was reported that hospitality major OYO has initiated preparations for its IPO and is looking to file its DRHP between August and September this year.

Last month, investment tech major Groww filed its draft IPO papers with SEBI through the confidential pre-filing route, while fintech unicorn Pine Labs has also turned into a public entity as it lines up plans for its stock market debut.