Key Takeaways
- SBI Mutual Fund invests ₹100 crore in Lenskart’s pre-IPO round
- IPO scheduled for October 31 with ₹7,278 crore issue size
- Company valuation could exceed ₹69,700 crore at upper price band
- Follows recent ₹90 crore investment by DMart founder Radhakishan Damani
SBI Mutual Fund has committed ₹100 crore to eyewear retailer Lenskart Solutions in a strategic pre-IPO funding round. This significant investment comes just weeks before the company’s highly anticipated initial public offering.
As part of the transaction, promoter Neha Bansal transferred 24.87 lakh equity shares at ₹402 per share to SBI Optimal Equity Fund and SBI Emergent Fund AIF. Following this transfer, her stake in the eyewear company will decrease from 7.61% to 7.46%.
Recent Investor Interest
This marks the second major pre-IPO investment in Lenskart within a week. Last week, Radhakishan Damani, founder of Avenue Supermarts (DMart), invested approximately ₹90 crore by acquiring shares from Nehal Bansal, sister of founder and CEO Peyush Bansal. Both transactions are separate from the IPO’s official Offer-for-Sale component.
IPO Details and Timeline
Lenskart’s ₹7,278 crore initial share sale is scheduled to open for public subscription on October 31. The company has set a price band of ₹382 to ₹402 per share, potentially valuing the eyewear retailer at over ₹69,700 crore at the upper end of the range.
The maiden public offering consists of a fresh issue worth ₹2,150 crore and an Offer-for-Sale of 12.75 crore equity shares by existing stakeholders.
Stakeholders Offloading Shares
In the OFS component, multiple promoters and investors will divest their holdings:
- Promoters: Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi
- Investors: SVF II Lightbulb (Cayman) Ltd, Schroders Capital Private Equity Asia Mauritius Ltd, PI Opportunities Fund – II, Macritchie Investments Pte. Ltd, Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP
Utilization of IPO Proceeds
The company plans to deploy the fresh capital for several strategic initiatives:
- Expansion of company-operated, company-owned (CoCo) stores across India
- Lease, rent, and license payments for new retail locations
- Technology and cloud infrastructure enhancements
- Brand marketing and business promotion campaigns
- Potential inorganic acquisitions
- General corporate purposes
Company Background
Lenskart has established itself as one of India’s leading omni-channel eyewear retailers, offering affordable and fashionable prescription glasses, sunglasses, and contact lenses through both online and offline channels.
Founded in 2008, the company launched its online platform in 2010 and opened its first physical store in New Delhi in 2013. Over the past decade, Lenskart has grown into one of the country’s most recognizable consumer brands in the eyewear segment.
The company is set to make its stock market debut on November 10, marking a significant milestone in its growth journey.
