Lenskart IPO gets nod from SEBI, Eyewear retailer to raise ₹2,150 Cr via fresh issue

The Securities and Exchange Board of India (SEBI) has permitted eyewear retailer Lenskart’s draft red herring prospectus (DRHP) for an initial public offering (IPO), Moneycontrol reported on Friday, citing sources.

 More details about Lenskart IPO

The IPO aims to raise ₹2,150 crore through fresh issuance of shares, with current investors and company founders subsequently selling up to 132.3 million existing shares.

 Shareholders set to divest their holdings include Lenskart co-founders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, along with investors such as SoftBank’s SVF II Lightbulb (Cayman) Limited, Schroders Capital Private Equity Asia Mauritius Limited, PI Opportunities Fund-II, Macritchie Investments Pte. Ltd., Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP.

Including secondary sales, Lenskart’s total IPO size is expected to be Rs 7,500-8,000 crore ($850-900 million), making it one of the largest public offerings this year after Tata Capital and LG Electronics. 

Lenskart’s IPO is set to be the largest among new-age Indian firms going public this year.

Stockbroking firm Groww, e-commerce platform Meesho, payments company PhonePe, and edtech startup PhysicsWallah are also preparing large listings, but have opted for SEBI’s confidential filing process.

Lenskart turned profitable in FY25, posting a net profit of Rs 297 crore compared with a net loss of Rs 10 crore in FY24.

Its revenue surged 22% to Rs 6,625 crore from Rs 5,428 crore in the previous year.

The Gurugram-based company won Startup of the Year at the ET Startup Awards 2024, and plans to use around Rs 272 crore from the IPO proceeds to build new stores in India.

As reported by The Times of India, around Rs 591 crore will be utilised towards leasing, rental, and other expenses of its existing 2,700-plus stores. An undisclosed portion of the funds has also been earmarked for acquisitions.

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