Lenskart bags SEBI approval for IPO; to raise Rs 2,150 Cr via fresh issue
Eyewear retailer Lenskart has secured SEBI approval for its IPO comprising a fresh issue of Rs 2,150 crore and an offer for sale of over 132 million shares by existing shareholders.
Omnichannel eyewear retailer Lenskart Solutions has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), according to an update on the regulator’s website.
The public offer comprises a fresh issue of equity shares worth up to Rs 2,150 crore and an offer for sale of up to 132.29 million shares by existing shareholders, including promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi.
Other investors offloading shares include SVF II Lightbulb (Cayman), Schroders Capital Private Equity Asia Mauritius, PI Opportunities Fund – II, Macritchie Investments, Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP.
According to a report by The Economic Times citing sources, the company is expected to file its updated prospectus over the next few weeks and is targeting a listing for mid-November.
The eyewear retailer plans to use the proceeds to set up new company-operated stores, lease and rental payments, invest in technology and cloud infrastructure, brand marketing, potential inorganic acquisitions, and general corporate purposes.
The Delhi-NCR-based company has appointed Kotak Mahindra Capital, Morgan Stanley India, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services as the book-running lead managers for the issue.
According to the draft prospectus, co-founder and CEO Peyush Bansal will sell up to 20.5 million equity shares, while Neha Bansal will offload up to 5.7 million shares. Other co-founders, Amit Chaudhary and Sumeet Kapahi, will each sell up to 2.87 million shares.
Among institutional investors, SVF II Lightbulb (Cayman), a SoftBank entity, will sell up to 25.5 million shares, and Schroders Capital Private Equity Asia Mauritius will offload up to 19.1 million shares.
The company had earlier received shareholder approval to go public and converted itself into a public limited company.
Edited by Kanishk Singh