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New Delhi: Eyewear retailer Lenskart Solutions is gearing up to launch its initial public offering (IPO) on October 31, aiming to raise Rs 2,150 crore through a fresh issue of shares.
This marks its much-awaited entry into the public markets.
The company’s maiden public offering would conclude on November 4, and the bidding for anchor investors would open for a day on October 30, according to the Red Herring Prospectus (RHP).
Apart from the fresh issue, there would be an offer-for-sale (OFS) component, in which promoters and investors would offload over 12.75 crore equity shares.
As a part of the OFS, promoters — Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi; and 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 — would offload shares.
Lenskart proposes to utilise the proceeds from the IPO for various strategic initiatives, including capital expenditure for setting up new company-operated, company-owned (CoCo) stores in India; payments related to lease, rent, and license agreements for these CoCo stores; investments in technology and cloud infrastructure; brand marketing and business promotion to enhance brand awareness; potential unidentified inorganic acquisitions; and general corporate purposes.
Last week, people familiar with the development said Radhakishan Damani, the billionaire investor and founder of Avenue Supermarts (DMart), invested around Rs 90 crore in eyewear retailer Lenskart in a pre-IPO funding round.
The company, one of India’s largest omni-channel eyewear retailers, offers a wide range of affordable and fashionable prescription eyeglasses, sunglasses, and contact lenses through its online platform and extensive retail network.
Founded in 2008, Lenskart started as an online eyewear platform in 2010 and opened its first physical store in New Delhi in 2013. Over the years, it has evolved into one of the country’s most prominent consumer brands in eyewear.
The company has a presence across metro, Tier-1, and Tier-2 cities, as well as international operations in Southeast Asia and the Middle East.
Lenskart will make its debut on the stock exchanges on November 10.
(Except for the headline, this article has not been edited by FPJ’s editorial team and auto-generated from an agency feed.)
