Eyewear major Lenskart has filed its red herring prospectus (RHP) for its initial public offering (IPO). Following anchor bidding on October 30 (Thursday), the public offering will open on Friday and subsequently close on November 4.
The Peyush Bansal-led company has retained the fresh issue component of its IPO at INR 2,150 Cr. However, Lenskart has trimmed the offer for sale (OFS) portion to 12.76 Cr shares from the earlier proposed 13.23 Cr shares.
The cut in the OFS component follows promoter Neha Bansal reducing her offer for sale by 47.26 Lakh shares to 10.11 Lakh shares.
The remaining selling shareholders — including Peyush Bansal, Amit Chaudhary, Sumeet Kapah, SoftBank (SVF II Lightbulb (Cayman) Ltd), Schroders Capital, Premji Invest (PI Opportunities Fund – II), Temasek (Macritchie Investments Pte Ltd), Kedaara Capital, and Alpha Wave Ventures — have retained their OFS portions as outlined in the draft red herring prospectus.
The company would be revealing the price band for its IPO tomorrow. Sources told Inc42 yesterday that it would be looking to cut the IPO valuation to $8 Bn from the erstwhile targeted $9 Bn.
Lenskart plans on utilising the fresh capital primarily to expand its physical retail presence. From the fresh issue, a capital of INR 272.6 Cr has been reserved to set up new company-owned, company operated (CoCo) stores across India. Besides, a sum of INR 591.4 Cr has been earmarked for payments pertaining to rental or licence agreements for these stores. The company intends to add 620 more stores by FY29.
Further, the Delhi-based company would be investing INR 213.4 Cr to fortify its tech and cloud infrastructure and INR 320 Cr for brand marketing. The remainder of the sum would be used for acquisitions and general corporate purposes.
On the financial front, Lenskart maintained profitability in the first quarter of FY26 (Q1 FY26). The company’s net profit for the period soared to INR 61.2 Cr as against a loss INR 25.7 Cr in the year-ago period. Meanwhile, its operating revenue surged by 25% to INR 1,894.5 Cr from INR 1,520.4 Cr in the year-ago period.
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