Lenskart to File its DRHP with SEBI via Public Route

Entrepreneur

4 hours ago

The Peyush Bansal-led startup has also taken clear steps towards going public by changing its name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, following approval from its existing shareholders.
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Lenskart, the omnichannel eyewear maker, is reportedly taking the public route to file its draft red herring prospectus (DRHP), according to a report by MoneyControl. It was earlier speculated that the company might take the confidential route that does not reveal all the details related to the listing.
The Peyush Bansal-led startup has also taken clear steps towards going public by changing its name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, following approval from its existing shareholders.
According to the report, Lenskart is planning to file DRHP with the market regulator, Securities and Exchange Board of India (SEBI), in the first half of July, with earlier reports suggesting the process to be done in May. The company, however, has not disclosed any details regarding going public.
The reports also state that Lenskart has chosen its banking partners for the issue, namely, Kotak, Axis Capital, Citi, Morgan Stanley, and Avendus. The listing is poised to raise USD 1 billion at a valuation of USD 10 billion.
Earlier reports of Lenskart filing papers in May came after the company's top brass, Peyush Bansal, and key investors in the company had reportedly discussed matters around valuation with the banking institutions managing the potential billion-dollar listing. The reports, however, also said that the plans to go public were still based on market conditions closer to tentative dates.
The company valuation that Lenskart is eyeing will be double its value during the last Series I, USD 262 million, plus an undisclosed sum funding round led by the likes of ChrysCapital, Infinity Partners, Chiratae Ventures, and Aditya Birla Capital.
The eyewear retail unicorn, currently Series I, has previously raised USD 231 million in Series G funding from Tokyo-based SoftBank Vision Fund in its largest-ever funding round in 2019. This was followed by another USD 220 million in 2021 led by Alpha Wave Global, Temasek, Chiratae Ventures, Technology Venture Partners, IFC, and Bay Capital, with financial services firm Avendus facilitating both rounds, according to Tracxn.
The 2021 funding round took Lenskart to a valuation of USD 2.4 billion with recorded revenue of USD 165 million, almost double the USD 1.4 billion in 2019. The company is now at USD 5.6 billion in valuation as of November 2024, with the FY2023-24 revenue recorded at USD 678.8 million.
Lenskart currently is the market leader in its sector in India, with a 79 per cent market share, with retail stores across Southeast Asia, the Middle East, and the USA. The company's recent focus on the mass premium eyewear segment has also allowed it to compete with players such as Titan Eye.