IPO Watch: Lenskart files draft papers with SEBI for ₹2,150 crore-IPO
The offer includes a fresh issue of equity shares totaling up to ₹ 21,500 million, along with an offer to sell up to 132,288,941 equity shares by specific existing shareholders, such as Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, who are Promoter Selling Shareholders.
Further, 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, are Investor Selling Shareholders.
The firm may consider a pre-IPO placement amounting to ₹ 430 crores before submitting the Red Herring Prospectus (RHP). Should this occur, it will reduce the size of the fresh issue.
The company intends to use the net proceeds from the IPO for various strategic purposes, including capital expenditures for establishing new Company-operated Company-owned (CoCo) stores in India; settling payments related to lease, rent, and licensing agreements for these CoCo stores; investing in technology and cloud infrastructure; enhancing brand recognition through marketing and business promotion; pursuing potential unidentified inorganic acquisitions; and addressing general corporate needs.
The Book Running Lead Managers for the Issue are Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Pvt Ltd, Avendus Capital Pvt Ltd, Citigroup Global Markets India Pvt Ltd, Axis Capital Ltd, and Intensive Fiscal Services Pvt Ltd.
Founded in 2008, Lenskart began its journey in India as an online venture in 2010 and opened its first physical store in New Delhi in 2013.
Presently, the brand's business has robust presence in metropolitan areas, Tier 1, and Tier 2+ cities, alongside international operations in Southeast Asia and the Middle East.
In FY25, it reported an EBITDA of ₹ 1,115 crore, rising from ₹ 763 crore the previous year and ₹ 302 crore, representing a CAGR of 92%. Over the last three fiscal years, EBITDA margins have grown consistently from 8% to 14% and currently stand at 17%.
In FY25, Lenskart introduced 105 new collections that were designed and engineered in-house globally. The scale of in-house manufacturing has significantly increased: frame production surged from 4.4 million to 6.4 million units over three years, while lens production nearly doubled to 4.1 million units.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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