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Time of India
2 days ago
- Business
- Time of India
Lenskart IPO: Eyewear firm files draft papers with Sebi for Rs 8,000 crore listing
Live Events ETtech (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Omnichannel eyewear retailer Lenskart on Tuesday filed its draft red herring prospectus (DRHP) for an initial public offering (IPO) to raise Rs 2,150 crore in fresh secondary sales, the total IPO size is expected to be Rs 7,500-8,000 crore ($850-900 million), people briefed on its plans told ET. This would make it one of the largest public offerings this year, following those of Tata Capital and LG Electronics , which are planning to go public in the second company is targeting a valuation of Rs 70,000-75,000 crore ($8-9 billion), one of the persons said. These numbers, however, could change at the time of listing, depending on the market issue will include an offer-for-sale (OFS) of 132.2 million shares, with investors such as SoftBank, Kedaara Capital, Temasek, and Alpha Wave Global offloading their stakes. Founders Peyush Bansal , Neha Bansal, Amit Chaudhary and Sumeet Kapahi are expected to sell 31.8 million Peyush Bansal has, meanwhile, picked up a 2.5% stake in the company from investors at a steep discount through a series of secondary transactions in recent Kedaara, Chiratae, TR Capital, Temasek, Premji Invest and others sold a small portion of their shares to Bansal in deals that valued Lenskart at approximately Rs 8,700 crore (around $1 billion).The transactions were structured to reward him ahead of the IPO, people cited above said. Bansal purchased the shares for a total of Rs 222 had won the Startup of the Year at the ET Startup Awards 2024 Kotak Mahindra , Morgan Stanley, Citi, Avendus Capital and Intensive Fiscal Services are merchant bankers for its is the biggest among a number of new-age company IPOs lined up for this year. Stockbroking firm Groww , ecommerce marketplace Meesho , and edtech platform PhysicsWallah are also preparing sizable listings. Unlike Lenskart, they have opted for Sebi 's confidential filing will use around Rs 272 crore of fresh capital from the issue for setting up new stores in India, while Rs 591 crore will be utilised towards meeting leasing, rental and other expenses of its existing 2,700-plus company has also earmarked an undisclosed portion of the proceeds for in its IPO papers, said it is acquiring 80% of Spanish fashion eyewear brand Meller for Rs 407 had previously acquired Japanese direct-to-consumer eyewear brand Owndays in August 2022 . In 2024, it made a minority investment in Paris-based omnichannel eyewear brand Le Petit Lunetier, and in 2025, it made a minority investment in Ajna Lens, a Mumbai-based deeptech company building artificial intelligence (AI)-powered XR turned profitable in fiscal 2025, posting a net profit of Rs 297 crore against a net loss of Rs 10 crore in FY24. Its revenue increased 22% to Rs 6,625 crore from Rs 5,428 crore in the previous Titan EyeCare, owned by Tata Group's listed firm Titan Company , reported a 10% increase in its revenue for FY25 at Rs 796 crore, as per the company's annual Lenskart's total revenue in fiscal 2025, more than 40% came from international markets including Taiwan, Australia, Japan, South Korea, Thailand and West Asia.'In its conversations with public market investors, Lenskart is not just selling the India consumption story but is also leaning heavily on its Asia Pacific growth story, which is backed by its 2022 acquisition of OwnDays,' one of the people cited above said. 'FY25 is the first time the full impact of that acquisition shows up in its numbers.'The company's standalone international revenue of Rs 2,638 crore in FY25 is a 17% increase from Rs 2,265 crore in fiscal has also showcased high product margins -- particularly as a result of its increasing domestic manufacturing plans -- reaching 68.5% in fiscal 2025, up from 63.5% in Lenskart has operational domestic manufacturing facilities in Gurgaon and Rajasthan, with a third one coming up in Telangana, for which it has committed an investment of Rs 1,500 crore.
Time of India
4 days ago
- Business
- Time of India
Lenskart IPO: Shareholders approve Rs 2,150 crore initial public offering; DRHP filing likely soon, says report
Lenskart is moving closer to its much-anticipated stock market debut, with shareholders formally approving its initial public offering plans at the company's annual general meeting held on Saturday. The omnichannel eyewear firm plans to raise Rs 2,150 crore ($250 million) as part of the public issue, which could reach up to $1 billion in total size, according to ET citing people familiar with the matter. The company is expected to file its draft red herring prospectus (DRHP) with Sebi in the coming days, joining a growing list of new-age ventures—such as Meesho, Groww, Pine Labs, and PhysicsWallah—that are preparing to tap public markets in 2025. Collectively, over 14 such firms aim to raise more than Rs 20,000 crore this year, ET reported. Filings showed that shareholders, including SoftBank, Kedaara Capital, Abu Dhabi Investment Authority, Fidelity, and Temasek, also approved the adoption of a new employee stock option plan—Esop 2025—comprising 7.2 million shares. As per data from Tracxn, around 19% of Lenskart's shares are currently allocated to its Esop pool. ET had reported on July 10 that the company plans to issue additional shares to founder and CEO Peyush Bansal via a structured payout, potentially increasing his holding by 1.5-2%. Bansal and his sister Neha Bansal, who is also a cofounder, together own 14-15% of the company. Lenskart, which won the ET Startup Awards 2024 in the Startup of the Year category, operates in India and international markets such as the Middle East, Southeast Asia, Australia, Japan, and South Korea. In FY24, the company's operating revenue rose 43% year-on-year to Rs 5,428 crore, while net loss narrowed to Rs 10 crore from Rs 64 crore in the previous fiscal. In an October interview with ET, Peyush Bansal said Lenskart was investing $200 million in a new manufacturing plant in southern India. Currently, the company manufactures frames and lenses at its facility in Rajasthan. Lenskart was valued at $5 billion in its last funding round in June 2024. US-based Fidelity marked up the eyewear brand's valuation by more than 20% to $6.1 billion as of April-end. The company's omnichannel strategy—blending online sales with over 2,500 retail outlets—has been a key growth driver. While online revenues have outpaced offline growth over the last 2–3 years, Lenskart continues to expand its store network aggressively. Filings also revealed that PaySense cofounder Sayali Karanjkar and IndMoney founder Ashish Kashyap have joined the board as independent directors. Peyush Bansal has been appointed as chairman, managing director and CEO, while Neha Bansal and cofounder Amit Chaudhary have been named executive directors. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
