Lenskart IPO: Peyush Bansal, SoftBank, Alpha Wave And Kedaara To Sell Stake

Lenskart might consider a pre-IPO placement of up to Rs 430 crore. (Image: NDTV Profit)

Written by
Agnidev Bhattacharya
Written by

Agnidev Bhattacharya

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SoftBank-backed Lenskart Solutions has filed draft papers for an initial public offering on Monday. The IPO will include fresh issue of up to Rs 2,150 crore, and an offer for sale of up to 13.2 crore shares by existing shareholders.

Among the selling shareholders, co-founder Peyush Bansal will sell over 2 crore shares, while other co-founders Amit Chaudhary and Sumeet Kapahi will sell 28.7 lakh shares each.

SoftBank affiliate SVF II Lightbulb (Cayman) Ltd. will sell 2.6 crore shares, while Kedaara Capital and Alpha Wave Ventures will also offload part of their stakes.

Currently, promoters hold around 20% stake in the firm, while public shareholders have nearly 80% stake, on a fully diluted basis.

Peyush and Neha Bansal currently hold over 18% stake, while SVF II Lightbulb holds 15.04%.

The eyewear brand owner may also consider a pre-IPO placement of up to Rs 430 crore, which, if undertaken, will end up reducing the fresh issue size by the same quantum.

Of the fresh issue, Rs 273 crore will be used to set up new company-owned company-operated stores in India, Rs 591 crore will be used to pay rents or leases for the company's stores in India and Rs 213 crore will be used to invest in technology and cloud infrastructure. Separately, Rs 320 crore from the fresh issue has also been earmarked for brand marketing.

Kotak Mahindra Capital Co., Morgan Stanley India Co., Avendus Capital Pvt., Citigroup Global Markets India Pvt., Axis Capital Ltd. and Intensive Fiscal Services Pvt. are the lead bankers for the offer.

Lenskart FY25 Financials (Consolidated, Year-On-Year)

Revenue rose 23% to Rs 6,653 crore from Rs 5,428 crore.
EBITDA rose 45% to Rs 975 crore from Rs 673 crore.
EBITDA margin rose to 14.7% vs 12.4%.
Net profit rose to Rs 297 crore from loss of Rs 10 crore

Lenskart has not declared any dividends during the current financial year and the last three financial years. Currently, the firm sits on cash balance, including bank balances, of Rs 865 crore.