Lenskart IPO: SBI Mutual Fund Secures Rs 100 Cr Investment Days Before Issue Open
It must be noted that Neha Bansal had already reduced her OFS before the IPO, having sold Rs 90 crore worth of shares to Radhakishan Damani's wife, Shrikanta R Damani.
In what could be a sign of strong institutional demand heading into the issue opening, SBI Mutual Fund has invested Rs 100 crore in the company through a pre-IPO round.
The fund house has secured investment in Lenskart IPO through two alternate investment funds in the form of SBI Optimal Equity Fund and SBI Emergent Fund, at a transfer price of Rs 402 per equity share.
As part of the deal, promoter Neha Bansal, sister of founder Peyush Bansal, transferred 2,487,561 equity shares.
Post the transaction, Neha's holding in Lenskart was marginally reduced from 7.61% to 7.46%. This share sale is separate from the company's main Initial Public Offering (IPO).
The Lenskart IPO, which is looking to raise Rs 7,278 crore, will open for subscription on Oct. 31 and close on Nov. 4.
Investors can bid for shares in the Lenskart IPO between Rs 382 and Rs 402, according to a public advertisement.
The minimum bid size is 37 shares per lot, requiring an investment of Rs 14,874. The portion for retail investors in the IPO is capped at 10% of the issue.
Lenskart, which is also one of India’s largest omni-channel eyewear retailers, is backed by existing investors including Alpha Wave Ventures, Kedaara Capital, and Chiratae Trust.
The IPO allotment will be tentatively finalised on Nov. 6, and shares will be credited into the demat accounts by Nov. 7.
Lenskart Solutions will list on the NSE and BSE on Nov. 10.
It must be noted that Neha had already reduced her OFS before the IPO, having sold Rs 90 crore worth of shares to Radhakishan Damani's wife, Shrikanta R Damani, in a pre-placement bid.
Nevertheless, Neha Bansal looks set to become the biggest beneficiary of the Lenskart IPO, with an expected return of 52x, compared to the weightage-average cost of her holdings.
