Lenskart Solutions and Wakefit Innovations have gained a green light from the Securities and Exchange Board of India (SEBI) to proceed with their initial public offerings (IPOs).
Lenskart, an eyewear retailer, first submitted its IPO paperwork to SEBI in July 2025.
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The offering aims to raise Rs21.5bn ($242.2m) through a fresh issuance of shares, complemented by an offer for sale (OFS) in which promoters and early investors plan to offload up to 132.2 million shares.
Key selling shareholders in the OFS include SoftBank’s SVF II Lightbulb (Cayman), Schroders Capital Private Equity Asia Mauritius, Macritchie Investments and Alpha Wave Ventures.
Lenskart’s founders Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi will also divest portions of their stakes.
Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley and Avendus Capital are book-running lead managers for the IPO.
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By GlobalDataProceeds are earmarked for a range of initiatives, as outlined in the company’s draft red herring prospectus.
These include the launch of new company-owned stores, enhancements to its technology stack and potential acquisitions.
Lenskart’s operating income rose to Rs66.52bn in the fiscal year 2025, up from Rs54.27bn in FY24. The company also returned to profitability, posting a net profit of Rs2.97bn in FY25 after a loss of Rs100m a year earlier.
Wakefit — known for its mattresses, beds, sofas and home furnishings — filed its IPO application in June 2025, targeting Rs4.68bn.
Promoters Ankit Garg and Chaitanya Ramalingegowda are set to participate in the OFS, alongside nvestors Peak XV Partners, Verlinvest, Investcorp Funds, Redwood Trust and Paramark KB Fund I.
Rs820m from the proceeds will bankroll the opening of 118 new stores, Rs1.45bn will be used for lease and licence payments on current outlets and Rs154m will be used for equipment acquisitions.
A significant Rs1.08bn will supercharge advertising and marketing efforts.
In the first nine months of FY25, Wakefit logged total income of Rs9.94bn alongside a net loss of Rs88m. In the full FY24, income climbed to Rs10.17bn from Rs8.2bn in FY23, while net loss shrank to Rs150.5m from Rs1.45bn.
