Indian eyewear retailer Lenskart Solutions has announced an initial public offering (IPO) with the aim of raising Rs72.78bn ($828.8m).
The company is targeting a valuation of Rs727.19bn ($8bn) as it prepares to go public.
The IPO is set to commence on 31 October 2025, with the company proposing a share price range between Rs382 and Rs402.
Backed by international investors such as Softbank, the Abu Dhabi Investment Authority, Temasek and Kedaara Capital, Lenskart Solutions is set to issue new shares worth Rs21.5bn.
Existing shareholders are also preparing to offer 127.5 million equity shares for sale.
The upcoming IPO will also involve share sales by company insiders, including 20 million shares from co-founder Peyush Bansal and 2.87 million shares each from co-founders Amit Chaudhary and Sumeet Kapahi.
Notable investors such as SoftBank's SVF II Lightbulb (Cayman) Ltd, Kedaara Capital, and Alpha Wave Ventures are set to divest portions of their stakes.
The company's expansion blueprint includes the launch of 450 new stores within the 2025 fiscal year, which would elevate its global presence to more than 3,150 stores in 14 countries. This expansion represents a 34% increase from the number of stores opened in the previous year.
The proceeds from the IPO are earmarked for a variety of strategic initiatives, as detailed in the company's Red Herring prospectus.
These initiatives range from capital expenditures for new stores in India to investments in technology, marketing and potential acquisitions to further strengthen Lenskart's market reach.
For the fiscal year ended 31 March 2025, Lenskart reported restated profit of Rs2.97bn. This performance marks a substantial improvement from the preceding years, with the company having reported a restated loss of Rs101m in the fiscal year 2024 and a loss of Rs63m in the fiscal year 2023.
The book-running lead managers for the IPO comprise a selection of financial companies, including Kotak Mahindra Capital Company, Morgan Stanley India Company and Intensive Fiscal Services.
