In an attempt to raise Rs 2,150 crore with fresh funding as well as omnichannel eyewear retailer Lenskart filed a draft red herring prospectus (DRHP) for an IPO on Tuesday.
According to individuals briefed on its plans, ET predicts that the total IPO size, including secondary sales, will be between Rs 7,500 and 8,000 crore ($850 and 900 million).
Following the plans of Tata Capital and LG Electronics to go public in the second half of this year, this would make it one of the biggest IPOs this year.
According to one of the people, the company wants to be valued between Rs 70,000 and Rs 75,000 crore ($8 and 9 billion). However, based on the state of the market at the time of listing, these figures might alter.
The investors including SoftBank, Kedaara Capital, Temasek, and Alpha Wave Global are going to be selling their shares in the issue, which will include an offer-for-sale (OFS) of 132.2 million shares.
31.8 million shares are expected to be offered by the company’s founders, Piyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi.
In the meantime, through a number of secondary deals in recent weeks, CEO Peyush Bansal has acquired a 2.5% stake in the business from investors at a steep discount.
In transactions that valued Lenskart at about Rs 8,700 crore (roughly $1 billion), SoftBank, Kedaara, Chiratae, TR Capital, Temasek, Premji Invest, and others sold Bansal a small percentage of their shares.
According to those mentioned above, the transactions were set up to benefit him before the IPO. Bansal paid Rs 222 crore in total for the shares.
At the 2024 ET Startup Awards, Lenskart took home the Startup of the Year title.
For its initial public offering (IPO), Kotak Mahindra, Morgan Stanley, Citi, Avendus Capital, and Intensive Fiscal Services are merchant bankers.
Among the several IPOs of modern companies scheduled for this year, it is the largest. Large listings are also being prepared by the edtech platform PhysicsWallah, the stockbroking firm Groww, and the e-commerce marketplace Meesho.
They have chosen to use Sebi’s private filing procedure, in contrast to Lenskart.
Disclaimer:
This article is for informational purposes only and is based on publicly available data at the time of writing. It does not constitute investment advice or a recommendation to buy, sell, or hold any securities. Readers are advised to consult certified financial professionals before making any investment decisions. The IPO details mentioned are subject to regulatory approvals and may change.
Read More: Mahavatar Narsimha Becomes India’s Highest-Grossing Animated Film
Amit Shah Drops Proof: Pahalgam Terrorists Traced to Pakistan
India Legends vs WI Legends: Live Telecast Info & Match Time