New Delhi: Eyewear retailer Lenskart Solutions on Monday fixed a price band of Rs 382-402 per share for its upcoming initial public offering (IPO), aiming a valuation of over Rs 69,700 crore.The company's Rs 7,278 crore IPO will be open for public subscription on October 31 and conclude on November 4. The bidding for anchor investors would open for a day on October 30, according to a public announcement.
Lenskart's maiden public offering comprises fresh issue of shares worth Rs 2,150 crore and an offer-for-sale (OFS) of over 12.75 crore shares by promoters and investors.As part of the OFS, promoters Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi; and investors SVF II Lightbulb (Cayman) Ltd, Schroders Capital Private Equity Asia Mauritius Ltd, PI Opportunities Fund II, Macritchie Investments Pte Ltd, Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP, would offload shares.
Lenskart proposes to utilise the proceeds from the IPO for various strategic initiatives, including capital expenditure for setting up new company-operated, company-owned (CoCo) stores in India; payments related to lease, rent, and licence agreements for these CoCo stores.A part of funds would also be invested in technology and cloud infrastructure; brand marketing and business promotion to enhance brand awareness; potential unidentified inorganic acquisitions; and for general corporate purposes.
Last week, people familiar with the development stated that Radhakishan Damani, the billionaire investor and the founder of Avenue Supermarts (DMart), invested around Rs 90 crore in Lenskart in a pre-IPO funding round.
The company, one of India's largest omni-channel eyewear retailers, offers a wide range of affordable and fashionable prescription eyeglasses, sunglasses, and contact lenses through its online platform and extensive retail network.Founded in 2008, Lenskart started as an online eyewear platform in 2010 and opened its first physical store in New Delhi in 2013. Over the years, it has evolved into one of the country's most prominent consumer brands in the eyewear category.
The company has a presence across metro, Tier-1, and Tier-2 cities, along with international operations in Southeast Asia and the Middle East.It has announced that 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.Lenskart will make its debut on the stock exchanges on November 10.
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