India’s leading eyewear retailer, Lenskart, has recently submitted an application for an initial public offering (IPO), aiming to issue fresh shares valued at US$247.6 million as outlined in their draft prospectus.
The firm’s major shareholders, termed as ‘promoters’, will collectively sell off approximately 132.3 million shares. This group of promoters includes noteworthy investment firms such as Mumbai’s Kedaara Capital, Singapore’s state investment body Temasek, and SoftBank from Japan.
The IPO will be managed by a team of prominent financial firms. Among them are Morgan Stanley, Kotak Mahindra Capital, Axis Capital Holdings, and Citi.
As per the draft prospectus submitted to the Securities and Exchange Board of India (SEBI), the revenue generated from this new share issuance will be invested in establishing additional company-owned and operated stores nationwide.
The funds from the IPO will also be allocated towards the enhancement of technology, the improvement of cloud infrastructure, and to cater for various other corporate purposes.
Established in 2010, Lenskart holds an impressive valuation of US$6.1 billion as of June 13. However, the company also carries a debt of US$57 million as of March 2024, as per the data provided by Tracxn.
What is the purpose of Lenskart’s IPO?
Lenskart’s IPO is aimed at raising funds to invest in new company-owned and operated stores across India, as well as to enhance their technological capabilities and improve their cloud infrastructure.
Who are the major shareholders, or ‘promoters’ of Lenskart?
The major shareholders include Mumbai’s Kedaara Capital, Singapore’s state investment company Temasek, and Japan’s SoftBank.
What is Lenskart’s current valuation and debt?
Lenskart’s valuation stands at US$6.1 billion as of June 13. However, the company carries a debt amounting to US$57 million as of March 2024.
