Lenskart sets IPO price band at Rs 382–402 per share, opens Oct 31

New Delhi: Eyewear retailer Lenskart Solutions has set a price band of Rs 382–402 per share for its upcoming initial public offering (IPO), targeting a valuation of over Rs 69,700 crore, according to a public announcement on Monday.

The Rs 7,278 crore IPO will open for public subscription on October 31 and close on November 4, while bidding for anchor investors will be held on October 30.

Lenskart’s maiden public issue will include a fresh share issue worth Rs 2,150 crore and an offer-for-sale (OFS) of more than 12.75 crore shares by its promoters and existing investors.

Promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, along with 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, will participate in the OFS.

The company said the proceeds from the IPO will be directed towards capital expenditure for new company-operated and company-owned (CoCo) stores across India, as well as payments related to lease and licence agreements for these outlets. Funds will also be allocated to technology and cloud infrastructure, brand marketing, potential inorganic acquisitions, and general corporate purposes.

Last week, reports indicated that Radhakishan Damani, the billionaire investor and founder of Avenue Supermarts (DMart), invested around Rs 90 crore in Lenskart in a pre-IPO funding round.

Founded in 2008, Lenskart began as an online eyewear platform in 2010, opening its first physical store in New Delhi in 2013. It has since grown into one of India’s largest omni-channel eyewear retailers, with operations spanning metro, Tier-1, and Tier-2 cities, and expanding internationally across Southeast Asia and the Middle East.

The company said 75% of the issue has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, and the remaining 10% for retail investors.

Lenskart is expected to list on stock exchanges on November 10.