Key Points:
- SBI Mutual Fund invested ₹100 crore in Lenskart ahead of its ₹7,278 crore IPO.
- The deal follows Radhakishan Damani’s ₹90 crore pre-IPO investment.
- Lenskart will use the IPO funds for expansion, tech upgrades, and brand growth.
SBI Mutual Fund has invested ₹100 crore in eyewear retailer Lenskart Solutions through a pre-IPO (initial public offering) transaction, the company said in a public announcement on Wednesday.
As part of the deal, Neha Bansal, one of Lenskart’s promoters, transferred 24.87 lakh equity shares at ₹402 per share to SBI Optimal Equity Fund (AIF) and SBI Emergent Fund (AIF). Following the transaction, her stake in the company declined to 7.46% from 7.61%.
The investment comes days after Radhakishan Damani, founder of Avenue Supermarts (DMart), purchased shares worth about ₹90 crore in a similar pre-IPO transaction. Damani acquired the shares from Nehal Bansal, sister of Lenskart’s founder and chief executive officer Peyush Bansal.
The company clarified that these share transfers are separate from the Offer-for-Sale (OFS) component of its upcoming IPO.
Pre-IPO Funding Round Details
The entry of SBI Mutual Fund marks another high-profile addition to Lenskart’s investor base as it prepares for its ₹7,278 crore initial share sale. The IPO, scheduled to open for public subscription on Oct. 31, includes a fresh issue of shares worth ₹2,150 crore and an OFS of 12.75 crore equity shares by promoters and existing investors.
At a price band of ₹382 to ₹402 per share, Lenskart’s valuation is expected to exceed ₹69,700 crore at the upper end.
Promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, along with investors including 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 offload shares as part of the OFS.
IPO to Open Oct. 31
Lenskart’s IPO will open on Oct. 31 and close on Nov. 4. The company plans to list its shares on the stock exchanges on Nov. 10.
The fresh issue component is expected to help strengthen the company’s financial position and support its expansion strategy. The participation of SBI Mutual Fund reflects strong institutional confidence in the company’s growth prospects and business fundamentals.
Proceeds to Fund Expansion
Lenskart said it will use the proceeds from the public offering for multiple growth initiatives. These include capital expenditure for new company-owned, company-operated (CoCo) stores in India, lease and rent payments, investments in technology and cloud infrastructure, and brand marketing activities.
The company also plans to allocate part of the funds for potential inorganic acquisitions and general corporate purposes.
Founded in 2008, Lenskart began as an online eyewear retailer and opened its first physical store in New Delhi in 2013. Over the years, it has grown into one of India’s largest omni-channel eyewear brands, offering prescription glasses, sunglasses, and contact lenses through both online and offline platforms.
With over 2,500 stores in India and a growing presence in markets such as Singapore, the Middle East, and the United States, Lenskart has positioned itself as a major player in affordable and fashionable eyewear.
The upcoming IPO marks a significant milestone for the company as it transitions from a high-growth private firm to a publicly listed enterprise.
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