Eyewear retailer Lenskart has received an approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO), people briefed on the matter said.
The company will now file its updated prospectus over the next few weeks and is targeting a listing for mid-November, one of the persons said.
Lenskart had filed its draft red herring prospectus with Sebi in July, and is looking to raise Rs 2,150 crore in fresh capital from the issue.
Besides the primary portion, shareholders including founders Peyush Bansal, Neha Bansal, Sumeet Kapahi and Amit Chaudhary, in addition to SoftBank, Premji Invest, Temasek, Kedaara Capital and Alpha Wave Global are selling a total of 132.3 million shares through the issue’s offer-for-sale component.
Including secondary sales, the total IPO size is expected to be Rs 7,500-8,000 crore ($850-900 million), ET had reported earlier. This would make it one of the largest public offerings this year, following those of Tata Capital and LG Electronics.
Kotak Mahindra, Morgan Stanley, Citi, Avendus Capital and Intensive Fiscal Services are merchant bankers for its IPO.
The Gurugram-based company’s public offering is the biggest among a number of new-age company IPOs lined up for this year. Stockbroking firm Groww, ecommerce marketplace Meesho, payments firm PhonePe and edtech platform PhysicsWallah are also preparing sizable listings. Unlike Lenskart, they have opted for Sebi’s confidential filing process.
Lenskart turned profitable in fiscal 2025, posting a net profit of Rs 297 crore against a net loss of Rs 10 crore in FY24. Its revenue increased 22% to Rs 6,625 crore from Rs 5,428 crore in the previous year.
The company, which won Startup of the Year at the ET Startup Awards 2024, will use around Rs 272 crore of fresh capital from the issue for setting up new stores in India, while Rs 591 crore will be utilised towards meeting leasing, rental and other expenses of its existing 2,700-plus stores. The company has also earmarked an undisclosed portion of the proceeds for acquisitions.
