Indian eyewear retailer Lenskart Solutions Pvt. is planning to file for an initial public offering of about $1 billion as early as this week, according to people familiar with the matter.
The company, backed by SoftBank Group Corp., is finalizing the valuation as it prepares to submit its draft red herring prospects with the market regulator, the people said, asking not to be identified as the deliberations are private.
A spokesperson for Lenskart didn’t immediately respond to a request for comment.
Global investors such as Abu Dhabi Investment Authority, KKR & Co., and TPG Inc. are among the backers of the company founded in 2010. With the potential IPO, Lenskart joins the rush for listings in India as shares bounce back from their April low on easing fears of a damaging global trade war and the nation’s growth prospects.
The offering comes as Indian technology startups increasingly turn to the local stock market instead of share sales overseas. Another SoftBank-backed firm InModi Pte is aiming to file for a $1 billion IPO this year, according to people familiar with the matter.
In June 2024, Lenskart raised $200 million from Temasek Holdings Pte and Fidelity Management & Research at a $5 billion valuation, according to Avendus Capital Pvt., an advisor on the deal. Fidelity has since revised its internal estimate of the company’s value to $6.1 billion, based on April portfolio disclosures.
