Eyewear retailer Lenskart files IPO papers with SEBI, aims to raise Rs 2,150-crore via fresh issue

New Delhi: Lenskart Solutions Ltd, an omni-channel eyewear retailer, has filed preliminary papers with capital markets regulator SEBI, seeking its approval to raise funds through an initial public offering (IPO).

The IPO involves raising Rs 2,150 crore through fresh issuance of equity shares, besides, promoters and investors would offload 13.22 crore equity shares, according to the draft red herring prospectus (DRHP) filed on Monday.

As a part of the OFS, promoters -- Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi; 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 -- would offload shares.

Lenskart proposes to utilise the proceeds from the IPO for various strategic initiatives, including capital expenditure for setting up new Company-operated Company-owned (CoCo) stores in India and for payments related to lease, rent, and license agreements for these CoCo stores.

Additionally. funds will be used for investments in technology and cloud infrastructure; brand marketing and business promotion; potential unidentified inorganic acquisitions; and general corporate purposes.

Also, the company may consider a pre-IPO placement aggregating to Rs 430 crore. If such a placement is undertaken, the fresh issue size will be reduced.

Founded in 2008, Lenskart commenced operations in India as an online business in 2010 and opened its first retail store in New Delhi in 2013. The company's business spans across designing, manufacturing, branding and retailing.

It operates the eyewear retail networks in India with a strong presence across metro, Tier 1 and Tier 2 cities and has international operations in Southeast Asia and the Middle East.

It owns and operates frame and lens design and prescription eyeglasses manufacturing facilities at two locations in India in Bhiwadi, Rajasthan and Gurugram, Haryana, supplemented by regional facilities in Singapore and the United Arab Emirates.

The brand targets different customer categories through a portfolio of brands and sub-brands that include premium collections through John Jacobs and Owndays (acquired in 2022), and economy and affordable premium collections through Lenskart Air, Vincent Chase, hustlr, and Hooper Kids.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, Intensive Fiscal Services have been appointed to manage the maiden public issue.