Lenskart files DRHP for Rs 2,150 Cr IPO; SoftBank, Temasek among key sellers

Eyewear brand Lenskart has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The Gurugram-based company aims to raise Rs 2,150 crore via a fresh issue, while existing shareholders plan to offload up to 13.2 crore shares through an Offer for Sale (OFS).

According to the DRHP, the OFS will see participation from several marquee investors, including SoftBank, Temasek, Schroders Capital, PI Opportunities Fund, Kedaara Capital, and Alpha Wave. SoftBank is set to offload the largest chunk among institutional shareholders, offering 2.55 crore shares. Schroders Capital will sell 1.91 crore shares, followed by PI Opportunities Fund and Temasek, which will divest 87 lakh and 78.5 lakh shares, respectively. Kedaara Capital and Alpha Wave are also part of the selling group, putting up 73.6 lakh and 66.6 lakh shares for sale.

Promoters and key management personnel are also participating in the OFS. Co-founder and CEO Peyush Bansal will offload 2.05 crore shares, while fellow co-founders Neha Bansal and Amit Chaudhary will sell 57.3 lakh and 28.6 lakh shares, respectively. Sumeet Kapahi, one of the founding team's early members, is offering 28.6 lakh shares.

The proceeds from the fresh issue will be utilised to set up new company-operated stores (CoCo) across India, cover expenses related to leases, rentals, and licensing agreements, invest in technology and cloud infrastructure, strengthen brand marketing, drive business promotion activities, and for other general corporate purposes.

As of March 31, 2025, Lenskart operated a total of 2,723 stores worldwide, including 2,067 stores in India and 656 stores internationally. According to the Redseer Report, the average cost of frames and lenses sold by Lenskart in India during the Financial Year 2025 was 35-40% lower than the industry average.

As per the DRHP, SoftBank is the largest external stakeholder in Lenskart with a 15.04% stake, followed by the Abu Dhabi Investment Authority, which holds 12.45%. Other key investors include PI Opportunities Fund and Temasek with holdings of 5.13% and 4.86%, respectively. Among the promoters, co-founders Peyush Bansal and Neha Bansal own 10.28% and 7.74% stake, respectively in the company.

Lenskart converted into a public company in June this year in preparation for the listing. Entrackr exclusively reported the development. The public offering is being managed by a consortium of investment banks, including Kotak Mahindra Capital, Citigroup, Avendus, Axis Capital, Morgan Stanley, and Intensive Fiscal Services.

According to the DRHP filings, Lenskart reported a 22.5% year-on-year growth in revenue, rising to Rs 6,652 crore in FY25 from Rs 5,428 crore in FY24. With its topline growth, the company swung into profitability, posting a net profit of Rs 297 crore in FY25, a sharp turnaround from a loss of Rs 10 crore in FY24.