Lenskart Solutions files IPO papers; eyewear retailer aims to raise Rs 2,150-cr

New Delhi: Lenskart Solutions Ltd has approached Securities and Exchange Board of India (SEBI) for the approval for launching its initial public offering (IPO). The omni-channel eyewear retailer has submitted preliminary papers with the capital markets regulator for the approval to raise funds through an IPO.

According to the draft red herring prospectus (DRHP), Lenskart Solutions is planning to launch its IPO with an aim to raise Rs 2,150 crore through fresh issuance of equity shares. The papers mentioned that promoters and investors would have offered to offload 13.22 crore equity shares.

List of promoters who have agreed to offload shares via the IPO route: Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi. Investors, including Macritchie Investments Pte Ltd, Schroders Capital Private Equity Asia Mauritius Ltd, PI Opportunities Fund – II, Alpha Wave Ventures LP, SVF II Lightbulb (Cayman) Ltd, and Kedaara Capital Fund II LLP have also planned to offload shares.

Lenskart has informed SEBI that it would utilise the proceeds from the IPO for capital expenditure and establishing new Company-operated Company-owned (CoCo) stores in India. The money will also be used for making payments related to lease, rent, and license agreements for the mentioned stores.

The company also plans to utilise the proceeds from the public offer for:

Lenskart is also considering a pre-IPO placement aggregating to Rs 430 crore. If it sails through, the fresh issue size will be reduced.

Lenskart came into existence in 2008 and commenced operations in India as an online business in 2010. In 2013, the company opened its first retail store in New Delhi. The company is engaged in the business of designing, manufacturing, branding and retailing.

Lenskart has its presence across India in both Tier 1 and Tier 2 cities. The firm also operates in Southeast Asia and the Middle East.

The company has established manufacturing facilities in Rajasthan’s Bhiwadi and Haryana’s Gurugram. It is supplemented by regional facilities in Singapore and the United Arab Emirates.

Lenskart has various brands including John Jacobs and Owndays, which come under premium category and Lenskart Air, Vincent Chase, hustlr, and Hooper Kids which after categorised under affordable category.

The issue is being managed by Morgan Stanley India Company, Kotak Mahindra Capital Company, Axis Capital, Intensive Fiscal Services, Avendus Capital, and Citigroup Global Markets India.