Eyewear retailer Lenskart Solutions Ltd. said its upcoming initial public offering in Mumbai will seek to raise as much as ₹7,280 crore ($828 million) as India’s market for new listings heats up.
The shares will be offered at ₹382 to ₹402 apiece, according to an advertisement by the SoftBank Group Corp.-backed company. Anchor investors will be able to bid on the stock on Oct. 30, and subscriptions will open for others the following day until Nov. 4, according to the schedule.
The company, founded by Indian “Shark Tank” judge Peyush Bansal, is the latest big name to go public in the country, coming on the heels of two billion-dollar IPOs this month. The local market for new listings is on track for a record month and possibly have its best year ever in 2025.
Lenskart plans to raise ₹2,150 crore by selling new shares, and existing investors will be selling as many as 127.6 million shares, according to the ad.
Indian companies have raised nearly $16 billion via IPOs this year, compared to $21 billion raised last year, according to data compiled by Bloomberg.
Founded in 2010, Lenskart counts Abu Dhabi Investment Authority, KKR & Co., and TPG Inc. among its backers. In 2024, Lenskart raised $200 million from Temasek Holdings Pte and Fidelity Management & Research Co., valuing the company at $5 billion, according to Avendus, which is helping arrange the deal. Fidelity has since marked up its internal estimate of the company’s value to $6.1 billion, based on April disclosures.
Kotak Mahindra Capital Co., Axis Bank, Avendus Capital Pvt., Intensive Fiscal Services Pvt. and local units of Citigroup Inc., and Morgan Stanley are advising on the offering.
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