Peyush Bansal’s Lenskart Files for Rs 8,000 Crore IPO: What We Know So Far
Lenskart has filed for a Rs 8,000 crore IPO with SEBI, including a Rs 2,150 crore fresh issue. The company saw strong FY24 financials and aims for a $10 billion valuation. Founder Peyush Bansal plans a Rs 200 crore share buyback to raise his stake.
- Republic Business
- 2 min read
Eyewear brand Lenskart, led by entrepreneur and Shark Tank India judge Peyush Bansal, has filed its Draft Red Herring Prospectus (DRHP) with SEBI, setting the stage for a public issue estimated at Rs 8,000 crore, as per a report by Reuters.
As per the filing, the initial public offering (IPO) will include a fresh issue of shares worth Rs 2,150 crore. The remaining amount will be raised through an offer for sale (OFS) by existing investors, which may include names like SoftBank, Temasek, and Chiratae Ventures, as reported by the newswire agency.
Why this IPO is significant
Unlike several startups that prefer SEBI’s confidential filing route, Lenskart has opted for a public DRHP filing. This move is seen as a mark of confidence in the company’s business fundamentals and future growth potential.
The company is reportedly seeking a valuation of around $10 billion, which would be a significant jump from its previous estimated valuation of $5–6 billion. If the IPO succeeds, it could become one of India’s largest in the consumer tech space.
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Robust financial performance
Lenskart has shown steady financial improvement ahead of the listing. In FY24, it recorded a 43% rise in revenue, reaching around Rs 5,428 crore. More notably, the company cut its net loss sharply—from Rs 63 crore in the previous year to just Rs 10 crore.
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Founder’s Next Move
Peyush Bansal is reportedly planning to raise Rs 200 crore in debt to buy back shares from existing investors at a lower valuation of around $1 billion. If successful, this would increase his stake in the company from roughly 4% to 6%, signalling long-term commitment to the business.
Future course of action
With over 2,500 stores across India and other countries, and nearly 42% of revenue coming from overseas, Lenskart is now positioned as a serious player in the global eyewear market. The IPO is expected to support future expansion and also provide an exit route for early backers.