SoftBank-backed Lenskart IPO to raise as much as 72.8 billion rupees

[MUMBAI] Eyewear retailer Lenskart Solutions said that its upcoming initial public offering (IPO) in Mumbai will seek to raise as much as 72.8 billion rupees (S$1 billion) as India’s market for new listings heats up.

The shares will be offered at 382 rupees to 402 rupees apiece, according to an advertisement by the SoftBank Group-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 21.5 billion rupees 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 US$16 billion via IPOs this year, compared to US$21 billion raised last year, according to data compiled by Bloomberg.

Founded in 2010, Lenskart counts Abu Dhabi Investment Authority, KKR, and TPG among its backers. In 2024, Lenskart raised US$200 million from Temasek Holdings and Fidelity Management & Research, valuing the company at US$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 US$6.1 billion, based on April disclosures.

Kotak Mahindra Capital, Axis Bank, Avendus Capital, Intensive Fiscal Services and local units of Citigroup and Morgan Stanley are advising on the offering. BLOOMBERG