The latest from the upcoming Lenskart IPO– Neha Bansal, one of the promoters of Lenskart Solutions, has sold a 0.15% stake at a value of Rs 100 crore to two schemes of SBI Mutual Funds in a pre-IPO offer. Both transactions were valued at Rs 402 per share, the upper end of the Lenskart price band.
SBI MF: Lenskart stake buy details
Neha Bansal held 7.61% of Lenskart’s pre-offer paid-up equity share capital, on a fully diluted basis, before the transaction. The Promoter transferred 2.5 lakh equity shares to the mutual fund. The Promoter retained 7.46% of the company’s pre-offer share capital on a fully diluted basis following the transfer. The sale of shares is not included in the IPO Offer for Sale.
SBI Optimal Equity Fund (AIF) and SBI Emergent Fund (AIF), invested at a transfer price of Rs 402 per equity share. It purchased 870,646 shares, or 0.05%, of the eyewear retailer, while SBI Emergent Fund has bought 16,16,915 shares, or 0.10%.
Neha Bansal’s stake sale to Radhakishan Damani
On October 23, well-known investor and DMart founder, Radhakishan Damani, invested around Rs 90 crore in Lenskart through a pre-IPO transaction. Neha Bansal sold 2,238,806 equity shares to Shrikanta R. Damani, as per a newspaper advertisement.
Other shareholders of the company include Alpha Wave Ventures, Bay Capital Holdings, Birdseye View Holdings II, Chiratae Trust, ECLK Innovations, Epiq Capital B LP, IDG Ventures India Fund III LLC, Kariba Holdings IV Mauritius, and Kedaara Capital Fund II are also set to offload stake apart from the promoters.
About Lenskart IPO
The Lenskart IPO will raise a total of Rs 7,278.02 crore from the primary markets. The company has kept the price band between Rs 382 and Rs 402.
The company plans to utilise the net proceeds from the IPO for setting up new company-owned, company-operated (CoCo) stores in India, lease and rental payments, technology and cloud infrastructure, brand marketing, inorganic acquisitions, and general corporate purposes.
Founded in 2008, Lenskart, one of India’s largest omni-channel eyewear retailers. The company offers a wide range of affordable and fashionable prescription eyeglasses, sunglasses, and contact lenses through its online platform and extensive retail network.