The initial public offering of Lenskart Solutions, India’s largest prescription eyewear retailer, received 28.26 times subscription on the final day of the share sale on Tuesday. The total float was Rs 7,278 crore, comprised a fresh issue of Rs 2,150 crore and an offer for sale of Rs 5,128 crore.
Among investors, qualified buyers bid 40.35 times, driving up the total bids. The category for non-institutional investors garnered 18.23 times subscription, while the portion for retail individual investors attracted 7.54 times subscription.
According to a BSE circular, the company finalised allocation of 81.3 million equity shares to anchor investors. Shares were allotted at Rs 402 apiece, aggregating Rs 3,268 crore. Among global investors, the notable were Government of Singapore (GIC), T Rowe Price, BlackRock, Goldman Sachs, Fidelity, Nomura, JP Morgan and Amundi.
Lenskart clocked Rs 6,652 crore in revenue in FY25, up 22.6% compared to the previous year. It is the first organised eyewear retailer to be listed in India. The overall valuation of the company is around Rs 70,000 crore.
Lenskart proposes to use the proceeds from the IPO for strategic initiatives, including capital expenditure to set up company-operated and owned stores in India. Investments will also be made in technology and cloud infrastructure, brand marketing and business promotion to enhance brand awareness and for potential inorganic acquisitions and general corporate purposes.
The issue opened for subscription on October 31. Shares will be listed on the BSE and NSE on November 10. The price band was fixed at Rs 382–Rs 402, and the minimum lot size for retail investors was 37 shares.
SoftBank Vision Fund owns about 15% in Lenskart, Platinum Jasmine owns 12.45% and Abu Dhabi Investment Authority around 12.62%. Other investors include Kedaara Capital (11.38%), Alpha Wave Ventures (6.14%), Premji Invest (5%) and Singapore’s Temasek Holdings (4.86%). Apart from Fidelity, billionaire and ace investor Radhakishan Damani invested Rs 90 crore in a pre-IPO round.
The investment banks that assisted the IPO were Kotak Mahindra Capital, Morgan Stanley India, Avendus Capital, Citigroup Global Markets India and Axis Capital.
