Lenskart eyes more CoCo outlets with proceeds from prospective ₹2,150 crore IPO

India’s most valued eyewear retailer Lenskart looks to raise ₹2,150 crore through its initial public offering, according to the draft red herring prospectus (DRHP) filed with Sebi on Monday.

 

In its preliminary application for an IPO, the eyewear brand stated that, apart from the fresh share issue, investors and promoters would offload 13.22 crore equity shares.

 

Promoters Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi, along with investors,  SVF II Lightbulb (Cayman) Ltd, Schroders Capital Private Equity Asia Mauritius Ltd, PI Opportunities Fund  II, Macritchie Investments Pte Ltd, Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP, are the ones looking to offload shares, according to agencies.

 

According to Lenskart, a part of the IPO proceeds would be used for “strategic initiatives”, including launching new Company-operated Company-owned (CoCo) stores in India. Some part of the proceeds would go into technology capex and marketing.

 

Reports also suggest that Lenskart might consider a ₹430 crore pre-IPO allotment, which could eat into the final size of the fresh issue.

 

Lenskart, which began as an online store in 2010, quickly found success, opening its first physical outlet in 2013 in New Delhi. It now boasts a pan-India presence, especially in tier-2 cities, and owns brands such as John Jacobs, Owndays, Lenskart Air, Vincent Chase, hustlr, and Hooper Kids, among others.

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