New Delhi: SBI Mutual Fund has invested ₹100 crore in eyewear retailer Lenskart Solutions as part of a pre-IPO (initial public offering) funding round, the company announced on Wednesday.
As part of the transaction, promoter Neha Bansal transferred 24.87 lakh equity shares at ₹402 apiece to SBI Optimal Equity Fund (AIF) and SBI Emergent Fund AIF. Following the deal, Bansal’s stake in Lenskart declined slightly to 7.46% from 7.61% earlier.
This follows a similar move last week by Radhakishan Damani, founder of Avenue Supermarts (DMart), who invested ₹90 crore in Lenskart through a pre-IPO share purchase from Nehal Bansal, sister of founder and CEO Peyush Bansal.
The share transactions are independent of the upcoming IPO’s Offer-for-Sale (OFS) component.
Lenskart’s ₹7,278 crore IPO is set to open for public subscription on October 31, with a price band of ₹382–₹402 per share, valuing the company at over ₹69,700 crore at the upper end.
The public issue comprises a fresh share issue worth ₹2,150 crore and an OFS of 12.75 crore equity shares by promoters and investors, including Peyush Bansal, Neha Bansal, Amit Chaudhary, Sumeet Kapahi, and global investors such as SVF II Lightbulb (Cayman) Ltd, Schroders Capital, PI Opportunities Fund – II, Macritchie Investments, Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP.
The IPO proceeds will be used for strategic growth initiatives, including opening new company-owned (CoCo) stores, lease and rent payments, investments in technology and cloud infrastructure, brand marketing, and potential acquisitions, along with general corporate purposes.
Founded in 2008, Lenskart began as an online eyewear platform in 2010 and opened its first physical store in New Delhi in 2013. Today, it is among India’s largest omni-channel eyewear retailers, offering a wide range of prescription glasses, sunglasses, and contact lenses across online and offline platforms.
Lenskart’s shares are scheduled to debut on the stock exchanges on November 10.
