Lenskart IPO: Massive Windfall for Early Backers

Introduction

Lenskart Solutions Ltd, one of India’s leading eyewear retailers, is preparing for its highly anticipated initial public offering (IPO), signaling substantial windfalls for its early backers and promoters. The company has set a price band of Rs 382–402 per share, valuing Lenskart at approximately Rs 69,676 crore at the upper end of the band.

IPO Timeline

The subscription for the IPO opens on October 31, with anchor investors placing their bids a day earlier, on October 30. The issue will close on November 4, followed by the basis of allotment announcement on November 6. Refunds and share credits are scheduled for November 7, with the stock set to debut on the market on November 10.

Founders’ Windfall

• Peyush Bansal: Co-founder and CEO Peyush Bansal, who also serves as Chairman and Managing Director, stands to gain significantly. Holding 17.32 crore shares at an average acquisition cost of Rs 18.6 per share (10.28% stake), his holdings could reach a valuation of Rs 6,964 crore at the upper price band—a remarkable 20-fold increase from Rs 323 crore.
• Neha Bansal: Co-founder and Executive Director Neha Bansal, also the Global Head of Merchandising, holds 12.83 crore shares acquired at Rs 7.6 per share. Her stake’s value is set to rise from Rs 98 crore to Rs 5,157 crore, marking an extraordinary 5,200% increase.
• Amit Chaudhary and Sumeet Kapahi: Fellow co-founders Chaudhary and Kapahi, holding 1.66 crore and 1.62 crore shares respectively, purchased at Rs 8.1 per share, will see their holdings jump from around Rs 13 crore each to over Rs 650 crore apiece—an almost 5,000% rise.

Global Investors Reap Rewards

• Kedaara Capital: The firm, through its Kedaara Capital Fund II LLP and Fund III, owns 8.9 crore shares (4.81% stake) acquired at Rs 75 per share. The investment’s value surges from Rs 668 crore to Rs 3,580 crore, representing a 435% increase.
• Temasek: MacRitchie Investments Pte, a Temasek subsidiary, holds 8.19 crore shares bought at Rs 97.75 per share. This stake’s valuation jumps from Rs 800 crore to Rs 3,293 crore, a 311% gain.
• SoftBank: SVF II Lightbulb (Cayman), backed by SoftBank, owns 25.35 crore shares acquired at Rs 74.26 per share. The investment’s value soars from Rs 1,882 crore to Rs 10,188 crore—a 442% gain.
• KKR: Birdseye View Holdings, backed by KKR, holds 3.71 crore shares at Rs 163.64 per share. The IPO pricing increases the stake’s value from Rs 607 crore to Rs 1,491 crore, up 145%.

Additional Investors

Bay Capital and PremjiInvest-backed PI Opportunities Fund also benefit from the IPO. Bay Capital’s 1.83 crore shares, acquired at Rs 161.28 per share, now stand at Rs 738 crore, up from Rs 296 crore. PI Opportunities’ 8.65 crore shares, purchased at Rs 24 per share, are now worth Rs 3,475 crore—an over 1,560% gain.

Conclusion

Lenskart’s IPO represents a historic moment for the Indian eyewear market, offering substantial returns to founders and early investors while attracting global capital. With strong backing from major investors and an impressive growth trajectory, the IPO is poised to be a landmark listing in the country.

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Sorit Chaudhary

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