Novelist Dame Jilly Cooper, known for her best-selling romps including Rivals and Riders, has died at the age of 88.
Eyewear retailer Lenskart has secured approval from the Securities and Exchange Board of India (SEBI) for its highly anticipated Initial Public Offering (IPO), marking a significant milestone as the company prepares for a mid-November listing.
Lenskart Solutions plans to raise Rs 2,150 crore through a fresh issuance of equity shares. Additionally, promoters and investors will sell a total of 13.22 crore equity shares, as outlined in the draft red herring prospectus (DRHP).
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As part of the offer for sale (OFS), the following promoters and investors will offload their shares: promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi; and investors including 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.
Lenskart intends to use the proceeds from the IPO for several strategic initiatives, such as expanding its network by setting up new Company-operated Company-owned (CoCo) stores in India, covering lease, rent, and license costs for these stores, investing in technology and cloud infrastructure, boosting brand marketing and business promotion, exploring potential acquisitions, and addressing general corporate needs.
Lenskart has seen a turnaround in its financial performance, reporting a net profit of Rs 297 crore for FY 2025, reversing from a loss of Rs 10 crore in the previous year. The company’s revenues have also surged, growing by 22% to Rs 6,625 crore in FY 2025, up from Rs 5,428 crore in FY 2024.
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Lenskart has engaged top-tier merchant bankers including Kotak Mahindra, Morgan Stanley, Citi, Avendus Capital, and Intensive Fiscal Services to manage the IPO process.
With this IPO, Lenskart joins a select group of new-age firms aiming to raise substantial capital this year, positioning itself as one of the largest offerings behind industry giants like Tata Capital and LG Electronics. Investors will be closely watching the offering, as it has the potential to redefine the competitive landscape of India’s rapidly growing eyewear industry.
