Omnichannel eyewear brand Lenskart has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), according to two sources familiar with the matter.
The company plans to raise Rs 2,150 crore (around $250 million) through a fresh issue of shares as part of the offering, Moneycontrol earlier reported.
The proposal was approved at the company's annual general meeting held on July 26. The overall IPO size is expected to be around $750 million to $1 billion, including a secondary sale by existing investors, the report added.
As reported by Moneycontrol, Lenskart is likely to skip the confidential filing route offered by SEBI and instead proceed with a standard DRHP filing. This approach sets it apart from other new-age companies such as Swiggy, Groww, Boat, PhysicsWallah, and Meesho, which have opted for or are planning confidential submissions.
In February, Moneycontrol reported that Lenskart was in talks to appoint at least five investment banks—Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, and Avendus Capital—as advisors for the IPO.
In a preparatory move, the company converted into a public limited entity last month. Its name was changed from Lenskart Solutions Private Ltd to Lenskart Solutions Ltd at an extraordinary general meeting held on May 30.
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