SoftBank Group, Abu Dhabi Investment Authority, Premji Invest & Kedaara Capital-backed Lenskart Solutions has raised Rs 3,268.4 crore from 147 anchor investors on October 30, a day before the issue opened for public subscription.
The Gurugram-based eyewear products company founded by Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, will open its IPO to the public from October 31 to November 4, issuing fresh shares worth Rs 2,150 crore, while promoters and investors will sell 12.75 crore shares worth Rs 5,128 crore through the offer-for-sale route. The price band for the offer has been set at Rs 382–402 per share.
Lenskart on Thursday finalised the allocation of 8,13,02,412 equity shares to anchor investors at the upper end of the price band.
Several marquee global investors participated in the anchor book including Government of Singapore, T Rowe Price, BlackRock, Goldman Sachs, Fidelity, New World Fund, Nomura, Wellington Management Company, Steadview Capital, Government Pension Fund Global, JP Morgan, Amundi Funds, and Allspring Global Investments.
Domestic mutual fund houses like SBI MF, HDFC AMC, ICICI Prudential MF, WhiteOak Capital, Kotak Mahindra AMC, Axis Mutual Fund, Aditya Birla Sun Life AMC, DSP MF, Mirae Asset, 360 ONE, Franklin India, HSBC MF, Edelweiss Trusteeship, Bandhan MF, and Mahindra Manulife also became shareholders in the technology-focused eyewear company.
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Insurance companies like SBI Life, HDFC Life, ICICI Prudential Life, Kotak Mahindra Life, Axis Max Life, Canara HSBC Life Insurance, Tata AIA Life Insurance, Reliance General Insurance, Bajaj Allianz Life Insurance, and Go Digit General Insurance, too, invested in the company.
Lenskart Solutions that sells eyeglasses, sunglasses, contact lenses, and accessories through its 2,806 stores globally - 2,137 stores in India and 669 stores internationally - will spend Rs 864 crore of fresh issue proceeds for setting up of new CoCo stores in India and lease/rent/license agreements related payments for CoCo stores operated by itself, in India.
Further, Rs 213.4 crore will be invested in technology and cloud infrastructure, Rs 320 crore for brand marketing and business promotion expenses, and the remainder amount for unidentified inorganic acquisitions and general corporate purposes.
While the offer-for-sale money will be received by promoters, and investors including SoftBank's SVF II Lightbulb (Cayman), Schroders Capital, Azim Premji's PI Opportunities Fund, Temasek Holdings' MacRitchie Investments, Kedaara Capital, and Alpha Wave Ventures.
The company that commenced online business operations in 2010 and opened first retail store in 2013 in India claims the largest seller of prescription eyeglasses in terms of volumes among organised retailers like Titan Company (Eyecare division), Eyegear Optics India, Gangar Opticians, GKB Opticals, Lawrence and Mayo (India), and Specsmakers Opticians.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services are merchant bankers for managing the Lenskart Solutions IPO.
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