India’s largest eyeglasses retailer, Lenskart, is seeking a valuation of nearly 695 billion rupees to launch an Initial Public Offering (IPO). The company has fixed a price band of 382-402 rupees ($4.35 to $4.57) per share for its IPO, a public filing showed. The IPO is forecast to increase about 72.78 billion rupees at the upper end of the price band.
The Gurugram-based company has decided to open an IPO bid from October 31 to November 4, and anchor investors will submit bids on October 30. India’s IPO market is poised to top last year’s record high of $20.5 billion, with up to $8 billion of offerings anticipated in the final quarter, and the share sale has arrived at this crucial time.
Lenskart is expected to grow at a double-digit pace in the market over the next five years, and its promoters, including Japan-based SoftBank, Mumbai private equity firm Kedaara Capital Advisors, and Singapore state investors Teemasaek. Last year, Lenskart also expanded its business by setting up the world’s largest eyewear manufacturing factory in Telangana.
