Lenskart’s IPO Playbook: Open Books, Big Ambitions

Lenskart is taking a different approach to its upcoming IPO. Instead of quietly filing its draft red herring prospectus (DRHP) like many other startups, the eyewear company will make its documents public by mid-July. This means anyone will be able to see the details as soon as they’re submitted to SEBI.

 

Here’s what you should know:

 

Lenskart’s choice to go public with its DRHP bucks the trend set by companies like Swiggy and Meesho, who have kept their filings under wraps until later in the process. Lenskart seems confident in its numbers and wants to be open about its business.

 

The company recently made the switch from a private to a public limited company, which is required for the IPO. It’s now officially called Lenskart Solutions Limited.

 

Lenskart is aiming for a $10 billion valuation and is looking to raise over $1 billion through a mix of new shares and sales by existing investors.

The company’s business is on the upswing. Revenue grew 43% last year to ₹5,427.7 crore, and losses dropped sharply to just ₹10 crore.

 

International business is now a big part of Lenskart’s story, making up 42% of its revenue in the last year. The brand has more than 2,500 stores worldwide, with about 2,000 in India.

Big investment banks like Kotak, Axis, Citi, Morgan Stanley, and Avendus are on board to manage the IPO.

 

Founder Peyush Bansal, who’s become a familiar face thanks to Shark Tank India, is likely to draw even more attention to the public offering.

 

Source: Moneycontrol, Entrackr, Angel One, StartupArticle, Bloomberg