Fast forward to the IPO launch, — with the issue priced between Rs 382 and Rs 402 per share, those same shares are now worth nearly Rs 1,717 crore at the upper band. That means the IIM Bangalore graduate has made an unrealised profit of nearly Rs 1,495 crore in just three months.
Big payday for the founder
Bansal, who founded Lenskart in 2010, holds about 10.28% stake (17.32 crore shares) in the company before the IPO. As part of the offer for sale (OFS) in the public issue, he will sell 2.05 crore shares, fetching around Rs 824 crore.After the IPO, his shareholding will decline to 8.78%, but the value of his remaining stake will still exceed Rs 6,200 crore, based on the IPO valuation. His sister and co-founder Neha Bansal, who holds a little over 7% stake, is also selling 10.1 lakh shares for a payout of around Rs 40.6 crore.
At this pace, Bansal could soon join the growing list of Indian billionaires, especially if Lenskart shares rally beyond Rs 510 levels after listing.
IPO details and market buzz
The Rs 7,278-crore IPO of Lenskart Solutions opened for subscription on October 31 and will close on November 4. The issue includes a fresh issue of Rs 2,150 crore and an offer for sale of Rs 5,128 crore by early investors such as Peak XV Partners (Sequoia India), Ribbit Capital, Tiger Global, Kedaara Capital, and Temasek.Lenskart raised Rs 3,268 crore ahead of the IPO from 147 anchor investors at the upper price of Rs 402 per share. The anchor list included some of the biggest global and domestic names such as Government of Singapore, Monetary Authority of Singapore, Norges Bank (Norway), BlackRock, Capital Group, Fidelity, T Rowe Price, Goldman Sachs, and Indian fund houses like SBI Mutual Fund, HDFC MF, ICICI Prudential MF, Kotak MF, and Axis MF.
The IPO’s grey market premium (GMP) is hinting at listing gains of about 16% on debut.
Analysts’ view: high growth, high valuation
Brokerages say that Lenskart’s fundamentals remain solid, though valuations look steep. At the upper price band, the IPO values the company at 235 times its FY25 earnings, making it one of India’s most expensive consumer listings.
SBI Securities said the valuation appears stretched but recommended a “Subscribe for long term”, citing its strong brand presence and leadership in India’s underpenetrated eyewear market. Ventura Securities also gave a Subscribe rating
Analysts see long-term potential as India’s eyewear market — currently at around Rs 78,800 crore — is projected to double by FY30, with organized players like Lenskart expected to lead the shift from unbranded to branded products.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)