Lenskart, Billionbrains set to cap record month for India IPOs – News Air Insight

Eyewear retailer Lenskart Solutions Ltd. and financial services firm Billionbrains Garage Ventures Ltd. are set to raise a combined $1.7 billion via initial public offerings later this month, people familiar with the matter said, adding to India’s deluge of stock listings.

SoftBank Group Corp.-backed Lenskart plans to launch an IPO worth about $900 million, while Billionbrains, the parent of India’s largest investment platform Groww, is targeting $750 million, said the people who requested anonymity discussing private matters. Both IPOs are slated for the week of Oct. 27, with stock listings by around Nov. 10, they added.

The two deals will further expand a red-hot Indian IPO market that has already raised over $15 billion this year, following 2024’s record $21 billion, Bloomberg-compiled data show. Lenskart and Billionbrains are among a growing number of innovative homegrown firms favoring domestic listings, a testament to the local market’s rising appeal due to ample liquidity and retail investors’ increased participation.

They also will come on the back of two large IPOs last week, when Tata Capital Ltd. and LG Electronics India Ltd. raised $1.7 billion and $1.3 billion, respectively. Together, these offerings are set to make October a record month for India’s first-time share sales, with total proceeds expected to exceed $5 billion.

Deliberations are ongoing and details such as the sizes and timing of the IPOs may change, the people said.

Lenskart and Billionbrains spokespersons didn’t immediately respond to requests for comment.Founded in 2010, Lenskart counts Abu Dhabi Investment Authority, KKR, and TPG Inc. among its investors. The IPO will include a fresh issue of 21.5 billion rupees ($242 million) and an offer for sale of up to 132.3 million of existing shares, according to the draft prospectus. Its founders, along with SoftBank, Alpha Wave Ventures, and Kedaara Capital, are among the selling shareholders.In June 2024, Lenskart raised $200 million from Temasek Holdings Pte and Fidelity Management & Research at a $5 billion valuation, according to Avendus Capital Pvt., an advisor on the deal. Fidelity has since revised its internal estimate of the company’s value to $6.1 billion, based on April portfolio disclosures.

Billionbrains, which is backed by Microsoft Corp. Chief Executive Officer Satya Nadella, plans to fresh-issue shares worth 10.6 billion rupees and offer to sell up to 574.2 million of existing shares, according to its draft prospectus.