MUMBAI: Early backers like Softbank, Temasek, Kedaara and the promoters of eyewear player Lenskart Solutions, which is the latest unicorn to hit the market with a Rs 7,278-crore IPO at a price-band of Rs 382–402 per share, are eyeing windfall gains of 145% to 5,200%.
The issue, opening on October 31, consists of Rs 2,150 crore worth of fresh issue and the rest in secondary issuance by promoters and external investors like the Japanese powerhouse Softbank, the Singaporean sovereign wealth fund Temasek, and private equity player Kedaara Capital among others.
On Monday, the company set the price band for the issue at Rs 382-402 which at the upper end values the firm at Rs 69,676 crore.
Topping the gainers list is the cofounder and chairman Peyush Bansal, who arrived 90 minutes late for the presser here Monday and chose to offer no reasons for the long delay. Bansal holds 17.32 crore shares, acquired at an average cost of Rs 18.6/share, representing a 10.28% stake.
At the upper price band, Bansal’s holding is worth Rs 6,964 crore, a 20-fold gain on his pre–price-band holding, which was valued at Rs 323 crore when he acquired this stake. From the issue, he will be laughing his way to the bank with a Rs 823.66-crore cheque for selling 2.05 crore shares, translating into a return of 2,061% on his capital investment.
Bansal of 'Shark Tank India' fame will continue to own an 8.78% stake in the company.
The other selling promoters are Neha Bansal, Amit Chaudhary, and Sumeet Kapahi while selling investors include SVF II Lightbulb (Cayman), Schroders Capital, Equity Asia Mauritius, PI Opportunities Fund-II, MacRitchie Investments, Kedaara Capital Fund II, and Alpha Wave Ventures.
Neha Bansal, cofounder and executive director and the sister of Peyush, holds 12.83 crore shares at an average acquisition cost of Rs 7.6/share. Her stake, earlier valued at Rs 98 crore, is now worth Rs 5,157 crore, a staggering 5,200% increase.
Fellow co-founders Amit Chaudhary and Sumeet Kapahi also stand to benefit handsomely. Chaudhary holds 1.66 crore shares and Kapahi 1.62 crore shares, both acquired at an average price of Rs 8.1/share. Their holdings, earlier valued at around Rs 13 crore each, are now worth over Rs 650 crore apiece—an almost 5,000% rise.
Global investors Softbank, Temasek and Kedaara Capital are also making windfall gains. Kedaara holds 8.9 crore shares (4.81% stake) acquired at an average cost of Rs 75 per share. This investment, initially worth Rs 668 crore, is now valued at Rs 3,580 crore, marking a 435% surge.
Temasek’s MacRitchie Investments holds 8.19 crore shares at an average price of Rs 97.75/share which is now Rs 3,293 crore, up from Rs 800 crore, a 311% jump.
Softbank-backed SVF II Lightbulb (Cayman), which holds 25.35 crore shares at an average acquisition price of Rs 74.26/share, has seen the value of its investment rise from Rs 1,882 crore to Rs 10,188 crore—a 442% gain.
The KKR-backed Birdseye View Holdings owns 3.71 crore shares at an average price of Rs 163.64/share which is now valued at Rs 1,491 crore, up 145% from its original Rs 607 crore investment.
Meanwhile, Bay Capital and Premji Invest-backed PI Opportunities Fund also stand to benefit. Bay Capital’s 1.83 crore shares, acquired at Rs 161.28 per share, are now worth Rs 738 crore, up from Rs 296 crore. PI Opportunities’ 8.65 crore shares, bought at Rs 24/share, are now valued at Rs 3,475 crore, reflecting a gain of over 1,560%.
For the June quarter, Lenskart reported revenue from operations of Rs 1,894.45 crore, up 24.6% from a year ago. It earned a profit of Rs 61.17 crore as against a loss of Rs 10.9 crore a year ago. In FY25, its revenue stood at Rs 6,652.5 crore, up 22.6%, and it earned a net profit of Rs 297.3 crore, up from Rs 10.15 crore in FY24.
