Lenskart IPO Sees ₹100 Crore Investment By SBI Mutual Fund Ahead of IPO Launch IPO Sees ₹100 Crore Investment By SBI Mutual Fund Ahead of IPO Launch

Gurugram, October 29: SBI Mutual Fund has invested a sum of ₹100 crore in Lenskart IPO. The investment by SBI Mutual Fund is a part of Lenskart’s pre-IPO funding round. This marks another investment by a major institution in the eyewear brand. The transaction saw promoter Neha Bansal transfer 24.87 lakh equity shares at ₹402 per share to SBI Optimal Equity Fund (AIF) and SBI Emergent Fund AIF. Following this sale, her stake in the company declined from 7.61% to 7.46%.

Lenskart Solutions is an Indian eyewear company that operates a chain of eyewear stores. The company was established in 2010, and is headquartered in Gurugram, Haryana.

Key Details About Lenskart IPO

Lenskart IPO issue size is ₹7,278.02 crores. It includes a fresh issue of 5.35 crore shares, amounting to ₹2,150 crores, and an offer for sale of 12.76 crore shares, amounting to ₹5,128.02 crores. The Lenskart IPO opening date is October 31, and the issue will close on November 4. The share allotment for the Lenskart IPO is expected on November 6. The company is expected to credit the shares and initiate refunds on November 7.

Lenskart IPO price band has been set at ₹382 to ₹402 per share. The lot size is 37 shares per application, with a minimum investment of ₹14,874 (37 shares) by a retail investor at the upper price band. The lot size investment for sNII is 14 lots (518 shares), amounting to ₹2,08,236, and for bNII, it is 68 lots (2,516 shares), amounting to ₹10,11,432. MUFG Intime India Pvt.Ltd. is the registrar of the issue, while the company is yet to announce the book running lead manager for the issue.

Setting Up COCO Stores Main Fundraising Motive

Lenskart will use the IPO proceeds mainly to set up new retail stores across India that the company will own and operate itself (COCO stores). It will also use the proceeds to cover the lease, rent, and license payments associated with these stores. It will also use the IPO funds to invest in upgrading technology and cloud infrastructure. Additionally, money will be allocated towards brand marketing and business promotion. The balance amount will be used for potential acquisitions of other companies and to meet general corporate needs.

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