Lenskart Solutions files draft papers with SEBI to raise funds through IPO
Lenskart Solutions has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) seeking its approval to raise funds through an initial public offering (IPO). The IPO involves raising Rs 2,150 crore through fresh issuance of equity shares, besides, promoters and investors would offload 13.22 crore equity shares.
The company proposes to utilise the proceeds from the IPO for various strategic initiatives, including capital expenditure for setting up new Company-operated Company-owned (CoCo) stores in India and for payments related to lease, rent, and license agreements for these CoCo stores. Additionally. funds will be used for investments in technology and cloud infrastructure; brand marketing and business promotion; potential unidentified inorganic acquisitions; and general corporate purposes. Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, Intensive Fiscal Services have been appointed to manage the maiden public issue.
Founded in 2008, Lenskart commenced operations in India as an online business in 2010 and opened its first retail store in New Delhi in 2013. The company's business spans across designing, manufacturing, branding and retailing. It operates the eyewear retail networks in India with a strong presence across metro, Tier 1 and Tier 2 cities and has international operations in Southeast Asia and the Middle East.
