The Securities and Exchange Board of India (SEBI) has received the draft red herring prospectus (DRHP) from omnichannel eyeglasses company Lenskart, which plans to raise money through an IPO, according to two people with knowledge of the situation. Moneycontrol previously reported that the company intends to raise Rs 2,150 crore (about $250 million) through a new share issuance as part of the deal. The motion was accepted during the July 26 annual general meeting of the corporation. According to the article, the total IPO size, including a secondary sale by current investors, is anticipated to be between $750 million and $1 billion. Moneycontrol has stated that Lenskart is likely to continue with a regular DRHP file, bypassing the confidential filing option provided by SEBI. Unlike other modern businesses like Swiggy, Groww, Boat, PhysicsWallah, and Meesho, which have chosen or intend to use secret contributions, this strategy distinguishes it.
A February Moneycontrol article said that at least five investment banks, including Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, and Avendus Capital, were negotiating to advise Lenskart on its IPO. Last month, the corporation changed its status to public limited company as a preemptive measure. On May 30, it held an extraordinary general meeting and changed its name from Lenskart Solutions Private Ltd. to Lenskart Solutions Ltd.
