According to the deal terms accessed by ET, Platinum Jasmine A 2018 Trust, an investment vehicle of ADIA, is offering up to 4 crore shares, representing around 2.3% of Lenskart’s outstanding equity, through a secondary market transaction.
The floor price has been fixed at Rs 486 per share, implying a discount of about 2.8% to Wednesday’s closing price of Rs 500.15 on the BSE. At the floor price, the transaction is valued at Rs 1,944 crore ($204 million).
The book opened on June 10 and is expected to close on the morning of June 11, with settlement scheduled for June 12. The seller has agreed to a 90-day lock-up on its remaining stake. IIFL Capital Services is the sole placement agent for the transaction.
The proposed sale comes less than a week after SoftBank affiliate SVF II Lightbulb (Cayman) sold 5.65 crore Lenskart shares at Rs 508.55 apiece, raising around Rs 2,873 crore. The transaction attracted several marquee investors, including Goldman Sachs, Fidelity, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Mirae Asset Mutual Fund, Quant Mutual Fund and HDFC Life Insurance.
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Despite the recent stake sales by early investors, brokerages remain constructive on the company’s long-term growth prospects. Elara Capital recently initiated coverage on Lenskart with a “Buy” rating and a target price of Rs 615, implying an upside potential of about 22% from its reference valuation of Rs 504.
The brokerage described Lenskart as one of India’s most differentiated retail businesses, citing its integrated model spanning eye testing, manufacturing, distribution and retail operations.
According to Elara, the company’s store economics are among the strongest in Indian retail, with revenue productivity of around Rs 25,000-30,000 per sq ft, gross margins of nearly 69%, and store payback periods of roughly 10-12 months.
The brokerage expects Lenskart to deliver a revenue CAGR of 25% and an EBITDA CAGR of 38% between FY26 and FY29.
Founded as an online eyewear platform, Lenskart has evolved into a full-stack vision-care business with a significant offline presence. The company conducts around 600 eye tests per store every month and aims to scale annual eye tests to 100 million over time.
The company has also expanded internationally through acquisitions such as Owndays in 2022 and Meller in 2025. International operations now account for about 42% of revenue, with Lenskart operating in more than 10 countries and running over 600 stores globally.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
