Lenskart IPO Subscribed 7.40 Times

New Delhi, Nov 4 (PTI) The initial public offer of Lenskart Solutions Ltd received 7.40 times subscription so far on the final day of its share sale on Tuesday.

The Rs 7,278-crore IPO got bids for 73,79,49,978 shares against 9,97,61,257 shares on offer, according to NSE data till 13:42 hours.

Among the investor categories, non-institutional investors part garnered 10.21 times subscription, while the portion for qualified institutional buyers (QIBs) got subscribed 6.60 times. The category for retail individual investors (RIIs) fetched 5.65 times subscription.

The eyewear firm has fixed a price band of Rs 382-402 per share for the IPO, targeting a valuation of over Rs 69,700 crore at the upper end.

Lenskart's public offering has a fresh issue of shares worth Rs 2,150 crore and an Offer-for-Sale (OFS) of 12.75 crore equity shares by promoters and investors.

According to the BSE circular, the company finalised the allocation of 8.13 crore equity shares to anchor investors. The shares were allotted at Rs 402 apiece, aggregating Rs 3,268 crore.

Lenskart proposes to use the proceeds from the IPO for strategic initiatives, including capital expenditure to set up new company-operated, company-owned (CoCo) stores in India, and payments under lease, rent, and licence agreements for these CoCo stores.

Investments in technology and cloud infrastructure, brand marketing and business promotion to enhance brand awareness, potential unidentified inorganic acquisitions, and general corporate purposes were some of the other goals stated by the firm.

In the pre-IPO funding round, SBI Mutual Fund invested Rs 100 crore in Lenskart, while Radhakishan Damani, founder of Avenue Supermarts (DMart), invested around Rs 90 crore.

The company, one of India's largest omni-channel eyewear retailers, offers a wide range of prescription eyeglasses, sunglasses, and contact lenses through its online platform and retail network.

Founded in 2008, Lenskart started as an online eyewear platform in 2010 and opened its first physical store in New Delhi in 2013.

The company has a presence across metro, tier-1, and tier-2 cities, as well as international operations in Southeast Asia and the Middle East.

Lenskart will make its debut on the stock exchanges on November 10.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital and Intensive Fiscal Services are the book-running lead managers to the offer.