SoftBank-backed Lenskart, an eyewear retailer, is set to go public in India and aims to raise up to $828 million.

Eyewear retailer Lenskart Solutions Ltd. announced that it plans to raise up to 72.8 billion Indian rupees (approximately $828 million) in its upcoming initial public offering (IPO) in Mumbai. Currently, the Indian IPO market is heating up. According to the announcement by the SoftBank Group Corp.-backed company, the IPO price range is set at 382 to 402 Indian rupees per share. Anchored investors can participate in the stock subscription on October 30, while the window for other investors will open the next day and run until November 4. Lenskart, founded by Shark Tank India judge Peyush Bansal, is another well-known company in the recent wave of IPOs in the Indian market. Earlier this month, the Indian market saw two IPO transactions exceeding $1 billion each. The Indian IPO market is poised to set a monthly fundraising record, with 2025 potentially becoming the best year in the market's history. The announcement states that Lenskart plans to raise 21.5 billion Indian rupees by issuing new shares, while existing shareholders will sell up to 127.6 million shares. Data shows that Indian companies have raised nearly $16 billion through IPOs this year, compared to $21 billion for the entire previous year. Founded in 2010, Lenskart's investors include the Abu Dhabi Investment Authority, KKR Group, and TPG Group. According to Avendus, one of the underwriters of this IPO, in 2024 Lenskart received $200 million in financing from Temasek Holdings and Fidelity Investment Research, valuing the company at $5 billion at the time. According to information disclosed in April of this year, Fidelity has increased its internal valuation of Lenskart to $6.1 billion. Joint bookrunners for this IPO include Kotak Mahindra Capital Co., Axis Bank, Avendus Capital Pvt. Ltd., Intensive Fiscal Services Pvt. Ltd., and the Indian branches of Citigroup Inc. and Morgan Stanley.