Lenskart Solutions shares rise after 2.6% equity changes hands in block deals
Key Takeaways
- •Lenskart Solutions' shares rose after block deals in which 2.6% of the company's equity changed hands.
- •SoftBank Vision Fund II Lightbulb Cayman was reportedly set to sell up to a 2.6% stake in Lenskart for about $300 million at a floor price of ₹635 per share.
- •Because Lenskart is privately held, the transaction is a secondary sale from an existing shareholder to new investors rather than a fresh issue of company equity.
- •SoftBank has backed Lenskart since leading a roughly $350 million funding round in 2019 and has trimmed holdings in other listed Indian internet firms, including One97 Communications and PB Fintech.
- •Media reports value Lenskart at around $5 billion in recent funding rounds and indicate the company is preparing for a stock market listing.
Lenskart Solutions shares rose after 2.6% of the company's equity changed hands in block deals.
On Saturday, August 22, CNBC-TV18 reported, citing sources, that Softbank Vision Fund (SVF) II Lightbulb Cayman was likely to sell up to a 2.6% stake in Lenskart Solutions for about $300 million at a floor price of ₹635 per share. A floor price sets the minimum level at which shares can be sold in such a transaction. Because Lenskart is privately held, the deal is a secondary sale, in which an existing shareholder sells to new investors rather than the company issuing fresh equity.
Lenskart, founded in 2010 and led by co-founder and CEO Peyush Bansal, is one of India's largest omnichannel eyewear retailers, selling prescription glasses, contact lenses and sunglasses through its app, website and a wide network of stores in India and overseas markets. SoftBank has backed the company since 2019, when its Vision Fund led a roughly $350 million funding round, and the Japanese group has trimmed holdings in several other Indian internet firms, including Paytm operator One97 Communications and PB Fintech, since their listings.
Lenskart's shares trade in India's pre-IPO, or unlisted, market, where recent funding rounds have valued the company at around $5 billion, according to media reports. Those reports have also indicated that Lenskart has been preparing for a stock market listing, a path already taken by consumer-focused startups such as Nykaa and Honasa Consumer.
