Lenskart has received shareholder approval to raise Rs 2,150 crore through a new issue as part of its upcoming initial public offering (IPO), according to a resolution passed at the company's 17th Annual General Meeting.
The company will also allow existing investors to make an offer-for-sale (OFS), though no size was specified in the filing. The development comes just a month after Lenskart went public.
Key Highlights
- Shareholders approved a ₹2,150 crore fresh issue at the AGM, paving the way for Lenskart’s IPO.
- Lenskart plans to file its DRHP soon with target IPO size up to $1 billion (₹8,500 crore).
According to media reports, Lenskart intends to raise $1 billion through an initial public offering at a target valuation of $10 billion. It is expected to be one of the most valuable companies to go public in India's startup ecosystem.
The Gurugram-based company was valued at $5 billion in a $200 million secondary transaction in June of last year. Fidelity, an early backer of Lenskart, recently revised the company's valuation to $6.1 billion.
According to the filings, Lenskart has announced a new stock option scheme ESOP 2025, which includes 72.8 lakh options for eligible employees of the holding and subsidiaries, representing 0.43% of the fully diluted capital. 21.84 lakh options have been reserved for key employees (general managers and above).
Also Read: Lenskart Increases its Focus on its $10 billion IPO Valuation
The AGM filing also revealed the compensation of key executives. Neha Bansal and co-founder Amit Chaudhary will each receive Rs 3 crore annually, while Peyush Bansal, the chairman, managing director, and CEO, will receive a fixed salary of Rs 6 crore.
In addition, the company's board strengthened board oversight in compliance with public company standards by appointing Ashish Kashyap, the former Goibibo and founder of IndWealth, and Sayali Karanjkar, co-founder of PaySense, as independent directors.
According to a report, Lenskart's revenue in FY25 was Rs 6,415 crore, up 18% year on year from Rs 5,427 crore in FY24. According to the report, the SoftBank-backed company also had cash reserves greater than $200 million.
