Peyush Bansal's Lenskart May Dump Confidential DRHP Filing, Opt for Open IPO Process

Eyewear marker Lenskart is reportedly planning to skip the confidential DRHP filing route for its upcoming initial public offering (IPO) to be launched on Indian bourses, as per MoneyControl reports. Instead, the Peyush Bansal-led start-up may take the draft red herring prospectus through the normal route.

Just to give context, confidential route allows start-ups not to reveal details about them publicly. In contrast, the normal route makes the entire DRHP publicly available as soon as the company files it with the Sebi (Securities and Exchange Board of India).  

Lenskart has also officially become a public company after changing its name from Lenskart Solutions Private Limited to Lenskart Solutions Limited. This came after a shareholder-approved special resolution.

The platform has started preparations for a $1 billion IPO at a valuation of $10 billion. After becoming the public company, it is aiming to file DRHP in the first half of July. However, it has not disclosed any official information about the timeline of going public.

It has also picked bankers, including Kotak, Axis Capital, Citi, Morgan Stanley, and Avendus to manage the IPO process. The group of bankers will help Lenskart raise over $1 billion.

The Gurugram-based brand, known for its omnichannel presence, last raised $200 million in a secondary funding round in June 2023 at a valuation of $5 billion. That round saw participation from major global investors, including Temasek and Fidelity. A month later, founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi infused nearly $20 million into the company.

The eyewear firm is currently operating at an annual revenue run rate of $1 billion (about ₹8,400 crore). It manufactures around 25 million frames and up to 40 million lenses per year, with over 2,500 stores across India and Southeast Asia, in addition to a robust online platform.

With its transition to public company status, Lenskart joins a growing list of Indian start-ups, including Shiprocket, Zetwerk, PhysicsWallah, and Bluestone, preparing for public listings. E-scooter maker Ather Energy completed its IPO and listed on both NSE and BSE in May.

Tracxn data shows that the company narrowed its net loss to ₹8.9 crore, down from ₹59.7 crore the previous year. Operating revenue surged to ₹5,609 crore, and EBITDA more than doubled to ₹856 crore.