ADIA to promote Rs 1,944 crore Lenskart stake days after SoftBank exit
In response to the deal phrases accessed by ET, Platinum Jasmine A 2018 Belief, an funding car of ADIA, is providing as much as 4 crore shares, representing round 2.3% of Lenskart’s excellent fairness, by a secondary market transaction.
The ground worth has been fastened at Rs 486 per share, implying a reduction of about 2.8% to Wednesday’s closing worth of Rs 500.15 on the BSE. On the flooring worth, the transaction is valued at Rs 1,944 crore ($204 million).
The ebook opened on June 10 and is anticipated to shut on the morning of June 11, with settlement scheduled for June 12. The vendor has agreed to a 90-day lock-up on its remaining stake. IIFL Capital Providers is the only placement agent for the transaction.
The proposed sale comes lower than per week after SoftBank affiliate SVF II Lightbulb (Cayman) bought 5.65 crore Lenskart shares at Rs 508.55 apiece, elevating round Rs 2,873 crore. The transaction attracted a number of marquee buyers, together with Goldman Sachs, Constancy, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Mirae Asset Mutual Fund, Quant Mutual Fund and HDFC Life Insurance coverage.
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Regardless of the latest stake gross sales by early buyers, brokerages stay constructive on the corporate’s long-term development prospects. Elara Capital lately initiated protection on Lenskart with a “Purchase” ranking and a goal worth of Rs 615, implying an upside potential of about 22% from its reference valuation of Rs 504.
The brokerage described Lenskart as one in all India’s most differentiated retail companies, citing its built-in mannequin spanning eye testing, manufacturing, distribution and retail operations.
In response to Elara, the corporate’s retailer economics are among the many strongest in Indian retail, with income productiveness of round Rs 25,000-30,000 per sq ft, gross margins of almost 69%, and retailer payback intervals of roughly 10-12 months.
The brokerage expects Lenskart to ship a income CAGR of 25% and an EBITDA CAGR of 38% between FY26 and FY29.
Based as a web based eyewear platform, Lenskart has developed right into a full-stack vision-care enterprise with a big offline presence. The corporate conducts round 600 eye checks per retailer each month and goals to scale annual eye checks to 100 million over time.
The corporate has additionally expanded internationally by acquisitions similar to Owndays in 2022 and Meller in 2025. Worldwide operations now account for about 42% of income, with Lenskart working in additional than 10 international locations and operating over 600 shops globally.
(Disclaimer: Suggestions, strategies, views and opinions given by the specialists are their very own. These don’t signify the views of The Financial Occasions)
