Lenskart Promoter Neha Bansal Sells 0.15% Stake for Rs 100 Crore to SBI Mutual Funds Ahead of IPO

Neha Bansal, a key promoter of Lenskart Solutions, has divested a 0.15% stake in the company, amounting to Rs 100 crore, through a pre-Initial Public Offering (IPO) transaction. The shares were acquired by two schemes managed by SBI Mutual Funds: SBI Optimal Equity Fund and SBI Emergent Fund. The transaction was executed at Rs 402 per equity share, which is the upper end of the price band set for Lenskart's forthcoming IPO.

Before this sale, Neha Bansal held approximately 7.61% of Lenskart's equity on a fully diluted basis. Following the transfer of 2.5 lakh equity shares, her retained stake is now about 7.46%. It is important to note that this stake sale by the promoter is not part of the IPO's 'Offer for Sale' component. The two SBI Mutual Fund schemes collectively purchased 870,646 shares (0.05%) and 1,616,915 shares (0.10%) respectively.

This development occurs shortly after investor Radhakishan Damani, founder of DMart, invested around Rs 90 crore in Lenskart through a similar pre-IPO transaction where Neha Bansal sold him shares. Several other shareholders, including venture capital firms, are also expected to offload stakes as part of the pre-IPO arrangements.

Lenskart's IPO aims to raise Rs 7,278.02 crore with a price band set between Rs 382 and Rs 402 per share. The company intends to use the proceeds for expanding its company-owned stores, covering lease and rental payments, enhancing technology infrastructure, brand marketing, potential acquisitions, and general corporate purposes.

Impact These pre-IPO transactions by promoters and investors like SBI Mutual Funds and Radhakishan Damani can positively influence investor sentiment for the upcoming Lenskart IPO. They validate the company's valuation and demonstrate strong institutional interest, potentially leading to a successful market debut. Rating: 7/10.

Difficult Terms: IPO (Initial Public Offering): The process by which a private company offers its shares to the public for the first time to raise capital and list on a stock exchange. Promoter: An individual or group instrumental in the formation and early development of a company, typically holding a significant stake. Pre-IPO offer: A private sale of shares that takes place before a company officially launches its IPO. Offer for Sale (OFS): A type of issue where existing shareholders of a company sell their shares to the public, rather than the company issuing new shares. Fully diluted basis: A calculation of a company's shares that includes all potential shares that could be issued from options, warrants, or convertible securities. Omni-channel: A retail strategy that integrates various sales channels (online, mobile, physical stores) to provide a unified and seamless customer experience.