SBI Mutual Fund invests Rs 100 crore in Peyush Bansal-led Lenskart ahead of IPO

SBI Mutual Fund, through its alternative investment vehicles, SBI Optimal Equity Fund (AIF) and SBI Emergent Fund (AIF), has invested Rs 100 crore in eyewear retailer Lenskart Solutions Limited in a pre-IPO secondary transaction at Rs 402 per equity share.

The investment precedes Lenskart’s much-anticipated initial public offering (IPO), which opens for public subscription on Friday, October 31, 2025, and closes on Tuesday, November 4, 2025. The Gurugram-based company is expected to list on November 10.

According to filings, the funds purchased 2,487,561 equity shares from Neha Bansal, co-founder and one of the company’s promoters, amounting to about 0.15% of the company’s fully diluted shareholding. Following the sale, her stake stands at 7.46%, down from 7.61%. The transaction is independent of the IPO’s offer for sale (OFS) component.

Just days earlier, Shrikanta R Damani, wife of DMart founder Radhakishan Damani, purchased 2.24 million shares in a similar pre-IPO deal valued at about Rs 90 crore, also at Rs 402 per share.

According to Lenskart’s red herring prospectus (RHP), the company aims to raise Rs 2,150 crore through a fresh issue and Rs 5,128 crore via an OFS. 

The IPO, priced between Rs 382 and Rs 402 per share (face value Rs 2 each), is expected to provide an exit route for several of its early backers and deliver significant returns to promoters and institutional investors, including Premji Invest, Schroders Capital, Temasek, and SoftBank, whose realized multiples could range from 4x to 17x.

Founded in 2008 by Peyush Bansal, Lenskart has grown into one of India’s largest omni-channel eyewear retailers, offering prescription glasses, sunglasses, and contact lenses through both online and offline networks.

The company plans to deploy IPO proceeds to open new company-owned and company-operated (CoCo) stores across India, enhance its technology and cloud infrastructure, strengthen brand marketing, pursue acquisitions, and cover general corporate purposes.

Over the past year, Lenskart sold 27.2 million eyewear units across 12.41 million customer accounts globally. Its portfolio includes premium labels such as John Jacobs and Owndays (acquired in 2022), as well as affordable lines — Lenskart Air, Vincent Chase, Hustlr, and Hooper Kids.

As part of its international expansion, the company recently agreed to acquire 80% stake in Stellio Ventures S.L., the Spanish owner of the Meller eyewear brand, for Rs 4,063.93 million.