Goldman Sachs, Morgan Stanley and others buy stake in Rs 1,960 crore Lenskart block deal

ADIA-backed Platinum Jasmine A 2018 Belief on Thursday bought a 2.3% stake in Lenskart Options by way of a block deal value Rs 1,960 crore, in line with change knowledge. The investor offloaded 4 crore shares at Rs 490 apiece, translating into a complete transaction worth of Rs 1,960 crore.

The sale was executed at a reduction of about 2% to Lenskart’s earlier closing value of Rs 500.15.

The block attracted sturdy curiosity from a variety of home and world institutional buyers. Among the many largest patrons had been Kotak Mahindra Mutual Fund, which acquired over 1.2 crore shares, Canara Robeco Mutual Fund with 32.2 lakh shares, Franklin Templeton Mutual Fund with 22.4 lakh shares, and Mirae Asset Mutual Fund, which bought 22 lakh shares.

Insurance coverage firms and pension funds additionally participated actively. ICICI Prudential Life Insurance coverage, HDFC Life, Kotak Mahindra Life Insurance coverage, and the Nationwide Pension System (NPS) Belief had been among the many patrons.

International buyers together with Morgan Stanley Asia, Goldman Sachs Investments, Viridian Asia Alternatives, Built-in Core Methods (Asia) and Ghisallo Grasp Fund additionally picked up shares within the transaction.

The newest sale comes lower than every week after one other main shareholder exit in Lenskart. Earlier this month, SoftBank affiliate SVF II Lightbulb (Cayman) bought 5.65 crore shares at Rs 508.55 apiece by way of a block deal value round Rs 2,873 crore.

Brokerages stay constructive on the corporate’s long-term prospects. Elara Capital not too long ago initiated protection with a “Purchase” ranking and a goal value of Rs 615, implying upside from present ranges.The brokerage highlighted Lenskart’s built-in enterprise mannequin spanning eye testing, manufacturing, distribution and retail. It estimates the corporate can ship a 25% income CAGR and 38% EBITDA CAGR between FY26 and FY29.

Lenskart operates greater than 600 shops globally and has expanded internationally by way of acquisitions corresponding to Owndays and Meller. Worldwide operations account for round 42% of income, whereas its technology-led imaginative and prescient care platform and backward-integrated manufacturing capabilities have helped it emerge as one in every of India’s largest eyewear retailers.