Lenskart gears up for IPO, aims to raise up to $1 bn from investors

Eyewear startup Lenskart has approached bankers to pitch for its upcoming initial public offering (IPO), seeking to raise about $1 billion, according to industry sources. The company aims for a valuation of about $7 billion and plans to go public by early next year.

“The pitch will happen next month. Lenskart is a profitable business,” said a person familiar with the development.

A fund managed by United States-based financial services major Fidelity last year increased the valuation of Lenskart to $5.6 billion. This represented a 12 per cent increase in the firm’s fair value in Fidelity’s books, based on the valuation of the company as of September 30.