Lenskart Shares Drop 3% as IPO Lock-in Period Expires
Lenskart share price slips 3% as IPO lock-in period ends, block deal buzz
Mint
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Lenskart's share price fell nearly 3% following the end of a six-month lock-in period for shareholders, allowing approximately 1,047.4 million shares to become tradable. This represents around 60% of the company's equity, valued at about ₹51,573 crore (roughly $6.2 billion USD).
- 01Lenskart shares dropped nearly 3% amid the end of a six-month lock-in period.
- 02Approximately 1,047.4 million shares, or 60% of equity, are now eligible for trading.
- 03A block deal saw about 11.22 crore shares change hands at ₹473.4 per share.
- 04Existing investors are looking to exit with a potential transaction value of $350 million.
- 05The end of the lock-in does not guarantee immediate selling of all eligible shares.
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Lenskart's share price declined by nearly 3% on May 8, 2023, coinciding with the expiration of a six-month shareholder lock-in period. This allows approximately 1,047.4 million shares—around 60% of the company's outstanding equity, valued at about ₹51,573 crore (roughly $6.2 billion USD)—to be traded. Despite this significant change, analysts suggest that not all eligible shares will be sold immediately. In a related development, a block deal facilitated the exchange of about 11.22 crore shares, representing 6.46% of Lenskart's equity, at a price of ₹473.4 per share, totaling approximately ₹5,315.6 crore (roughly $640 million USD). Some investors, including Birdseye View Holding and TR Capital Mauritius, are reportedly planning to exit through a block deal involving up to 70.2 million shares, valued at nearly $350 million USD. However, Alpha Wave is expected to maintain a 90-day lock-in for any additional stake sales.
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The fluctuation in Lenskart's share price may affect investor sentiment and the overall market perception of the company, potentially influencing future investments.
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