SoftBank Offloads ₹2,873 Crore Lenskart Stake to Institutional Investors
SoftBank sells Rs 2,873 crore worth of Lenskart shares in block deal to Goldman Sachs and other investors
Image: The Economic Times
SoftBank has sold ₹2,873 crore worth of shares in Lenskart Solutions, reducing its stake in the eyewear retailer. The sale attracted various institutional investors, including Goldman Sachs and Fidelity. Lenskart is noted for its strong retail model and significant international presence, contributing to robust revenue growth projections.
- 01SoftBank's affiliate sold 5.65 crore shares at ₹508.55 each, totaling ₹2,873 crore.
- 02The transaction drew interest from major investors like Goldman Sachs and Fidelity.
- 03Elara Capital gave Lenskart a Buy rating with a target price of ₹615, indicating a 22% upside.
- 04Lenskart's revenue productivity is approximately ₹25,000-30,000 per square foot with gross margins near 69%.
- 05International operations now represent about 42% of Lenskart's revenue, with over 600 stores across more than 10 countries.
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SoftBank has executed a significant stake reduction in Lenskart Solutions, selling shares worth approximately ₹2,873 crore through a block deal. The affiliate, SVF II Lightbulb (Cayman), divested 5.65 crore shares at a price of ₹508.55 each, attracting a diverse group of institutional investors, including major players like Goldman Sachs, Fidelity, and various mutual funds. Lenskart, recognized for its innovative retail model, has been rated a Buy by Elara Capital, which set a target price of ₹615, suggesting a 22% upside from its current valuation. The company boasts impressive store economics, with revenue productivity ranging from ₹25,000-30,000 per square foot and gross margins of nearly 69%. Lenskart's growth trajectory is bolstered by a technology-driven approach to vision care, aiming for 100 million annual eye tests. The retailer has successfully expanded internationally, with overseas operations now accounting for 42% of its revenue, and operates over 600 stores across more than 10 countries.
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The stake sale may influence Lenskart's stock performance and investor sentiment in the Indian retail market.
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