SBI Mutual Fund Invests in Lenskart Ahead of IPO
SBI Mutual Fund has made a significant move by investing Rs 100 crore in Lenskart through its SBI Optimal Equity Fund (AIF) and SBI Emergent Fund (AIF). This investment occurs just before the company’s IPO, which opens for subscription on October 31.
The fund acquired 2,487,561 equity shares of Lenskart from co-founder Neha Bansal at a price of Rs 402 per share, which totals Rs 100 crore as of October 28, 2025. This transaction equates to a 0.15% ownership stake in the company on a fully diluted basis.
In addition to this transaction, Neha Bansal also sold 2.24 million (22.38 lakh) shares of Lenskart to Shrikanta R. Damani, who is the spouse of DMart founder Radhakishan Damani, at the same price of Rs 402 per share, amounting to Rs 90 crore. This sale took place prior to Lenskart’s red herring prospectus (RHP) filing on October 25.
Following these transactions, Neha Bansal reduced her stake in Lenskart by 0.15%, bringing her total ownership down to 7.46% after the share transfers.
As outlined in its RHP, the Gurugram-based firm aims to raise Rs 2,150 crore through a new issuance and Rs 5,128 crore via an offer for sale (OFS). After the recent secondary transactions, the OFS figure has been adjusted to Rs 5,028 crore.
The impending IPO of Lenskart is anticipated to yield considerable returns for its promoters and early backers. Promoters are expected to gain approximately Rs 1,000 crore, while investors such as Premji Invest, Schroders Capital, Temasek, SoftBank, and others could see their returns range from 4x to nearly 17x on their investments.
Details regarding the OFS amount breakdown and related return multiples can be referenced here.
