Key facts
- Institutional investors purchased a 2.3% stake in Lenskart Solutions for Rs 1,960 crore.
- Platinum Jasmine A 2018 Trust, backed by ADIA, sold the stake at Rs 490 per share, a 2% discount.
- Kotak Mahindra Mutual Fund was the largest buyer, acquiring over 1.2 crore shares.
- Other buyers included Canara Robeco Mutual Fund, Franklin Templeton Mutual Fund, Mirae Asset Mutual Fund, and various insurance and pension funds.
- Brokerages maintain a positive outlook on Lenskart's long-term growth, citing its integrated model and international presence.
Institutional investors acquired a significant stake in Lenskart Solutions through a block deal worth Rs 1,960 crore, as an Abu Dhabi Investment Authority (ADIA)-backed shareholder trimmed its position. Platinum Jasmine A 2018 Trust sold 4 crore shares, representing a 2.3% stake, at Rs 490 each, a discount of about 2% to the previous closing price of Rs 500.15.
The transaction saw broad participation from both domestic and international institutional investors. Among the key buyers were 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 with 22 lakh shares.
Interest also came from insurance companies and pension funds, including ICICI Prudential Life Insurance, HDFC Life, Kotak Mahindra Life Insurance, and the National Pension System (NPS) Trust. Foreign investors such as Viridian Asia Opportunities, Integrated Core Strategies (Asia), and Ghisallo Master Fund also participated.
This deal follows a recent exit by SoftBank affiliate SVF II Lightbulb (Cayman), which sold a 5.65 crore share stake for approximately Rs 2,873 crore earlier this month. Despite these stake sales, brokerages like Elara Capital remain positive on Lenskart's long-term growth, initiating coverage with a 'Buy' rating and a Rs 615 target price.
Elara Capital cited Lenskart's integrated business model, spanning eye testing, manufacturing, distribution, and retail, as a key strength. The brokerage forecasts a revenue CAGR of 25% and an EBITDA CAGR of 38% between FY26 and FY29. Lenskart operates over 600 stores globally, with international operations contributing about 42% of revenue.