SoftBank Group Corp.-backed Lenskart plans to launch an IPO value about $900 million, whereas Billionbrains, the dad or mum of India’s largest funding platform Groww, is concentrating on $750 million, stated the individuals who requested anonymity discussing non-public issues. Each IPOs are slated for the week of Oct. 27, with inventory listings by round Nov. 10, they added.
The 2 offers will additional increase a red-hot Indian IPO market that has already raised over $15 billion this yr, following 2024’s file $21 billion, Bloomberg-compiled knowledge present. Lenskart and Billionbrains are amongst a rising variety of revolutionary homegrown corporations favoring home listings, a testomony to the native market’s rising enchantment resulting from ample liquidity and retail traders’ elevated participation.
Additionally they will come on the again of two giant IPOs final week, when Tata Capital Ltd. and LG Electronics India Ltd. raised $1.7 billion and $1.3 billion, respectively. Collectively, these choices are set to make October a file month for India’s first-time share gross sales, with complete proceeds anticipated to exceed $5 billion.
Deliberations are ongoing and particulars such because the sizes and timing of the IPOs might change, the folks stated.
Lenskart and Billionbrains spokespersons didn’t instantly reply to requests for remark.Based in 2010, Lenskart counts Abu Dhabi Funding Authority, KKR, and TPG Inc. amongst its traders. The IPO will embody a recent situation of 21.5 billion rupees ($242 million) and a suggestion on the market of as much as 132.3 million of current shares, in accordance with the draft prospectus. Its founders, together with SoftBank, Alpha Wave Ventures, and Kedaara Capital, are among the many promoting shareholders.In June 2024, Lenskart raised $200 million from Temasek Holdings Pte and Constancy Administration & Analysis at a $5 billion valuation, in accordance with Avendus Capital Pvt., an advisor on the deal. Constancy has since revised its inner estimate of the corporate’s worth to $6.1 billion, primarily based on April portfolio disclosures.
Billionbrains, which is backed by Microsoft Corp. Chief Govt Officer Satya Nadella, plans to fresh-issue shares value 10.6 billion rupees and provide to promote as much as 574.2 million of current shares, in accordance with its draft prospectus.
as a Dependable and Trusted Information Supply
