Days after SoftBank’s exit, ADIA raised Rs. 1,944 crore will sell the share of Lenskart

Abu Dhabi Investment Authority (ADIA) Softbank has invested in the company around Rs. 2,873 crore a few days after selling shares, Rs. Eyewear retailer is looking to buy its stake in Lenskart through a block deal worth up to Rs 1,944 crore.

According to the terms of the deal accessed by ET, Platinum Jasmine A 2018 Trust, ADIA’s investment vehicle, is offering up to 4 crore shares representing about 2.3% of Lenskart’s outstanding equity through a secondary market transaction.

Floor Price Rs. 486 per share, compared to Wednesday’s close of Rs. 500.15 implying a discount of around 2.8% from the closing price. At the floor price, the transaction value is Rs. 1,944 crore ($204 million).

The book opened on June 10 and is expected to close on the morning of June 11 with settlement on June 12. The seller has agreed to a 90-day lock-up on his remaining share. IIFL Capital Services is the sole placement agent for the transaction.

Proposed Sale Softbank affiliate SVF II Lightbulb (Cayman) has sold 5.65 crore Lenskart shares at Rs. 508.55 comes less than a week after it was sold, roughly Rs. 2,873 crore collected. The deal attracted several marquee investors including Goldman Sachs, Fidelity, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Mirae Asset Mutual Fund, Quant Mutual Fund and HDFC Life Insurance.

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Despite recent stake selling by early investors, the brokerage remains bullish on the company’s long-term growth prospects.

Ilara Capital recently assigned a “Buy” rating on Lenskart and Rs. 615 has initiated coverage with a target price of Rs. The reference valuation of 504 shows an upside potential of about 22%.

The brokerage described Lenskart as one of India’s most differentiated retail businesses, citing its integrated model spanning eye testing, manufacturing, distribution and retail operations.

According to Ilara, the company’s store economics are among the strongest in Indian retail, with revenue productivity of around Rs. 25,000-30,000 per sq ft, gross margins around 69% and a store payback period of around 10-12 months.

The brokerage expects Lenskart to deliver a revenue CAGR of 25% and an EBITDA CAGR of 38% between FY26 and FY29.

Founded as an online eyewear platform, Lenskart has evolved into a full-stack vision-care business with a significant offline presence. The company performs about 600 eye tests per store per month and aims to scale up to 100 million annual eye tests over time.

The company has also expanded internationally through acquisitions such as OneDays in 2022 and Mailer in 2025. International operations now account for around 42% of revenues, with Lenskart operating in more than 10 countries and operating more than 600 stores globally.

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