Blab Business
ADIA to Sell 2.3% Lenskart Stake in Rs 1,944-Crore Block Deal After SoftBanks Recent Sale
Abu Dhabi Investment Authority (ADIA) has announced plans to divest a 2.3 % stake in Indian eyewear retailer Lenskart through a block deal valued at up to Rs 1,944 crore (about $204 million). The transaction, to be executed by Platinum Jasmine A 2018 Trust, an investment vehicle of ADIA, will involve the sale of up to 4 crore shares at a floor price of Rs 486 per share, a discount of roughly 2.8 % to the BSE closing price of Rs 500.15 on Wednesday.
The book for the block deal opened on 10 June and is expected to close on the morning of 11 June, with settlement scheduled for 12 June. The seller has agreed to a 90‑day lock‑up on its remaining stake. IIFL Capital Services has been appointed as the sole placement agent for the transaction.
The move comes less than a week after SoftBank affiliate SVF II Lightbulb (Cayman) sold 5.65 crore Lenskart shares at Rs 508.55 each, raising about Rs 2,873 crore. The SoftBank sale attracted a range of institutional investors, including Goldman Sachs, Fidelity, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Mirae Asset Mutual Fund, Quant Mutual Fund and HDFC Life Insurance.
Lenskart, founded as an online eyewear platform, has grown into a full‑stack vision‑care business with a significant offline presence. The company operates more than 2,000 physical stores and conducts roughly 600 eye tests per store each month. It aims to scale annual eye tests to 100 million over time.
International expansion has been a key part of Lenskart’s strategy. The company acquired Japanese direct‑to‑consumer eyewear brand Owndays in 2022 and Meller in 2025. International operations now account for about 42 % of revenue, with Lenskart operating in more than ten countries and running over 600 stores worldwide.
Brokerage analysts remain positive on Lenskart’s long‑term prospects. Elara Capital recently initiated coverage with a “Buy” rating and a target price of Rs 615, implying an upside of about 22 % from its reference valuation of Rs 504. The brokerage highlighted Lenskart’s integrated model—spanning eye testing, manufacturing, distribution and retail—as a differentiator in the Indian market.
Elara also cited strong store economics, noting revenue productivity of approximately Rs 25,000–30,000 per square foot, gross margins near 69 %, and store payback periods of roughly 10–12 months. The brokerage projects a revenue compound annual growth rate (CAGR) of 25 % and an EBITDA CAGR of 38 % for the period FY26–FY29.
The block deal will reduce ADIA’s exposure to Lenskart but the investment vehicle will retain a significant holding, suggesting that the sale is part of a broader portfolio realignment rather than a reaction to company‑specific issues.
Lenskart’s stock has remained resilient amid the recent stake sales by early investors. The company’s integrated operations and expanding international footprint have been cited as factors underpinning its valuation. The block deal, priced at a modest discount to the market, is expected to provide liquidity for ADIA while allowing the company to continue its growth trajectory.
As the book closes, market participants will be watching for the final settlement figures and any subsequent changes to Lenskart’s shareholder composition. The company’s upcoming earnings reports and any further disclosures on its international expansion plans will also be key points of focus for investors.
In summary, ADIA’s planned sale of a 2.3 % stake in Lenskart through a Rs 1,944 crore block deal follows SoftBank’s recent divestiture. The transaction is structured with a floor price of Rs 486 per share, a 90‑day lock‑up on remaining shares, and IIFL Capital Services as the placement agent. Lenskart’s integrated business model, strong store economics, and expanding global presence continue to attract institutional interest, even as early‑stage investors adjust their positions.
The book for the block deal opened on 10 June and is expected to close on the morning of 11 June, with settlement scheduled for 12 June. The seller has agreed to a 90‑day lock‑up on its remaining stake. IIFL Capital Services has been appointed as the sole placement agent for the transaction.
The move comes less than a week after SoftBank affiliate SVF II Lightbulb (Cayman) sold 5.65 crore Lenskart shares at Rs 508.55 each, raising about Rs 2,873 crore. The SoftBank sale attracted a range of institutional investors, including Goldman Sachs, Fidelity, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Mirae Asset Mutual Fund, Quant Mutual Fund and HDFC Life Insurance.
Lenskart, founded as an online eyewear platform, has grown into a full‑stack vision‑care business with a significant offline presence. The company operates more than 2,000 physical stores and conducts roughly 600 eye tests per store each month. It aims to scale annual eye tests to 100 million over time.
International expansion has been a key part of Lenskart’s strategy. The company acquired Japanese direct‑to‑consumer eyewear brand Owndays in 2022 and Meller in 2025. International operations now account for about 42 % of revenue, with Lenskart operating in more than ten countries and running over 600 stores worldwide.
Brokerage analysts remain positive on Lenskart’s long‑term prospects. Elara Capital recently initiated coverage with a “Buy” rating and a target price of Rs 615, implying an upside of about 22 % from its reference valuation of Rs 504. The brokerage highlighted Lenskart’s integrated model—spanning eye testing, manufacturing, distribution and retail—as a differentiator in the Indian market.
Elara also cited strong store economics, noting revenue productivity of approximately Rs 25,000–30,000 per square foot, gross margins near 69 %, and store payback periods of roughly 10–12 months. The brokerage projects a revenue compound annual growth rate (CAGR) of 25 % and an EBITDA CAGR of 38 % for the period FY26–FY29.
The block deal will reduce ADIA’s exposure to Lenskart but the investment vehicle will retain a significant holding, suggesting that the sale is part of a broader portfolio realignment rather than a reaction to company‑specific issues.
Lenskart’s stock has remained resilient amid the recent stake sales by early investors. The company’s integrated operations and expanding international footprint have been cited as factors underpinning its valuation. The block deal, priced at a modest discount to the market, is expected to provide liquidity for ADIA while allowing the company to continue its growth trajectory.
As the book closes, market participants will be watching for the final settlement figures and any subsequent changes to Lenskart’s shareholder composition. The company’s upcoming earnings reports and any further disclosures on its international expansion plans will also be key points of focus for investors.
In summary, ADIA’s planned sale of a 2.3 % stake in Lenskart through a Rs 1,944 crore block deal follows SoftBank’s recent divestiture. The transaction is structured with a floor price of Rs 486 per share, a 90‑day lock‑up on remaining shares, and IIFL Capital Services as the placement agent. Lenskart’s integrated business model, strong store economics, and expanding global presence continue to attract institutional interest, even as early‑stage investors adjust their positions.
