KKR, TR Capital, ABG Capital and Alpha Wave divested an aggregate of c.7% stake in Lenskart Solutions through a USD 604 mn block deal. The issue saw strong participation from both domestic and foreign investors, with 90% allocated to long-only funds. Despite broader market volatility, the transaction was successfully executed at a tight discount and was moved to the block window post launch.
Avendus Capital acted as advisor to the selling shareholders on this transaction.
Gaurav Sood, Managing Director and Head, Equity Capital Markets, Avendus Capital said, “We are delighted to have partnered with KKR, TR Capital, ABG Capital and Alpha Wave on this landmark transaction. It has been a privilege to continue our association with Lenskart beyond its listing and support the company’s public markets journey. We facilitated a structured, multi-shareholder sale, enabling an efficient sell-down for shareholders. The deal was significantly scaled post launch on the back of strong, high-quality institutional demand, including significant US interest and new names entering the book. Its successful execution at tight pricing, despite a challenging market backdrop, is yet another testament to the strong institutional support for Lenskart, as well as Avendus’ ability to deliver scale, high-quality solutions and strong execution outcomes.”
Neeraj Shrimali, Managing Director and Co-head, Digital, Technology and Consumer Investment Banking, Avendus Capital said, “Lenskart has been one of India’s most defining consumer-tech success stories, and we are delighted to further strengthen our decade-long relationship with the company and its shareholders. Over the years, the business has consistently demonstrated category leadership, execution excellence, and a truly differentiated omnichannel model at scale. The continued interest from marquee public market investors is a strong reflection of the confidence in Lenskart’s long-term growth & profitability potential, as well as its global ambitions. We remain excited about the company’s journey ahead as it continues to redefine the eyewear category globally.
About Avendus
Avendus Group is a leading financial services firm with a presence in the areas of Investment Banking, Institutional Equities, Wealth Management, Credit Solutions and Asset Management. Established in 1999 in Mumbai, India, Avendus is today present in 12 cities across India, US and Singapore. Avendus partners with the Indian entrepreneur ecosystem to provide differentiated capital solutions that enable clients to meet their strategic aspirations.
Avendus Capital, the investment banking arm, is consistently ranked among the top investment banks in the country on the back of its in-depth domain understanding and a best in the class track record of domestic and cross-border transactions. Avendus’ wide range of clients is testimony to its ability to serve its corporates throughout their life cycle – from growth stage funding to large-sized transactions, M&A advisory and access to public markets.
Avendus Capital Inc., New York and Avendus Pte Ltd., Singapore are both Avendus Group entities offering services to clients in the US and Southeast Asia respectively.
For more information, please visit www.avendus.com
