Lenskart Promoter Sumeet Kapahi Can't Find DU Degree, Reveals IPO Filing
Lenskart promoter Sumeet Kapahi lost his B-Com (Hons) degree from Delhi University. Lenskart plans to raise Rs 2,150 crore via IPO, including an offer-for-sale by key shareholders.
Lenskart IPO: One of the promoters of Lenskart, Sumeet Kapahi, couldn't find his B-Com (Hons) degree and marksheet from the University of Delhi, as revealed in the DRHP filed by the eyewear on Tuesday with Sebi. Kapahi has written several emails to the university, but no response has come yet.
Eyewear company Lenskart is eyeing to raise Rs 2,150 crore through fresh issue. The IPO will also contain an offer-for-sale of 132.28 million shares, in which major shareholders are founders Peyush and Neha Bansal along with investors Softbank, PremjiInvest, Kedaara Capital and Temasek.
The total IPO size is expected to be in the range of $750 million to $1 billion, which will include an offer-for-sale (OFS) component by existing investors.
'One of our promoters, Sumeet Kapahi, who is also the Global Head of Sourcing of our Company, has been unable to trace the copies of his B.Com (Hons). degree and marksheets form the University of Delhi," Lenskart DRHP said.
It added that Kapahi had written multiple emails, and a letter to the concerned university requesting for a copy of his degree certificate, and has applied for the copies of the marksheets on the portal of the university on its websites as well.
'There is no assurance that the university will respond to such emails and letter in a timely manner, or at all," the DRHP added.
Lenskart IPO More Info
The offer comprises a fresh issue of equity shares aggregating up to Rs 21,500 million (the 'fresh issue") and an offer for sale of up to 132,288,941 equity shares by certain existing shareholders, including Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi, Promoter Selling Shareholders and SVF II Lightbulb (Cayman) Limited, Schroders Capital Private Equity Asia Mauritius Limited, PI Opportunities Fund – II, Macritchie Investments Pte. Ltd., Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP, Investor Selling Shareholders.
It may consider a pre-ipo placement aggregating to Rs 430 crore prior to filing of the RHP. If undertaken, it will be reduced from the fresh issue size.
The company proposes to utilise the net proceeds from the IPO for various strategic initiatives, including capital expenditure for setting up new Company-operated Company-owned (CoCo) stores in India; payments related to lease, rent, and license agreements for these CoCo stores; investments in technology and cloud infrastructure; brand marketing and business promotion to enhance brand awareness; potential unidentified inorganic acquisitions; and general corporate purposes.
In FY 25, across its brands, it launched 105 new in-house designed and engineered collections globally, including in collaboration with popular brands and celebrities. Additionally, it sold 27.2 million eyewear units across 12.41 million customer accounts in India and Overseas.
Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Pvt Ltd, Avendus Capital Pvt Ltd, Citigroup Global Markets India Pvt Ltd, Axis Capital Ltd, Intensive Fiscal Services Pvt Ltd are the Book Running Lead Managers to the Issue.
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