Lenskart, Groww to launch $1.65B IPOs in late October
What's the story
Leading Indian eyewear retailer Lenskart and financial services firm Billionbrains Garage Ventures (Groww) are gearing up to raise $1.65 billion through their combined initial public offerings (IPO). The move will further boost India's booming IPO market, which has already raised over $15 billion this year. The two companies plan to launch their respective IPOs in the week of October 27, with stock listings expected by around November 10.
IPO specifics
Lenskart's IPO details
Lenskart, which is backed by SoftBank Group, plans to raise about $900 million through its IPO. The offer will consist of a fresh issue of $242 million and an offer for sale of up to 132.3 million existing shares, as per the draft prospectus. The company's investors include Abu Dhabi Investment Authority, KKR, and TPG Inc., among others.
Tech backing
Billionbrains' IPO details
Billionbrains, the parent company of India's largest investment platform Groww, is looking to raise $750 million via its IPO. The offer will comprise a fresh issue of shares worth ₹10.6 billion and an offer to sell up to 574.2 million existing shares, according to its draft prospectus. The company is backed by tech giants like Microsoft Corp., whose CEO Satya Nadella is one of its investors.
Market performance
Record month for India's IPO market
The upcoming IPOs from Lenskart and Billionbrains will contribute to making October a record month for India's first-time share sales. The total proceeds this month are expected to exceed $5 billion, further strengthening the country's stock market. This trend is part of a growing preference among innovative homegrown firms for domestic listings, highlighting the local market's rising appeal amid ample liquidity and increased retail investor participation.