SoftBank to sell 2.6% stake in Lenskart for $300M: Report
What's the story
SoftBank Vision Fund II Lightbulb Cayman is planning to sell up to a 2.6% stake in Lenskart, people familiar with the matter told CNBC-TV18. The block deal is likely to be worth around $300 million. The floor price for the transaction has been set at ₹635 per share, which is a 4% discount on its last closing price of ₹661.4 per share.
Lock-up period
Selling shareholder will be subject to a 45-day lock-up period
The selling shareholder, SVF II Lightbulb Cayman, will be subject to a 45-day lock-up period for any residual stake sale.
This means that after the initial transaction, they won't be able to sell any remaining shares in Lenskart Solutions for a specified period of time.
As of the end of June quarter, promoter entities held an 18% stake in the company while public shareholders held an 82% stake.
Financial growth
Lenskart Solutions's financials for the June quarter
In the June quarter, Lenskart Solutions reported a whopping 43.3% increase in revenue to ₹2,714.18 crore from ₹1,894.46 crore last year.
Its profit after tax (PAT) also saw a huge jump to ₹228.43 crore from ₹61.17 crore in the same period last year.
The company's EBITDA shot up by 75.1% to ₹588.48 crore from ₹336.08 crore, while its margins improved to 21.7% from 17.7%.