Synopsis:- With the six-month post-IPO lock-in expiring on May 8, multiple institutional investors have launched a Rs. 5,650 crore block deal in Lenskart at a floor price of Rs. 470 per share, sending the stock down over three percent . With roughly 60 percent of total equity now free to trade, near-term price pressure is the more immediate concern than the underlying business.
Shares of the BSE-listed eyewear company came under pressure on Friday after a clutch of pre-IPO investors moved to exit or trim their positions through block deals, coinciding precisely with the expiry of the mandatory six-month post-listing lock-in. The deal, initially pegged at around Rs. 3,293 crore, was upsized to Rs. 5,650 crore as the seller list expanded. The stock had already fallen more than three percent in the run-up to the transaction, with the market pricing in the additional supply well before orders were placed.
With a market capitalization of Rs. 83,660.52 crore, the shares of Lenskart Solutions were trading at Rs.481.9 per share, down 1.25 percent from its previous closing price of Rs. 488 apiece. The stock slid to an intraday low of percent. It is trading at a P/E of 354.32.
The block deal involves the sale of up to 7 crore shares at a floor price of Rs. 470 apiece a discount of 3.6 percent to Thursday’s close. Birdseye View Holding, TR Capital Mauritius, ABG Capital, and Kariba Holdings are all reported to be looking at complete exits through this window. Alpha Wave is also participating in the sale, though its residual holdings will be subject to a fresh 90-day lock-in after the transaction closes. The deal includes an upsize option: if buyer demand is sufficient, the total number of shares sold could increase further, adding to the float.
The scale of Friday’s unlock is what distinguishes this from a routine block deal. Approximately 1,047.4 million shares, around 60 percent of Lenskart’s total equity became eligible for trading on May 8. At current market prices, that represents a theoretical unlock value of roughly Rs. 51,573 crore hitting the tradeable float in one go.
This kind of supply overhang rarely resolves quickly: institutional buyers absorbing block deals typically seek discounts to compensate for the price risk of holding a stock with elevated near-term selling pressure. The 3.6 percent floor discount on today’s deal reflects exactly that dynamic, and further selling from remaining locked-in shareholders in the 90-day window ahead remains a live possibility.
Business Overview
Established in 2008, Lenskart Solutions is a technology-driven, vertically integrated D2C eyewear company that designs, manufactures, brands and retails prescription eyeglasses, sunglasses, contact lenses, and accessories across India and select international markets through an omnichannel network of physical stores, app, and web.
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