Goldman Sachs, Morgan Stanley and others buy stake in Rs 1,960 crore Lenskart block deal

ADIA-backed Platinum Jasmine A 2018 Trust on Thursday sold a 2.3% stake in Lenskart Solutions through a block deal worth Rs 1,960 crore, according to exchange data. The investor offloaded 4 crore shares at Rs 490 apiece, translating into a total transaction value of Rs 1,960 crore.

The sale was executed at a discount of about 2% to Lenskart’s previous closing price of Rs 500.15.

The block attracted strong interest from a wide range of domestic and global institutional investors. Among the biggest buyers were Kotak Mahindra Mutual Fund, which acquired over 1.2 crore shares, Canara Robeco Mutual Fund with 32.2 lakh shares, Franklin Templeton Mutual Fund with 22.4 lakh shares, and Mirae Asset Mutual Fund, which purchased 22 lakh shares.

Insurance companies and pension funds also participated actively. ICICI Prudential Life Insurance, HDFC Life, Kotak Mahindra Life Insurance, and the National Pension System (NPS) Trust were among the buyers.

Foreign investors including Morgan Stanley Asia, Goldman Sachs Investments, Viridian Asia Opportunities, Integrated Core Strategies (Asia) and Ghisallo Master Fund also picked up shares in the transaction.

The latest sale comes less than a week after another major shareholder exit in Lenskart. Earlier this month, SoftBank affiliate SVF II Lightbulb (Cayman) sold 5.65 crore shares at Rs 508.55 apiece through a block deal worth around Rs 2,873 crore.

Brokerages remain constructive on the company’s long-term prospects. Elara Capital recently initiated coverage with a “Buy” rating and a target price of Rs 615, implying upside from current levels.The brokerage highlighted Lenskart’s integrated business model spanning eye testing, manufacturing, distribution and retail. It estimates the company can deliver a 25% revenue CAGR and 38% EBITDA CAGR between FY26 and FY29.

Lenskart operates more than 600 stores globally and has expanded internationally through acquisitions such as Owndays and Meller. International operations account for around 42% of revenue, while its technology-led vision care platform and backward-integrated manufacturing capabilities have helped it emerge as one of India’s largest eyewear retailers.