Key Takeaways
- • Alpha Wave Ventures LP is looking to sell a stake of up to 1.6% in Lenskart Solutions via a block deal, according to sources who spoke to CNBC-TV18.
- • The base offer is valued at ₹966 crore for approximately 0.9% of equity, with an upsize option for an additional 0.7% worth ₹725 crore, for a potential total of ₹1,691 crore.
- • The floor price is ₹640 per share, a 5.56% discount to the NSE closing price of ₹676.80 on Friday, October 9.
- • The seller faces a 30-day lock-in on any further share sales after the transaction.
- • The sale is the latest in a series of institutional block trades in Lenskart, following SoftBank Vision Fund II, Alpha Wave, and ADIA-linked exits earlier in 2026.
Summary
Global investment firm Alpha Wave Ventures LP is looking to offload a stake of up to 1.6% in omnichannel eyewear retailer Lenskart Solutions through a block deal, according to sources who spoke to CNBC-TV18. The base offer size has been pegged at ₹966 crore, representing approximately 0.9% of the company's total equity. The offer includes an upsize option to divest an additional 0.7% stake worth ₹725 crore, which could take the total transaction value to ₹1,691 crore.
The floor price has been fixed at ₹640 per share, a discount of 5.56% to the stock's closing price on the National Stock Exchange on Friday, October 9, when shares settled at ₹676.80. The seller will be subject to a 30-day lock-in period on any further sale of shares.
The transaction continues a pattern of stake reduction by institutional backers. In late August, Alpha Wave Ventures sold 2.95 crore shares, a 1.7% equity stake, for ₹1,857 crore at an average price of ₹630 per share, with NPS, ICICI Prudential Mutual Fund, and WhiteOak Capital Mutual Fund among the buyers. On August 24, SoftBank Vision Fund II sold 4.5 crore shares, a 2.59% stake, for ₹2,887.9 crore at ₹641.75 per share, with Societe Generale among the buyers. On September 21, approximately 3.6 crore shares, or 2.07% equity worth ₹2,468 crore, changed hands at ₹688 per share after Platinum Jasmine A 2018 Trust, an investment arm of the Abu Dhabi Investment Authority, trimmed its holding.
The selling activity comes as Lenskart's fundamentals strengthen. For the first quarter, the company reported consolidated net profit of ₹222 crore, up from ₹60 crore a year earlier, while revenue rose 43.3% to ₹2,714.2 crore from ₹1,894.5 crore. Shares closed 3.49% higher at ₹676.80 on October 9 and have gained 54.3% year-to-date.
The floor price has been fixed at ₹640 per share, a discount of 5.56% to the stock's closing price on the National Stock Exchange on Friday, October 9, when shares settled at ₹676.80. The seller will be subject to a 30-day lock-in period on any further sale of shares.
The transaction continues a pattern of stake reduction by institutional backers. In late August, Alpha Wave Ventures sold 2.95 crore shares, a 1.7% equity stake, for ₹1,857 crore at an average price of ₹630 per share, with NPS, ICICI Prudential Mutual Fund, and WhiteOak Capital Mutual Fund among the buyers. On August 24, SoftBank Vision Fund II sold 4.5 crore shares, a 2.59% stake, for ₹2,887.9 crore at ₹641.75 per share, with Societe Generale among the buyers. On September 21, approximately 3.6 crore shares, or 2.07% equity worth ₹2,468 crore, changed hands at ₹688 per share after Platinum Jasmine A 2018 Trust, an investment arm of the Abu Dhabi Investment Authority, trimmed its holding.
The selling activity comes as Lenskart's fundamentals strengthen. For the first quarter, the company reported consolidated net profit of ₹222 crore, up from ₹60 crore a year earlier, while revenue rose 43.3% to ₹2,714.2 crore from ₹1,894.5 crore. Shares closed 3.49% higher at ₹676.80 on October 9 and have gained 54.3% year-to-date.
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