Stories
Alpha Wave Ventures to sell up to 1.6 percent stake in Lenskart via block deal
- •Alpha Wave Ventures LP is looking to offload up to a 1.6 percent stake in Lenskart Solutions through a block deal worth up to ₹1,691 crore.
- •The floor price has been set at ₹640 per share, marking a 5.56 percent discount to the previous closing price.
- •This follows recent stake reductions by other major institutional backers including SoftBank and ADIA.
- •Lenskart recently reported a strong financial performance for the first quarter with consolidated net profit surging to ₹222 crore and revenue rising by 43.3 percent.
Key Questions Answered
Alpha Wave Ventures is looking to offload up to a 1.6% stake in Lenskart through a block deal with a base offer size of ₹966 crore and an upsize option of ₹725 crore, bringing the potential transaction value to ₹1,691 crore. The floor price has been fixed at ₹640 per share.
Lenskart reported a surge in consolidated net profit to ₹222 crore for the first quarter, up from ₹60 crore in the same period of the previous year. Additionally, its revenue rose 43.3% to ₹2,714.2 crore compared to ₹1,894.5 crore previously.
Prior to Alpha Wave's latest move, Platinum Jasmine A 2018 Trust trimmed its holding by selling a 2.07% equity stake worth ₹2,468 crore on September 21. Furthermore, SoftBank Vision Fund II sold a 2.59% stake worth ₹2,887.9 crore on August 24.
