Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) will sell a 2.3% stake in eyewear retailer Lenskart through a block deal on Thursday, valued at around Rs 1,944 crore, according to the transaction’s term sheet seen by ET. The stake sale comes just a week after Japanese investor SoftBank offloaded shares worth Rs 2,873 crore in the Gurugram-based company.
ADIA had invested a total of Rs 4,113 crore in Lenskart in March 2023 through a mix of primary and secondary transactions that valued the company at around Rs 37,000 crore. It will now sell 40 million shares at a floor price of Rs 486 apiece, representing a 2.9% discount to Wednesday's closing price of Rs 500.50 on the BSE. At that price, Lenskart's market capitalisation stood at around Rs 87,000 crore.
While the floor price has been set at Rs 486, the final transaction price could be higher depending on demand and the stock's market price during the deal.
Lenskart was listed in November 2025 at a valuation of Rs 70,000 crore. ADIA did not sell any shares during the company's initial public offering and currently owns a 12.1% stake.
Even after the proposed stake sale, ADIA will continue to hold Lenskart shares worth around Rs 8,500 crore, translating into paper gains of roughly two-and-a-half times its 2023 investment.
SoftBank, which first invested in Lenskart in 2019, generated an estimated seven-fold return when it sold shares through last week's block deal. The investor had also sold shares worth Rs 1,026 crore during the company's IPO. At the time of the public offering, SoftBank was Lenskart's largest institutional shareholder, followed by ADIA.
Goldman Sachs emerged as the largest buyer in SoftBank's block deal, acquiring shares worth Rs 702 crore, followed closely by Societe Generale with purchases worth Rs 698 crore. Other investors participating in the transaction included Fidelity, International Monetary Fund, WhiteOak Capital Mutual Fund, Quant Mutual Fund, Mirae Asset Mutual Fund and ICICI Prudential Mutual Fund.
Lenskart’s six-month IPO lock-in expired on May 8.
