Massive Stake Sale Looms: ADIA-Backed Trust Prepares to Offload 2.3% in Lenskart Amid Strong Institutional Demand
A significant secondary stake sale is anticipated for Lenskart, as the Platinum Jasmine A 2018 Trust, which is solely backed by the Abu Dhabi Investment Authority (ADIA), prepares to offload a portion of its holdings. The transaction, expected to take place through a block deal on June 11, involves the potential divestment of up to 4 crore shares, representing approximately 2.3% of the company's outstanding equity.The sale carries the possibility of raising as much as ₹1,944 crore, based on the floor price set at ₹486 per share. This floor price reflects a marginal discount of about 2.8% compared to Lenskart’s closing price of ₹500.15 on the BSE on June 10. The proceeds from this transaction are intended for the selling shareholder, rather than being routed back to the company.
SoftBank Group Monetizes Significant Stake in Lenskart
The market has also seen major portfolio activity recently, with a significant stake sale by SoftBank Group's subsidiary. Last week, the Japan-based conglomerate’s SVF II Lightbulb (Cayman) Ltd offloaded 5.65 crore shares of Lenskart Solutions via another block deal. This divestment allowed SoftBank to monetize a portion of its successful Indian investment while retaining substantial exposure to the eyewear giant.The sale was executed at an average price of ₹508.55 per share. This transaction is highlighted as one of the largest secondary sales involving a new-age technology company in recent months. SoftBank’s initial investment occurred in 2021, supporting Lenskart during its accelerated expansion both online and offline.
Institutional Appetite Absorbs Stake Sales
Despite the size of these major block deals, the shares were absorbed by a robust coalition of global and domestic institutional investors, underscoring sustained appetite for Lenskart's stock. This strong buying interest highlights continued confidence in the company’s market trajectory.Leading the purchasing contingent was Goldman Sachs Bank Europe, which acquired 1.37 crore shares valued at ₹701.47 crore. Societe Generale-ODI followed closely behind with purchases amounting to ₹698.44 crore. Other key buyers included Fidelity Funds, International Monetary Fund, and Wasatch Emerging Markets.
Investor Confidence Amid Corporate Growth
The institutional response solidifies Lenskart's position as a significant entity in the consumer market space. The company has grown immensely since SoftBank backed it, evolving into one of India's largest omnichannel consumer brands. It has successfully executed international expansion and completed its stock market debut.Notable participating institutions who demonstrated interest included Manulife Singapore, WhiteOak Capital Mutual Fund, Quant Mutual Fund, North Rock SG VCC, ICICI Prudential Mutual Fund, HDFC Life Insurance, Ashoka India Equity Investment Trust, and BNP Paribas Financial Markets.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.