Lenskart Share Price Drops 3% Following End of IPO Lock-In Period Amid Block Deal Rumors

Lenskart Shares Fall Amid Expiry of Shareholder Lock-in and Block Deal Reports

On Friday, 8 May, Lenskart shares declined by nearly 2% as the company's six-month shareholder lock-in period expired. This development, coupled with reports of a large block deal by existing investors, contributed to the decline.

Nuvama Alternative & Quantitative Research reported that the six-month shareholder lock-in for Lenskart ends on 8 May, making nearly 1,047.4 million shares eligible for trading. These shares account for around 60% of the company's outstanding equity and are valued at approximately ₹51,573 crore based on Thursday's closing price. However, experts noted that the expiry of the lock-in period does not necessarily mean that all eligible shares will be sold immediately in the open market. It simply gives shareholders the option to trade their holdings.

A block deal involving around 11.22 crore shares of Lenskart, representing 6.46% equity, took place at ₹473.4 per share, resulting in a total transaction value of approximately ₹5,315.6 crore. This block deal was reportedly part of a larger transaction involving up to 70.2 million shares, valued at nearly $350 million. The transaction also includes an upsizing option in the event of strong investor demand.

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According to the reports, investors including Birdseye View Holding, TR Capital Mauritius, ABG Capital, and Kariba Holdings are planning to sell their entire stakes. Meanwhile, Alpha Wave is expected to remain subject to a 90-day lock-in for any additional stake sale.

Note: The table above presents a comparison of the block deal and the larger transaction involving Lenskart.