SoftBank-backed Lenskart said to tap banks for $1 billion IPO

Indian eyewear company Lenskart Solutions Pvt is poised to hire arrangers including Kotak Mahindra Bank Ltd. and Morgan Stanley for an initial public offering in Mumbai this year, people familiar with the matter said.

Other banks may join to work on a share sale that could help the SoftBank Group Corp.-backed company raise about $1 billion, according to the people, who asked not to be identified because the deliberations are private. Lenskart may seek a valuation of about $8 billion in a potential offering, the people said.

Considerations are ongoing and no final decisions have been made, the people said. Details such as the IPO size and company valuation may change.

A representative for Lenskart declined to comment. Spokespeople for Kotak and Morgan Stanley didn’t immediately respond to requests for comment.

Lenskart was founded in 2010 and its other backers include Abu Dhabi Investment Authority, KKR & Co., Temasek Holdings Pte and PremjiInvest.