Lenskart Shares Decline Amid Early Investor Stake Sale
Lenskart Solutions shares fell as much as 5% during intraday trade, reaching a low of ₹643.80, as early investor Alpha Wave Ventures planned a significant stake sale.
Shares of Lenskart Solutions experienced a notable drop, declining by up to 5% during intraday trading and hitting a low of ₹643.80 on the BSE. The sell-off was triggered by news of a planned stake sale by early investor Alpha Wave Ventures.
According to media reports, Alpha Wave Ventures intends to divest up to 1.6% of its holdings in Lenskart, potentially raising as much as ₹1,691 crore. The offer has a floor price of ₹640 per share, representing a discount of 5.6% compared to the previous day's closing price.
The proposed transaction involves the sale of 15.1 million shares (0.9% stake), with an option to sell an additional 11.3 million shares (0.7%). If the entire stake is sold, Alpha Wave's holding in Lenskart would decrease from 3.42% to 1.82%.
This move follows a series of stake sales by Lenskart's early investors. Alpha Wave Ventures itself sold shares worth approximately ₹1,856.8 crore in August. Other prominent investors, including SoftBank and Temasek, have also reduced their stakes in the company recently.
The decline comes despite Lenskart's strong financial performance. The company reported a 273% year-on-year surge in consolidated net profit to ₹228.4 crore in the first quarter of fiscal year 2027.