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Lenskart IPO: Eyewear major Lenskart took its first step towards going public by filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). However, one unusual disclosure stood out – the company has revealed that one of its co-founders and global head of sourcing, Sumit Kapahi, has been unable to trace his degree certificates and academic mark sheets.
This disclosure has been made under the "risk factors" section of the DRHP, where the company has mentioned that Kapahi is trying to obtain the Bachelor of Commerce (Hons) documents from Delhi University. According to the filing, he has contacted the university through multiple emails and a formal letter, and has also submitted an online application to get his academic records back. Despite these efforts, he has yet to receive a response.
Lenskart wrote in the prospectus that there is no guarantee that the university will respond on time or at all. The company further said that there is also no assurance that Kapahi will be able to retrieve the documents in the future.
Kapahi is a key member of Lenskart's founding team, having joined the company in its early stages along with Peyush Bansal and Amit Chaudhry. According to the company's website, he has extensive experience working with several global eyewear brands.
Lenskart IPO will be managed by a group of leading financial institutions, including Kotak Mahindra Capital, Morgan Stanley India, Avendus Capital, Citigroup Global Markets India, Axis Capital and Intensive Fiscal Services.
According to the DRHP paper, the IPO will consist of a fresh issue of Rs 2,150 crore and an offer for sale (OFS) of up to 13.2 crore shares by investors and promoters.
The proposal for public listing was approved at the annual general meeting of Lenskart on July 26.
With the inputs of IANS
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