The firm was founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi and in 2019, the eyewear brand joined the coveted unicorn club.

Top omni-channel eyewear retailer Lenskart, which is backed by the likes of Softbank, Temasek and ADIA ( Abu Dhabi Investment Authority), has held talks to pick at least five investment banks as advisors as it looks to kick off its mega $1 billion-plus IPO later this month, multiple industry sources in the know told Moneycontrol.

“Advanced discussions have been held with Kotak Mahindra Capital, Axis Capital, Citi , Morgan Stanley and Avendus Capital and they are likely to be taken on board. The deal is slated to be kicked off post mid-February. More advisors may be tapped later if required,” said one of the persons cited above.

In a kick-off meeting, the issuer firm discusses key plans and the roadmap for the IPO along with the roles and responsibilities for the advisors who are brought together.

Lenskart last raised $200 million from Temasek and Fidelity in June 2024 at a valuation of $5 billion.

A fourth person familiar with the listing plans added, “This is a unique firm and a full stack player with a combination of manufacturing, distribution, D2C as well as omni-channel capabilities and the valuation will depend on market conditions and multiples prevailing at the time of filing.”

A fifth person said, “The issue will facilitate a partial or full exit for the multiple investors via an OFS or offer for sale but there may also be a primary component as the firm is looking to expand its capacity.”

All the five persons cited above spoke to Moneycontrol on the condition of anonymity.