Retail Adia-backed Lenskart to raise $1bn from Indian IPO By Pramod Kumar February 17, 2025, 10:06 AM Lenskart Adia invested $500 million in Lenskart to acquire 10 percent stake in March 2023 Lenskart, a high profile optical retailer which is backed by the UAE’s sovereign fund Abu Dhabi Investment Authority (Adia), is planning to file for a $1 billion initial public offering (IPO). The company’s potential valuation has doubled to $10 billion from $5 billion last year after it raised $200 million from a secondary round, the Economic Times reported, citing informed sources. Work is underway to file a draft prospectus by May so listing can take place this year, said a source. Adia invested $500 million in Lenskart to acquire 10 percent stake, becoming one of the largest stakeholder in the India-based glasses and contact lens retailer, Mint, a financial daily, reported in March 2023. Other major investors in the Indian retailer are SoftBank Vision Fund, which has investments from Saudi Arabia’s Public Investment Fund, and Singapore state-owned Temasek. Other major investors include SoftBank Vision Fund, backed by investments from Saudi Arabia’s Public Investment Fund, and Singapore’s state-owned Temasek. In October 2024, Adia started operations in a special economic zone in Prime Minister Narendra Modi’s home state of Gujarat. Adia-backed bidders close in on Malaysia Airports buy-out The sovereign fund is transferring some of its investments to its Gift City subsidiary, which will hold future Indian assets, said ADIA managing director Sheikh Hamed bin Zayed Al Nahyan. The fund has invested extensively in India, buying stakes in companies across multiple sectors, including energy, real estate, telecoms, retail and food manufacturing.
