Lenskart IPO: The Ivier Retailer Lenskart plans to raise Rs 8500 crore i.e. about 1 billion dollars through the IPO. Lenskart Solutions has filed an application for IPO on the stock exchange on Monday. Under this proposed IPO, the company will issue new shares up to Rs 2150 crore (about $ 25 million). Along with this, the current shareholders will be able to sell their shares through the offer for sale (OFS). The company is trying to listed in the stock market by the end of this year.

Founder and investor

Lenskart was founded by Amit Chaudhary, Piyush Bansal, Neha Bansal and Sumit Kapahi. The company has invested in this company by prominent investors like Temasake, Alphevev Global, SoftBank, KKR, Kedara Capital and TPG.

India’s leading ievier brand

Lenskart is a major iwear brand of India. It has about 2000 physical stores across the country, and it is also active online. Recently it has officially become a public company. In the board meeting held on May 30, the special proposal was passed to change the name of the company from Lenskart Solutions Private Limited to Lenskart Solutions Limited.

Great growth in revenue

Lenscart’s revenue in the financial year 2023 was $ 44.3 million, which increased to $ 64.5 million in the financial year 2024 – ie an annual growth of 46%. The company is expected to have a revenue of $ 75.5 million in the financial year 2025, which will increase by about 17% compared to the previous year. Lenskart was started by Piyush Bansal in 2010, he is still the CEO of this company. India’s eyewear company Lenskart sells contract lenses as well as contract lenses.

Disclaimer: (The information provided here is being given only for information. It is necessary to tell here that the investment in the market is subject to risks. Always consult expert before investing as an investor. Abplive.com is never advised to invest money here.)

Kotak mahindra bank share falls: After the quarterly results of Kotak Mahindra Bank, its stock has seen the biggest decline in the last fifteen months. On Monday, its stock fell more than 7 percent to the lowest level of the day at 1,977.20 on BSE. The bank’s shares fell 6.48 percent to a low of Rs 1,987.35 at around ten in the morning.

This decline in the stock of private bank came last week after the April-June quarter result, in which the net profit has come down by 7 percent to Rs 3,282 crore on an annual basis. This reduction was mainly due to reduction in interest rates, slow increase in fee income and high provisions.

Decline in bank’s profits

Kotak Mahindra Bank had its integrated net profit of Rs 4,472 crore in the June quarter of the current financial year. A year ago, the bank’s integrated net profit was Rs 7,448 crore a year ago. However, other activities of the bank have seen a boom. Kotak Mahindra Bank said that its profit has decreased due to pressure on retail commercial vehicle portfolio due to adverse to comprehensive economic conditions. Last year’s same profitable profits were also included Rs 3,000 crore from the sales of stake in the General Insurance Branch.

Pressure on micro finance

Kotak Mahindra said in the exchange filing that the total income on the bank’s interest during the first quarter was Rs 13,836 crore this time. This is an increase of 8.5 % compared to the same period last year. Last year, income on interest was Rs 12,746 crore. While the bank’s net interest income (NII) has increased by 6% on an annual basis. It increased to Rs 7,259 crore in the June quarter. The bank’s Non performing assets increased to 1.48%. It was 1.39% during the same period last year.

Disclaimer: (The information provided here is being given only for information. It is necessary to tell here that the investment in the market is subject to risks. Always consult expert before investing as an investor. Abplive.com is never advised to invest money here.)