Lenskart has seen more than $1 billion worth of shares sold by large institutional investors in roughly three months, highlighting a major wave of post-listing monetization even as the eyewear retailer’s stock continues to trade near record levels. The latest transaction came from SoftBank, whose affiliate SVF II Lightbulb (Cayman) sold 4.5 crore shares, or about 2.6% of Lenskart, for approximately ₹2,888 crore, equivalent to more than $300 million, through a block deal on August 24.
The latest SoftBank transaction follows another ₹2,873-crore stake sale by the Japanese investment group in June. Abu Dhabi Investment Authority (ADIA) and Temasek have also reduced their Lenskart holdings in recent months. Combined, the four major transactions amount to roughly ₹9,660 crore, or more than $1 billion, of institutional selling. The selling comes less than a year after Lenskart’s November 2025 stock-market debut, but strong operating performance and institutional demand have helped absorb the large secondary transactions.
SoftBank Sells Another 2.6% Stake In Lenskart
SoftBank’s latest sale involved 4.5 crore Lenskart shares at ₹641.75 apiece, taking the transaction value to approximately ₹2,888 crore. The sale reduced SoftBank’s holding from around 9.86% at the end of the June quarter to approximately 7.3%.
The transaction followed reports that SVF II Lightbulb was looking to sell as much as 2.6% of Lenskart for around $300 million. The proposed floor price had been set at ₹635 per share, a discount to the previous closing price. The actual block transaction was subsequently executed at ₹641.75 per share.
Key Details Of The Latest SoftBank Sale
| Metric | Details |
|---|---|
| Shares sold | 4.5 crore |
| Stake sold | About 2.6% |
| Sale price | ₹641.75 per share |
| Deal value | ₹2,888 crore |
| Dollar value | More than $300 million |
| SoftBank stake before sale | About 9.86% |
| SoftBank stake after sale | About 7.3% |
| Seller | SVF II Lightbulb (Cayman) |
| Transaction type | Block deal |
| Residual holding | About 7.3% |
The latest transaction is SoftBank’s second large block sale in Lenskart since the six-month lock-in period for pre-IPO investors expired in May. The Japanese investor had sold 5.65 crore shares, representing 3.25% of Lenskart, for ₹2,873 crore at ₹508.55 per share in June.
Four Major Institutional Sales Cross $1 Billion
SoftBank’s two transactions account for more than ₹5,700 crore of the recent institutional selling. ADIA and Temasek have added another substantial amount through their own block transactions.
According to recent reports, ADIA sold shares worth approximately ₹1,960 crore in June, while Temasek sold shares worth around ₹1,940 crore in July. Together with SoftBank’s June and August sales, these transactions total approximately ₹9,660 crore.
Lenskart’s Major Recent Institutional Stake Sales
| Investor | Approx. Sale Value | Approx. Timing | Nature |
|---|---|---|---|
| SoftBank | ₹2,873 crore | June 2026 | Block deal |
| ADIA | ₹1,960 crore | June 2026 | Block deal |
| Temasek | ₹1,940 crore | July 2026 | Block deal |
| SoftBank | ₹2,888 crore | August 2026 | Block deal |
| Total | ₹9,661 crore | ~3 months | Major institutional sales |
At an exchange rate around ₹85-86 to the U.S. dollar, ₹9,660 crore translates to more than $1.1 billion. The exact dollar equivalent varies with currency movements.
The scale of these transactions is notable because Lenskart only became a listed company in November 2025. The expiry of investor lock-ups has created an opportunity for early shareholders to monetize holdings that were previously restricted.
SoftBank’s Lenskart Investment Has Delivered Strong Returns
For SoftBank, the repeated selling represents monetization of one of its stronger investments in India’s consumer technology sector.
SoftBank first invested in Lenskart in December 2019, leading a $275 million funding round that valued the company at more than $1.5 billion and helped turn Lenskart into a unicorn. The Japanese investor subsequently participated in multiple funding and secondary transactions before Lenskart’s public listing.
SoftBank also sold shares worth approximately ₹1,026 crore through the offer-for-sale component of Lenskart’s November 2025 IPO. Its June 2026 block sale generated another ₹2,873 crore, while the latest transaction added approximately ₹2,888 crore.
SoftBank’s Lenskart Monetization
2019
SoftBank leads $275M funding round
↓
Private-market growth
↓
2025
Lenskart IPO
SoftBank sells ~₹1,026 crore
↓
June 2026
SoftBank sells ~₹2,873 crore
↓
August 2026
SoftBank sells ~₹2,888 crore
↓
SoftBank still retains ~7.3%
ETtech reported that SoftBank’s aggregate returns from its Lenskart investment have reached about 5.7 times following the latest sale. This places Lenskart among the more successful Indian investments for the Japanese technology investor.
Heavy Selling Comes Despite Strong Lenskart Growth
The large institutional exits have not coincided with a deterioration in Lenskart’s operating performance. Instead, the company has recently reported strong growth in revenue, profit and EBITDA.
For the June quarter, Lenskart reported revenue of ₹2,714.18 crore, up 43.3% from ₹1,894.46 crore in the year-earlier period. Profit after tax rose to ₹228.43 crore from ₹61.17 crore, while EBITDA increased 75.1% to ₹588.48 crore.
Lenskart Q1 FY27 Performance
| Financial Metric | Q1 FY27 | Year-Earlier Period | Change |
|---|---|---|---|
| Revenue | ₹2,714.18 crore | ₹1,894.46 crore | +43.3% |
| Profit after tax | ₹228.43 crore | ₹61.17 crore | Strong increase |
| EBITDA | ₹588.48 crore | ₹336.08 crore | +75.1% |
| EBITDA margin | 21.7% | 17.7% | +400 bps |
| India revenue growth | — | — | +30.7% |
| International revenue growth | — | — | +38% |
The earnings performance has helped explain why the market has been able to absorb large secondary share sales without a prolonged collapse in the stock.
Lenskart shares crossed ₹600 for the first time earlier in August. The stock had also gained significantly during the month before the latest block deal, demonstrating that institutional selling has been met by sufficient buying demand.
Who Is Buying The Shares?
Large block transactions typically involve institutional buyers taking positions from early investors. In the latest Lenskart transaction, reports indicated participation from domestic and global institutions, including Societe Generale, Motilal Oswal Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund and other funds.
The presence of institutional buyers changes the interpretation of the transactions. A secondary sale does not necessarily represent a deterioration in the underlying business. Instead, ownership is being transferred from early-stage investors seeking liquidity to investors willing to own the company at its prevailing public-market valuation.
Selling Versus Buying
| Selling Side | Buying Side |
|---|---|
| Early-stage investors | Mutual funds |
| Venture/growth investors | Global institutions |
| Strategic investors | Asset managers |
| SoftBank | Domestic financial institutions |
| ADIA | Other public-market investors |
| Temasek | Institutional funds |
This distinction is particularly important for recently listed companies. Early investors often have significant unrealized gains accumulated over several private funding rounds and may use the first available post-IPO liquidity window to return capital to their own investors.
Lock-In Expiry Opens The Exit Window
Lenskart’s November 2025 IPO created a six-month lock-in period for certain pre-IPO shareholders. When that restriction expired in May 2026, a large pool of previously restricted shares became eligible for trading.
The release of these shares increased the potential supply available to public-market investors. Large shareholders could then use block deals to sell substantial positions without having to dispose of shares gradually through ordinary market transactions.
Why Post-IPO Block Sales Increase
IPO Listing
↓
Mandatory Lock-In
↓
Lock-In Expiry
↓
Early Investors Gain Liquidity
↓
Large Block Transactions
↓
Early Investors Monetize Gains
↓
New Institutional Investors Enter
The pattern is not unique to Lenskart. India’s recent technology IPO cycle has created similar exit opportunities for venture capital and private-equity investors in companies that have transitioned from private markets to public markets.
Lenskart’s Shareholding Structure Is Changing
At the end of the June quarter, promoter entities held about 18% of Lenskart, while public shareholders accounted for roughly 82%. SoftBank’s stake stood at approximately 9.86% at that point.
After the latest transaction, SoftBank’s ownership has fallen to about 7.3%, making the reduction significant but leaving the investor with a substantial residual position.
The continued holding also indicates that SoftBank has not completely exited Lenskart. Future sales could depend on market conditions, lock-up restrictions, valuation and the investment group’s broader capital-allocation strategy.
Why The Selling Has Not Crushed The Stock
One of the most notable aspects of the recent transactions is the contrast between heavy shareholder selling and Lenskart’s stock performance.
Strong quarterly earnings have provided a fundamental backdrop for the shares. Revenue is growing rapidly, profitability has improved and EBITDA margins have expanded. At the same time, the company’s expansion across physical stores, digital channels and international markets has supported expectations for continued growth.
The large block transactions have therefore functioned more as ownership transfers than as a straightforward signal of deteriorating business conditions.
However, the increased free float also means the market will have more opportunities to reassess Lenskart’s valuation based on earnings growth, margins and future expansion. The ability of the company to sustain its current growth rates will become increasingly important as early investors continue to monetize their positions.
The Bigger Picture
Lenskart’s recent institutional selling reflects the maturation of India’s new-age technology IPO market. Early investors who funded companies during their private-market expansion are increasingly using public listings and post-listing lock-in expiries to return capital, while mutual funds and other institutions are taking the other side of those trades.
For SoftBank, Lenskart stands out as a successful India investment, with the investor realizing substantial cash proceeds while still retaining a meaningful stake. For Lenskart, the challenge is different: the company must continue converting rapid revenue growth into sustainable earnings and justify its public-market valuation as the shareholder base becomes increasingly institutional.
Looking Ahead
The immediate focus for investors will be on whether additional large shareholders use the post-IPO liquidity window to reduce their holdings. Further block deals could temporarily increase supply and create volatility, particularly if multiple institutional investors sell at the same time. At the same time, strong earnings growth and institutional demand could continue to absorb those shares if investors remain confident in Lenskart’s expansion strategy.
The longer-term test will be Lenskart’s ability to sustain growth while expanding margins and its store network in India and overseas markets. With SoftBank still holding roughly 7.3% after the latest transaction, the possibility of further monetization remains relevant, but the company’s operating performance is likely to remain the key factor determining how the market values the stock.
Get the day’s top stories in your inbox
One concise email. No spam, unsubscribe anytime.
