Temasek eye’s partial exit from India’s Lenskart

SINGAPORE: Lenskart, a Temasek-backed Indian eyewear company, is gearing up to go public. It has submitted an initial public offering (IPO) application that has the potential to transform the nation’s consumer technology market.

The company’s draft prospectus states that it intends to offer shares valued at ₹2,150 crore, or roughly S$319 million. With support from major financial institutions like SoftBank, Kedaara Capital, and Temasek Holdings — all who plan to exit — it’s a significant milestone for the eyewear retailer.

With its tech-focused approach, Lenskart has outperformed rivals. It’s become the leader in the Indian eyewear retail market since its founding in 2010. Its valuation has increased significantly, reaching US$6.1 billion (S$8.24 billion).

According to the company, it plans to increase the number of company-owned stores, enhance tech infrastructure, and support further corporate growth plans with proceeds from the IPO. Given the company’s total debt of ₹497 crore (US$57 million), the listing presents an opportunity for a financial turnaround.

With major investment banks like Morgan Stanley and Kotak Mahindra Capital promoting it, the IPO demonstrates the increasing optimism regarding India’s consumer tech sector. Lenskart also plans to grow the company’s footprint in Southeast Asia and the Middle East.

This listing is also a partial exit for Temasek. Lenskart, which combines online sales with over 2500 physical stores — mostly in India — positions it to build major market share in India’s underserved vision correction market. This is coupled with vertical integration in the form of manufacturing in India, which enables cost efficiency and scalability.

Temasek, a long-term investor, plans to sell approximately 7.86 million shares through Lenskart’s IPO, as part of an offer-for-sale (OFS) of 132.3 million shares, to achieve a partial exit. This will allow Temasek to lock in some gains and get some returns. It also lets it keep its finger in the Lenskart pie to harvest returns while getting exposure.

The OFS also lets Temaske sell shares at a premium, given Lenskart’s robust financials and market position. Lenskart was valued at US$6.1 billion in June 2025 by Tracxn data and could reach US$8 billion to US$9 billion at IPO.

Temasek’s portfolio in 2025 is US$324 billion (S$434 billion), but when private market assets are included, its value reaches S$469 billion. India makes up 8% of its global portfolio and is its third-largest market after Singapore (27%) and China (18%), bringing its total exposure to US$50 billion.