Softbank Group Corp.-backed Lenskart Solutions Pvt, India’s largest eyewear maker, is preparing to file preliminary documents in the coming weeks for an initial public offering that may fetch about $1 billion, according to people familiar with the matter.

Lenskart is preparing to submit a draft red herring prospectus for the listing, which would value the company at about $10 billion, the people said, asking not to be identified because the information is private. Earlier this month, the company converted itself into a public limited entity as part of its IPO preparations.

A spokesperson for Lenskart, which is backed by the likes of Abu Dhabi Investment Authority, KKR & Co. and TPG Inc., didn’t immediately respond to an email seeking comment.

Lenskart joins the growing number of Indian companies seeking to go public after Indian stocks bounced back from their lows in March and April. Buoyant markets have also prompted local firms and shareholders to pursue a slew of block trades. 

The company raised $200 million from Temasek Holdings Pte and Fidelity Management & Research in June 2024 at a $5 billion valuation, according to Avendus Capital Pvt, one of the deal’s advisors. Since then, Fidelity has marked up its internal estimate of Lenskart’s value to $6.1 billion, according to its portfolio disclosures for April.

Kotak Mahindra Capital Co., Axis Capital Holdings Ltd., Citigroup Inc., Morgan Stanley and Avendus are arranging the IPO, the people said.

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Published on June 17, 2025