Sebi Nods To Lenskart, Wakefit, And 4 Others For IPOs Worth Rs 6,500 Crore

Eyewear retailer Lenskart Solutions Ltd, home and furnishings company Wakefit Innovations Ltd and four other companies have secured Sebi's approval to raise funds through initial public offerings (IPOs), an update with the market regulator showed on Monday. Tenneco Clean Air India, Cordelia Cruises operator Waterways Leisure Tourism, cotton yarns manufacturer Shree Ram Twistex and industrial laminates manufacturer Lamtuf are among the companies that have received regulatory approval. Together, these companies are expected to raise over Rs 6,500 crore through their IPOs.

The six companies, which filed their preliminary IPO papers with Sebi between June and July, obtained their observations between September 26 and October 3, the update showed. In regulatory terms, Sebi's observations are equivalent to clearance for launching a public issue. The approval comes at a time when the Indian market is experiencing a boom in primary market activity, despite a struggling broader equity market. In 2025, a total of 80 companies have already tapped the mainboard market through maiden public offerings, and several issues are lined up for this month.

Lenskart Solutions is looking to raise Rs 2,150 crore through the fresh issuance of equity shares. Promoters and investors would offload 13.22 crore equity shares, according to the draft red herring prospectus (DRHP). The company proposes to utilise the proceeds from the IPO for various strategic initiatives, including capital expenditure for setting up new Company-operated Company-owned (CoCo) stores in India; payments related to lease, rent, and license agreements for these CoCo stores; investments in technology and cloud infrastructure; brand marketing and business promotion to enhance brand awareness; potential unidentified inorganic acquisitions; and general corporate purposes.

The proposed IPO of Wakefit Innovations is a combination of a fresh issue of equity shares aggregating up to Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore equity shares by the selling shareholders. The Bengaluru-based company plans to utilise the proceeds from the fresh issue, worth Rs 82 crore, which will be used for setting up 117 new COCO - Regular Stores and one COCO - Jumbo Store; Rs 15.4 crore towards purchase of new equipment and machinery; Rs 145 crore for expenditure for lease and sub-lease rent and license fee payments for existing stores.

Additionally, Rs 108.4 crore will be used towards marketing and advertisement expenses for enhancing the awareness and visibility of the brand and the remaining amount will be used for general corporate purposes. Tenneco Clean Air India is planning to launch a Rs 3,000-crore IPO. The proposed IPO is an entirely Offer of Shares by the promoter, Tenneco Mauritius Holdings Ltd, with no fresh equity issuance.

Since the issue is entirely an OFS, the company will not receive any proceeds from the IPO, and all funds raised will go directly to the selling shareholder. Waterways Leisure Tourism aims to raise Rs 727 crore through its maiden public offering, which is an entirely fresh issue of shares. Proceeds from the fresh issue to the extent of Rs 552.53 crore will be used for payment towards deposit or advanced lease rental and monthly lease payments for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Ltd, and a portion will be used for general corporate purposes.

Gujarat-based Shree Ram Twistex's IPO consists of an entirely fresh issue of 1.06 crore equity shares. Funds would be used for setting up a 6.1 MW solar power plant, a 4.2 MW wind power plant for captive use, debt payment and working capital requirements. The IPO of Lamtuf is a mix of fresh issue of 1 crore shares and an offer-for-sale (OFS) of 20 lakh shares by promoters.

Proceeds from the fresh issue will be used towards part-financing the expansion of its existing manufacturing facility in Telangana, funding working capital requirements and general corporate purposes.