Lenskart, an omnichannel retailer of eyewear, is preparing for its initial public offering (IPO) and intends to submit draft documents by May.

According to the Economic Times, which cited people familiar with the situation, the company is aiming for an IPO valuation of $10 billion, which would double its value since the last investment round.

According to reports, bankers managing the $1 billion public offering have been negotiating this price with CEO Peyush Bansal and important investors.

When the IPO is closer to launch, market conditions will determine whether or not to proceed with it.

According to a source, "efforts are being made to submit the draft red herring prospectus (DRHP) by May in order for it to be listed this year."

They also pointed out that while certain internal voices support a greater valuation, the state of the market may not support this.

Bansal has not declared its plans to go public, despite investor discussions about doing so in the past year.

Rather, investors have been able to partially sell stakes for liquidity in the past two years thanks to significant secondary acquisitions.

After an initial round of primary funding poured in at $4.5 billion, Lenskart closed a $200 million secondary round at a $5 billion valuation in June of last year.

With successful and expanding operations, Lenskart leads the eyeglass market in India, supported by SoftBank and Temasek.

In addition, the business anticipates tremendous development in Thailand and Owndays, a Japanese brand that it paid $400 million to buy in 2022.

Additionally, Lenskart holds a sizable investment in Le Petit Lunetier, an omnichannel eyewear company situated in Paris.