Daybreak Why Peyush Bansal did the opposite of every rulebook move before Lenskart's IPO
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Sep 1, 2025 Peyush Bansal's daring move to buy back Lenskart shares at a discount is shaking up the startup scene. This strategy not only increased his equity but also elevated him to promoter status, a title once shunned by founders. The podcast explores how this bold approach reflects broader trends in Indian entrepreneurship and challenges traditional IPO strategies. It also unpacks the complex regulatory landscape that influences these decisions, especially in light of recent events like the Paytm incident, affecting investor confidence and approval processes.
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Bansal's Cheap Buyback Before IPO
- Peyush Bansal bought over 40 million Lenskart shares from major backers at Rs 52 a share, roughly one-tenth of its last private valuation.
- That bargain purchase raised his stake from 7% to 10.3% ahead of an IPO, creating a near-perfect pre-IPO trade.
Bluestone's Stake Boost
- Gaurav Kushwaha of Bluestone spent Rs 75 crore to increase his stake and crossed promoter-related thresholds by paying Rs 578 per share.
- Different founders paid different prices, but both aimed to secure promoter status before IPOs.
Regulatory U-Turn Drives Promoter Return
- SEBI shifted from allowing no-promoter IPOs in 2021 to preferring identifiable promoters after Paytm's turbulent listing.
- That regulatory flip made founders more willing to reclaim equity and accept promoter obligations.