As eyewear retailer Lenskart took its first step towards going public by filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), one unusual disclosure stood out as the company revealed that the degree certificate and marksheets of one of its promoters, Sumeet Kapahi, are not traceable.
Kapahi, who is the Global Head of Sourcing at Lenskart and one of its co-founders, was mentioned in the risk factors section of the DRHP.
According to the DRHP paper, he has been unable to locate his B.Com (Hons.) degree and marksheets from the University of Delhi.
The document states that Kapahi has written several emails and a letter to the university requesting copies of his degree certificate and has also applied for the marksheets through the university's online portal.
However, he has not yet received any response. The DRHP notes that there is no certainty the university will respond to his requests in a timely manner -- or at all.
Lenskart added that there is no assurance Kapahi will be able to retrieve the relevant documents relating to his educational qualifications in the future.
According to the company's website, Sumeet Kapahi co-founded Lenskart along with Peyush Bansal, Amit Choudhary, Neha Bansal, and Ramneek Khurana.
He was the third person to join hands with Bansal and Choudhary and has extensive experience working with global eyewear brands.
The Lenskart IPO will be managed by a group of leading financial institutions, including Kotak Mahindra Capital, Morgan Stanley India, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services.
According to the DRHP paper, the IPO will include a fresh issue of Rs 2,150 crore and an offer-for-sale (OFS) of 13.2 crore shares by investors and promoters.
The proposal for the public listing was approved at Lenskart's annual general meeting on July 26.
