New Delhi, July 4 -- Lenskart founder Peyush Bansal is looking to buy 1.5-2% stake in the eyewear retailer worth about $150 million from existing investors ahead of a planned initial public offering, (IPO), three people aware of the development said. Investment bank Avendus Capital is helping Bansal with the transaction.

Bansal wants to make up for his equity dilution over the previous funding rounds, the people said on the condition of anonymity.

"Peyush is buying small stakes from a bunch of investors. This is being negotiated at around $7-8 billion valuation," one of the three people said. Investors such as TR Capital, Chiratae, Softbank and Kedaara Capital are likely to sell shares as part of the deal, these people said.

"Negotiati...