NE BUSINESS BUREAU
AHMEDABAD/CHENNAI, OCT 29
India’s leading eyewear brand Lenskart Solutions Ltd on Tuesday announced it is gearing up for a blockbuster market debut with a ₹7,278-crore initial public offering (IPO) opening for subscription on Friday, October 31, 2025, and closing on Tuesday, November 4. The company has fixed a price band of ₹382–₹402 per share, targeting a valuation of nearly ₹70,000 crore at the upper end — making it one of India’s biggest consumer-tech listings this year.
- Omnichannel eyewear giant aiming for ₹70,000-crore valuation on debut
- ₹2,150 crore fresh issue and ₹5,128 crore OFS to fund expansion, tech upgrades, and investor exits
- Bids can be made for a minimum of 37 Equity Shares and in multiples thereof
- IIFL Capital, ICICI Securities, Kotak Mahindra Capital, Axis Capital, and Morgan Stanley lead the book
The issue comprises a ₹2,150 crore fresh issue to fuel business expansion and a ₹5,128 crore offer-for-sale (OFS) by existing shareholders, including founder Peyush Bansal, who is expected to sell shares worth around ₹824 crore. Prominent investors such as SoftBank Vision Fund, Kedaara Capital, Kohlberg Kravis Roberts (KKR), and Alpha Wave Global will also pare stakes.
The anchor book opens on Thursday, October 30.
Strong Financial Growth Momentum
According to founder Peyush Bansal, Lenskart reported a revenue of ₹2,104 crore in FY2025, up 25% year-on-year from ₹1,681 crore in FY2024, driven by higher online sales and strong retail expansion.
- Profit After Tax (PAT): ₹216 crore in FY2025 vs. ₹141 crore in FY2024 — a 53% increase.
- EBITDA Margin: Improved from 13.8% in FY2024 to 16.5% in FY2025, supported by better operating efficiency and premium product mix.
- Net Worth: ₹1,872 crore as of March 31, 2025.
- Cash and Equivalents: ₹658 crore, providing ample liquidity for growth initiatives.
The company’s gross merchandise value (GMV) crossed ₹3,000 crore in FY2025, underscoring its strong foothold across physical and digital channels. Lenskart currently operates 2,000+ stores across India and 650+ outlets overseas, spanning the Middle East, Southeast Asia, and the U.S.
Growth and Use of Proceeds
Lenskart plans to utilise proceeds from the fresh issue for:
- Expanding its company-owned retail network and strengthening supply chain infrastructure.
- Upgrading technology platforms, AI-driven product recommendation systems, and logistics automation.
- Brand marketing and working capital requirements.
- Strategic acquisitions in global markets to consolidate its omnichannel presence.
“The IPO marks a new growth chapter for Lenskart as we deepen our tech-enabled retail model and global footprint,” said a company spokesperson. “Our focus remains on affordability, innovation, and accessibility in vision care.”
Investor Outlook
Analysts say the IPO could serve as a bellwether for India’s premium consumer retail segment, given Lenskart’s consistent profitability, expanding margins, and strong brand recall. Its hybrid model — combining digital reach with physical experience — is viewed as a resilient growth driver in a fast-digitising market.
With a price-to-earnings multiple of around 87x FY2025 earnings, the issue is richly valued, yet optimism remains high given Lenskart’s leadership in a largely unorganised eyewear industry.
The company shares are expected to list on BSE and NSE by November 10.
The IPO will be managed by IIFL Capital, ICICI Securities, Kotak Mahindra Capital, Axis Capital, and Morgan Stanley India as book-running lead managers (BRLMs), with KFin Technologies Ltd as registrar.
