The public subscription for Lenskart’s IPO will remain open for three days, closing on Tuesday, November 4, 2025. The company has set a price band of Rs 382–Rs 402 per equity share (face value Rs 2 each). The IPO aims to raise fresh capital to support business expansion while also providing an exit opportunity for early investors.
Backed by billionaire Radhakishan Damani, Lenskart’s IPO is among the most anticipated offerings in India’s rapidly growing consumer-tech sector this year. Anchor investor allocation is scheduled for Thursday, October 30. The lot size is fixed at 37 equity shares, with bids accepted in multiples of this number.
Lenskart’s Growth Story Ahead of IPO
Eyewear retailer Lenskart Solutions is entering the IPO stage following a strong financial rebound in FY25. The company reported a net profit of Rs 297 crore on revenues of Rs 7009 crore, a sharp turnaround from a Rs 10 crore loss in FY24.
At first glance, this marks Lenskart’s transformation from a loss-making startup into a profitable consumer-tech brand. However, a portion of the profit surge came from an accounting adjustment related to its 2022 acquisition of Japanese eyewear chain Owndays Inc, rather than core operational growth.
IPO Structure and Fund Allocation
Lenskart aims to raise Rs 2,150 crore through a fresh issue of shares, while promoters and early investors plan to sell 12.75 crore shares via an Offer for Sale (OFS). The funds from the fresh issue will be used to expand company-owned stores, upgrade technology infrastructure, and strengthen brand and marketing initiatives.Before the IPO, Lenskart secured a Rs 90 crore pre-IPO investment from Radhakishan Damani, signaling strong investor confidence. Other notable backers include SoftBank, Temasek, Kedaara Capital, and Alpha Wave Ventures.
The IPO is expected to be the fourth-largest public offering in India in 2025, following Tata Capital, HDB Financial Services, and LG Electronics. The public subscription opens on October 31, 2025, and closes on November 4, 2025, with share allotment anticipated on November 6, 2025. Lenskart is likely to be listed on stock exchanges on November 10, 2025.
The issue allocation is as follows: 75% to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 10% to retail investors. Eligible employees will get a discount of Rs 19 per share on the IPO price.
Lenskart: Building a Global Consumer Brand
Founded in 2008 by Peyush Bansal, Lenskart started as an online eyewear platform and evolved into an omnichannel retailer with 2,500+ stores across India, the Middle East, and Southeast Asia. Its vertically integrated model—covering design, manufacturing, and retail—enables affordability, margin protection, and scalable growth.
In FY25, the company achieved 22% year-on-year revenue growth, driven by better cost efficiency, stronger brand engagement, and a technology-led operating model.
Key Shareholders and Strategic Plans
The Offer for Sale (OFS) will see share sales from promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, alongside institutional investors including SoftBank Vision Fund II, Temasek, Schroders Capital, Kedaara Capital, Alpha Wave Ventures, and PI Opportunities Fund.
Proceeds from the IPO are intended to support several strategic initiatives. These include the expansion of company-owned stores (CoCo), meeting lease and rental obligations, and enhancing cloud and technology infrastructure. Additionally, funds will be used to boost marketing efforts and pursue strategic acquisitions to strengthen Lenskart’s growth trajectory.
Market Outlook and Valuation
Analysts anticipate strong growth in India’s eyewear market, driven by rising screen time, urban lifestyles, and increased vision-care awareness. A Jefferies report highlighted Lenskart’s potential benefits from rising vision issues, deeper market penetration, and expanded health insurance coverage.
The IPO is expected to attract robust institutional interest, with the company targeting a valuation of around Rs 70,000 crore, implying a price-to-earnings multiple over 200x based on FY25 earnings.
According to SBI Securities, at the upper price band of Rs 402, Lenskart’s IPO is valued at FY25 EV/Sales of 10.1x and EV/EBITDA of 68.7x. While the valuation appears stretched and listing gains may be modest, the company’s strong business model positions it to benefit from India’s underpenetrated organized eyewear market. Lenskart’s EBITDA margin improved from 7.0% in FY23 to 14.7% in FY25, reflecting steady operational efficiency. Analysts recommend subscribing to the IPO at the cut-off price for long-term potential, citing growth prospects and expected profitability improvements.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)