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 fuel business expansion and provide an exit opportunity for early investors.
Backed by billionaire Radhakishan Damani, Lenskart’s IPO is among the most anticipated in India’s fast-growing consumer-tech sector this year. Anchor investor allotment is scheduled for Thursday, October 30. The lot size is fixed at 37 equity shares, with bids accepted in multiples of this number.
Lenskart Solutions GMP Today
As of October 30, 2025, the last recorded Grey Market Premium (GMP) for Lenskart Solutions IPO is Rs 48. With the IPO priced in the band of Rs 402 per share, this suggests an estimated listing price of around Rs 450, implying a potential gain of approximately 11.94% per share for investors if the stock lists at this level.
On October 27, the GMP was around 27%, or roughly Rs 108, indicating that the IPO premium has dropped sharply in just a few days. In simpler terms, the GMP indicates the extra amount investors are willing to pay over the IPO price in the grey market, giving an early signal of potential listing gains once the shares hit the stock exchange.
IPO Structure and Fund Allocation
Lenskart Solutions’ IPO is worth Rs 7,278.02 crore. It comprises a fresh issue of 5.35 crore shares totalling Rs 2,1totalling and an offer for sale of 12.76 crore shares worth Rs 5,128.02 crore. Proceeds from the fresh issue will be used to expand company-owned stores, upgrade technology infrastructure, and strengthen brand and marketing initiatives.Ahead of the IPO, Lenskart received a pre-IPO investment of Rs 90 crore from Radhakishan Damani, reflecting strong investor confidence. Other prominent investors include SoftBank, Temasek, Kedaara Capital, and Alpha Wave Ventures.
This IPO is expected to be the fourth-largest in India in 2025, after 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 likely on November 6, 2025, and listing expected on November 10, 2025.
The issue allocation is structured as follows: 75% to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 10% to retail investors. Eligible employees will receive a discount of Rs 19 per share on the IPO price.
Lenskart: Building a Global Consumer Brand
Founded in 2008 by Peyush Bansal, Lenskart began as an online eyewear platform and has since grown into an omnichannel retailer with over 2,500 stores across India, the Middle East, and Southeast Asia. Its vertically integrated model spanning design, manufacturing, and retail enables affordable pricing, margin protection, and scalable growth.
In FY25, Lenskart achieved 22% year-on-year revenue growth, driven by cost efficiencies, stronger brand engagement, and a technology-led operating model.
Key Shareholders and Strategic Plans
The Offer for Sale (OFS) will include shares from promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, along with institutional investors such as SoftBank Vision Fund II, Temasek, Schroders Capital, Kedaara Capital, Alpha Wave Ventures, and PI Opportunities Fund.
Proceeds from the IPO are aimed at supporting strategic initiatives, including expanding company-owned stores (CoCo), meeting lease and rental obligations, and enhancing cloud and technology infrastructure. Funds will also be used to boost marketing efforts and pursue strategic acquisitions, reinforcing Lenskart’s growth trajectory and global ambitions.
Financial Highlights
Eyewear retailer Lenskart Solutions delivered a strong financial turnaround in FY25, reporting a net profit of Rs 297 crore on revenues of Rs 7,009 crore, a significant recovery from a Rs 10 crore loss in FY24.
Market Outlook and Valuation
Analysts expect strong growth in India’s eyewear market, fueled by rising screen time, urban lifestyles, and growing awareness of vision care. A Jefferies report noted that Lenskart stands to benefit from increasing vision-related issues, deeper market penetration, and expanded health insurance coverage.
The IPO is anticipated to draw robust institutional interest, with the company targeting a valuation of around Rs 70,000 crore, implying a price-to-earnings (P/E) multiple of over 200x based on FY25 earnings.
According to SBI Securities, at the upper price band of Rs 402, Lenskart’s IPO is priced at FY25 EV/Sales of 10.1x and EV/EBITDA of 68.7x. While the valuation may appear stretched and listing gains could be modest, Lenskart’s strong business model positions it well to capitalise on the penetrated organised eyewear market.
The company’s EBITDA margin improved from 7.0% in FY23 to 14.7% in FY25, reflecting steady operational efficiency. Analysts suggest subscribing to the IPO at the cut-off price for long-term potential, highlighting growth prospects and expected profitability improvements.
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