The company plans to raise Rs 2,150 crore through a fresh issue of shares, while its promoters and existing investors will sell 12.75 crore shares via an offer for sale (OFS). Proceeds from the fresh issue will be used to expand company-owned stores, strengthen technology infrastructure, and fund brand-building and marketing initiatives.
The public issue follows a Rs 90 crore pre-IPO investment from billionaire Radhakishan Damani, founder of DMart, underscoring strong investor confidence in Lenskart’s long-term growth story.
Damani’s entry adds another marquee name to Lenskart’s already robust roster of backers, which includes SoftBank, Temasek, Kedaara Capital, and Alpha Wave Ventures.
With this offering, Lenskart’s IPO is expected to be the fourth-largest public issue of 2025, after Tata Capital, HDB Financial Services, and LG Electronics. It also marks a significant milestone for India’s consumer-tech sector, following earlier listings by Urban Company, Zomato, and Swiggy.
A strong consumer brand with global ambitionsFounded in 2008 by Peyush Bansal, Lenskart began as an online eyewear seller before evolving into a full-fledged omnichannel retailer. The company blends online convenience with physical retail through more than 2,500 stores worldwide, spanning India, the Middle East, and Southeast Asia.Its vertically integrated supply chain, covering design, manufacturing, and retail, enables Lenskart to offer affordable eyewear while maintaining quality and healthy margins. The company now dominates India’s organized eyewear market, well ahead of rivals such as Titan Eye+.
In FY25, Lenskart reported a net profit of Rs 297 crore, marking a sharp turnaround from a loss of Rs 10 crore in FY24. Revenue rose 22% year-on-year to Rs 6,625 crore, driven by rising domestic demand and expanding international operations.
The turnaround is attributed to improved cost management, stronger consumer engagement, and efficiency gains from its tech-driven model.
IPO details and purpose
The issue will comprise both fresh equity shares and a sizable offer for sale (OFS) component. Among the sellers are promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, along with key institutional investors such as SoftBank Vision Fund II, Schroders Capital, PI Opportunities Fund, MacRitchie Investments (Temasek), Kedaara Capital, and Alpha Wave Ventures.
Proceeds from the IPO will be used to expand company-owned stores (CoCo model), meet lease and rental obligations, strengthen cloud infrastructure, boost marketing, and pursue potential inorganic acquisitions.
Outlook: A Growing Eyewear Opportunity
Analysts expect eyewear demand in India to accelerate in the coming years, driven by rising screen time, urbanization, and greater awareness around vision care. A Jefferies report noted that Lenskart is well positioned to benefit from “rising vision issues, deeper market penetration, and expanding health insurance coverage through employers and government programs.”
With its strong financial performance, growing international footprint, and renewed investor interest led by Radhakishan Damani, Lenskart’s IPO has captured the Street’s attention. However, the subscription response and listing performance will ultimately hinge on valuations.
According to multiple reports, the company is targeting a valuation of nearly Rs 70,000 crore, translating to over 200x PE based on its FY25 earnings.
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