Lenskart IPO 2025 — Price band ₹382–₹402, issue ~₹7,278 crore, key dates, FY22–FY25 financials and investor checklist

Particular	Details
Price Band	₹382 – ₹402 per share
Total Issue Size	₹7,278 crore (approx.)
Fresh Issue	₹2,150 crore
Offer for Sale (OFS)	₹5,128 crore
Lot Size	37 shares per lot (minimum)
IPO Dates	Oct 31 – Nov 4, 2025
Anchor Book	Oct 30, 2025
Allotment Date	Nov 6, 2025
Listing Date (Tentative)	Nov 10, 2025
Lead Managers	Kotak Mahindra Capital, Morgan Stanley India, Avendus, Citigroup India, Axis Capital, Intensive Fiscal
Registrar	MUFG Intime India Pvt. Ltd.

About Lenskart Solutions Ltd.

Founded in 2010 by Peyush Bansal, Lenskart has transformed from a digital eyewear startup into one of India’s most recognized omnichannel brands. With more than 2,000 stores in India and over 650 stores overseas, Lenskart operates across India, the Middle East, Singapore, and other global markets.

The company’s mission is to make eyewear affordable and accessible through a combination of technology-driven retail, vertically integrated manufacturing, and customer-centric experience. The brand’s success lies in its hybrid model — online convenience paired with offline service through physical stores and home eye-test services.

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Why This IPO Is Significant

The Lenskart IPO marks one of India’s largest consumer-tech listings in 2025. It showcases how a digital-first brand has scaled into a profitable retail powerhouse.

The company aims to raise around ₹7,278 crore through a combination of:

• Fresh issue of ₹2,150 crore, to fund expansion and working capital, and
• Offer for Sale (OFS) of ₹5,128 crore, by existing shareholders including the founders and early investors such as SoftBank, Temasek, and Kedaara Capital.

This mix signals a major liquidity event for early backers while providing capital for continued growth.

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Financial Performance (FY22–FY25)

Consolidated Income Statement Summary (₹ in crore)

Financial Year	FY22	FY23	FY24	FY25
Revenue from Operations	1,502	3,788	5,427.7	6,652.5
EBITDA	(loss)	404	560 (approx.)	850 (est.)
Net Profit / (Loss)	(loss)	(64)	(10)	297.3

Growth Overview

• Revenue has grown over 4× from FY22 to FY25.
• The company achieved its first consolidated profit in FY25, marking a major turnaround.
• Margins improved steadily due to operational efficiency, higher average order value, and better product mix.

Lenskart’s growth is driven by aggressive offline expansion, digital sales through its app and website, and increasing international presence.

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Use of IPO Proceeds

The fresh issue of ₹2,150 crore will be utilized for:

1. Store expansion across Tier-II and Tier-III cities.
2. Investment in technology and supply chain infrastructure.
3. Repayment of borrowings and general corporate purposes.

This focus on technology and distribution aligns with Lenskart’s strategy to strengthen its omnichannel dominance.

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Promoter & Shareholding Structure

• Founders: Peyush Bansal and Neha Bansal.
• Key Investors (pre-IPO): SoftBank, Temasek, Kedaara Capital, Falcon Edge, and others.
• Founders and investors will partly divest through the OFS, signaling partial profit-taking while retaining long-term stakes.

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Valuation & Peer Comparison

At the upper price band of ₹402, the implied market capitalization is around ₹69,500 crore ($7.9 billion).

In terms of revenue scale and brand recall, Lenskart competes indirectly with:

• Titan Eye+ (Titan Company)
• GKB Opticals
• Specsmakers

While Titan’s eyewear division is profitable, Lenskart’s growth pace and technology-led model give it an edge in scalability — though at a premium valuation multiple.

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Key Strengths

✅ Strong Omnichannel Presence: Seamless integration of online and offline sales.
✅ Brand Loyalty: Lenskart has become a household name among millennials and Gen-Z consumers.
✅ Technology Leadership: AI-based lens fitting, 3D try-on, and digital prescription storage.
✅ Backward Integration: In-house lens manufacturing and global sourcing reduce dependency on vendors.
✅ Global Expansion: Strong performance in UAE, Singapore, and Saudi Arabia with ongoing expansion in Southeast Asia.

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Risks & Concerns

⚠️ Large OFS Portion: Heavy promoter and investor selling could cause selling pressure post listing.
⚠️ Valuation Premium: Market expectations are high; any slowdown in growth may impact valuation.
⚠️ Operational Challenges: Managing over 2,000 stores and supply chain efficiency across regions.
⚠️ Competition: From Titan Eye+, local opticians, and emerging D2C eyewear startups.
⚠️ Global Expansion Risks: Currency fluctuations and regulatory hurdles in new markets.

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Market Reception

The IPO has generated strong interest from institutional and retail investors, with early grey market signals indicating a healthy premium. Analysts anticipate robust participation from mutual funds and FPIs given Lenskart’s profitability and brand power.

However, market experts also highlight that listing gains could be limited due to the large OFS component.

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How to Apply for the IPO

• Application Mode: ASBA through bank net banking, UPI-based broker platform, or direct application via online brokers.
• Lot Size: 37 shares per lot (minimum).
• Retail Investor Limit: 10% of total issue reserved for retail investors.
• Allotment Basis: Proportionate allocation depending on subscription levels.
• Listing Exchanges: NSE and BSE (expected).

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Lenskart at a Glance

Parameter	Details
Founded	2010
Headquarters	Gurugram, India
Business Model	Omnichannel eyewear retail
Products	Eyeglasses, contact lenses, sunglasses, accessories
Stores	2,067 in India, 656 international
Employees	Over 8,000
CEO	Peyush Bansal

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Analyst Outlook

Lenskart’s IPO is seen as a symbol of maturing Indian consumer-tech. The company’s transition from high-growth losses to sustainable profitability makes it appealing to investors looking for long-term growth in organized retail.

That said, investors must note that the company’s success depends on its ability to:

• Sustain profitability while expanding internationally.
• Maintain customer loyalty in an increasingly competitive eyewear market.
• Manage costs and operational complexity across 2,000+ locations.

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Investor View — Balanced Take

• For long-term investors: Lenskart offers exposure to a high-growth consumer sector with global ambitions and strong brand equity.
• For short-term traders: Listing gains are possible but may be capped due to a large OFS and high valuation multiples.
• For conservative investors: Wait for quarterly results post-listing to confirm profit consistency before entering.

Retail Investor Checklist — “Should You Apply?”

1️⃣ Confirm IPO Details

• Price band ₹382–₹402
• Lot size 37 shares
• Retail portion 10%

2️⃣ Self-Check

• Are you comfortable holding for 12–24 months?
• Do you understand IPO risk vs. valuation premium?

3️⃣ Evaluate Fundamentals

• Revenue growth 4× in 3 years
• FY25 turned profitable (PAT ₹297 crore)
• High gross margins through backward integration

4️⃣ Risk Summary

• Large OFS by promoters
• High valuation vs peers
• Competitive landscape expanding rapidly

5️⃣ Investment Decision

• Short-term listing play: Moderate risk; gains possible if sentiment strong.
• Medium-term investor (1–3 years): Good opportunity if valuations stabilize post listing.
• Long-term investor (3+ years): Attractive business model, potential multibagger if profitability sustains.

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Bottom Line

The Lenskart IPO is a milestone in India’s retail and consumer-tech evolution.
It combines:

• Strong fundamentals,
• Rapid revenue growth, and
• A powerful brand identity.

At the same time, it carries valuation risks and post-listing supply pressure due to the large OFS.

Investors seeking growth with calculated risk can consider participation, while conservative investors may choose to watch the listing and enter later at fair valuations.

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Subscription:

Investor	31 Oct 2025	03 Nov 2025	04 Nov 2025
Anchor
QIB
Non-Institutional
BNII
SNII
EMP
Retail
Total

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How to Check IPO Allotment Status:

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