Lenskart Solutions Limited, a leading eyewear retailer, is reportedly gearing up for its Initial Public Offering (IPO), with a target launch date of October 31, while the company is eyeing an ambitious post-money valuation of approximately ₹70,000 crore through this public issue, marking a significant milestone in India's startup ecosystem. Sources close to the development have revealed to Moneycontrol that Lenskart will soon file its Red Herring Prospectus (DRHP), paving the way for the much-anticipated market debut.
IPO Timeline and Key Dates
According to the sources, the Lenskart IPO is scheduled to open for subscription on October 31 and will close on November 4. Anchor investors will have the opportunity to place their bids a day earlier, on October 30. It's important to note that these dates are subject to final approval from the registrar, while the IPO is expected to generate considerable buzz in the Indian capital markets, especially as several other high-profile startups are also contemplating their listing plans. Lenskart had initially filed its Draft Red Herring Prospectus (DRHP) in July, outlining the preliminary details of its public offering.
IPO Size and Utilization of Proceeds
Sources indicate that the final combined size of the IPO could range between ₹7,250 crore and ₹7,350 crore. This includes a fresh issue component of ₹2,150 crore, while existing promoters and investors will offer 13. 22 crore equity shares under the Offer For Sale (OFS) segment. The proceeds from the fresh issue are earmarked for various strategic initiatives. Lenskart plans to use the funds to open new stores across India, invest in technology and Artificial Intelligence (AI) capabilities, enhance brand marketing and promotion efforts, pursue potential acquisitions, and meet general corporate purposes. This strategic allocation underscores the company's commitment to sustained growth and market leadership.
Prominent Investors and Company Origins
Lenskart boasts a strong backing from several prominent global investors, including Softbank, Abu Dhabi Investment Authority (ADIA), and Temasek. Other notable investors comprise KKR, Alpha Wave, TPG, and Kedaara Capital. Recent reports also suggested that veteran investor Radhakishan Damani, founder of Avenue Supermarts (DMart), and SBI Mutual Fund are considering investing approximately ₹100 crore each in the company through the IPO. Lenskart was founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi. Peyush Bansal has gained significant public recognition as a prominent judge on the popular reality show 'Shark Tank India'.
Financial Performance and Future Outlook
Lenskart has demonstrated a strong financial turnaround, reporting a net profit of ₹297. 3 crore in fiscal year 2025, a significant improvement from the ₹10. 2 crore loss incurred in FY2024. Over the past two years, the company's revenue grew by 23% to ₹6,652. 5 crore, showcasing a Compound Annual Growth Rate (CAGR) of 33%. Gross margins have expanded by over 500 basis points, reaching approximately 69%, reflecting strong operational efficiency. Lenskart has evolved into India's largest omnichannel eyewear brand, with 2,723 stores across India, the Middle East, and Southeast Asia as of March 2025. The company plans to open 450 new stores in FY2026 and is actively expanding its presence in Southeast Asia, with approximately 40% of its total revenue now generated from outside India. Smart eyewear is identified as the company's next major growth frontier.
Investment Banking Team Behind the IPO
As per the draft papers, Kotak Mahindra Capital, Citi, Axis Capital, Avendus Capital, Morgan Stanley, and Intensive Fiscal Services are the investment banks working on this IPO. Cyril Amarchand Mangaldas is serving as the company's legal counsel under Indian law. This experienced team is working diligently to ensure a smooth and successful IPO process, crucial for Lenskart's future growth trajectory.
