Lenskart Solutions Ltd, the omnichannel eyewear retailer, made its stock market debut on Monday, 10 November 2025, after completing one of the largest consumer-tech IPOs of the year.
The shares were listed at ₹390 on the BSE and ₹395 on the NSE, coming in below the IPO issue price of ₹402 per share. This translated into a discount of around 3% on the BSE and about 1.7% on the NSE.
Soon after listing, however, the stock saw renewed buying interest and moved into positive territory, trading around ₹400–401, narrowing the gap with the issue price as investors took note of Lenskart’s scale, technology-led model, and growth in India’s organised eyewear market.
IPO Structure and Size
Lenskart’s initial public offering was sizeable, aggregating to ₹7,278.76 crore. The issue was a combination of fresh capital and a large offer for sale:
- Fresh issue: 5.35 crore shares worth ₹2,150.74 crore
- Offer for sale (OFS): 12.75 crore shares worth ₹5,128.02 crore
- Price band: ₹382–₹402 per share
- Final issue price: ₹402 per share
- Face value: ₹2 per share
- Listing on: BSE and NSE
- Lot size: 37 shares
The company had also allotted 8.13 crore equity shares to anchor investors at ₹402 per share, raising ₹3,268 crore ahead of the public issue.
Strong Subscription Despite Muted Listing
Even though the listing was not flashy, demand during the Lenskart Solutions IPO window was robust. According to NSE data:
- Overall subscription: 28.26 times
- QIBs: 40.35 times
- Non-Institutional Investors: 18.23 times
- Retail Individual Investors: 7.54 times
This shows that institutional participation was particularly strong, reflecting confidence in Lenskart’s long-term growth story and its position in India’s fast-formalising eyewear segment.
What Lenskart Does
Lenskart is one of India’s largest omnichannel eyewear platforms, offering:
- Prescription spectacles
- Sunglasses
- Contact lenses
- Private-label frames
It operates through a direct-to-consumer model with a technology- and AI-enabled supply chain, integrating online orders with an expanding offline store network of over 2,500 outlets globally.
Key operating strengths mentioned in the company updates include:
- Centralised, automated supply chain for faster delivery and cost efficiency
- In-house manufacturing and engineering, enabling quick product launches
- Omnichannel experience that connects app, web, and physical stores
- Data-led expansion into Tier-II and Tier-III cities, plus global markets through brands such as Owndays
This integrated model has helped the company control quality, compress mark-ups, and cater to a large underserved vision-care market in India.
Financial and Operating Performance
Brokerage and market notes cited in the listing coverage highlighted that Lenskart has been growing rapidly:
- Revenue from operations rose from ₹3,788 crore in FY23 to ₹6,653 crore in FY25
- EBITDA expanded 3.7× to ₹971 crore in the same period
- The company turned profitable in FY25 with a PAT of ₹297 crore, compared with a loss two years earlier
- Operational cash flows rose sharply, supported by store-level payback in under a year for most new outlets
- ROCE improved to around 13.8% as per the disclosure in the listing-day coverage
These numbers supported investor appetite even though the stock did not deliver an immediate listing pop.
Use of IPO Proceeds
From the fresh issue component, Lenskart outlined clear deployment areas in its public documents and listing-day updates:
- Investment in technology and cloud infrastructure
- Brand-building and marketing to deepen customer reach
- Potential inorganic opportunities
- General corporate purposes
This aligns with the company’s stated plan to build Lenskart not just as an eyewear seller, but as a scaled, tech-enabled consumer platform.
Risks Highlighted in Disclosures
Alongside its strengths, Lenskart also pointed to certain business sensitivities:
- Part of its frames and raw materials are sourced from China, including through its joint venture, and any disruption there could affect operations.
- Ongoing legal proceedings involving the company, its directors, or subsidiaries, if decided unfavourably, could impact performance.
These are standard disclosures, but remain relevant for a rapidly scaling consumer brand.
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Conclusion
Lenskart’s debut was muted on price but strong on participation. A 3% listing discount after a ₹7,000-crore-plus issue and 28× subscription suggests that the market was mindful of valuations on day one, even as institutions backed the company’s expansion story.
With a vertically integrated model, a large and growing store network, rising profitability, and clear plans to reinvest in technology and brand, Lenskart enters the public market as one of India’s most scaled consumer-tech names in the vision-care space. The early recovery in trade post listing underlines that, beyond listing-day optics, the company continues to sit on a sizeable opportunity in India’s under-penetrated eyewear market.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
