In late 2025, India’s primary market remains active with high-interest consumer-tech names tapping public capital. Within this backdrop, Lenskart Solutions Limited—a technology-focused eyewear company with strong D2C and omnichannel capabilities—opens its IPO on October 31, 2025. Below is a structured look at the Lenskart IPO, and the broader outlook.
About Lenskart Solutions Ltd.
Founded in 2008, Lenskart Solutions Ltd. designs, manufactures, brands, and retails prescription eyeglasses, sunglasses, contact lenses, and accessories. It operates a direct-to-consumer model with owned brands and sub-brands across price points and age groups.
- Retail footprint (as of Mar 31, 2025): 2,723 stores globally (2,067 in India; 656 overseas), including 1,757 company-owned and 310 franchised stores in India.
- Eye testing: Remote eye tests via 136 optometrists at 168 stores (India + select international locations).
- Supply chain & delivery: Central manufacturing in Bhiwadi & Gurugram, with regional facilities in Singapore & UAE enabling next-day delivery in 40 Indian cities and 3-day delivery in 69 cities for single-vision eyewear.
- Product launches: 105 new collections in FY2025, including collaborations.
- Digital scale: 100M+ app downloads; 532-member tech team.
Promoters: Peyush Bansal, Neha Bansal, Amit Chaudhary, Sumeet Kapahi
Lenskart Solutions IPO Details
| IPO Date | October 31, 2025, to November 4, 2025 |
| Face Value | ₹2 per share |
| Issue Price Band | ₹382 to ₹402 per share |
| Lot Size | 37 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 18,10,45,160 shares (aggregating up to ₹7,278.02 Cr) |
| Fresh Issue | 5,34,82,587 shares (aggregating up to ₹2,150.00 Cr) |
| Offer for Sale | 12,75,62,573 shares of ₹2 (aggregating up to ₹5,128.02 Cr) |
| Employee Discount | ₹19.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 1,68,10,15,590 shares |
Important IPO Timeline
| Event | Date |
| IPO Open Date | Fri, Oct 31, 2025 |
| IPO Close Date | Tue, Nov 4, 2025 |
| Tentative Allotment | Thu, Nov 6, 2025 |
| Initiation of Refunds | Fri, Nov 7, 2025 |
| Credit of Shares to Demat | Fri, Nov 7, 2025 |
| Tentative Listing Date | Mon, Nov 10, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tue, Nov 4, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not less than 75% of the Net Offer |
| Retail (RII) | Not more than 10% of the Net Offer |
| NII (HNI) | Not more than 15% of the Offer |
Bidding limits & cut-off eligibility
| Category | Max Bidding Limits | Cut-off Allowed |
| Only RII | Up to ₹2 Lakhs | Yes |
| Only sNII | ₹2 Lakhs to ₹10 Lakhs | No |
| Only bNII | >₹10 Lakhs up to NII portion | No |
| Only Employee | Up to ₹2 Lakhs | Yes |
| Employee + RII/NII | Employee up to ₹2 Lakhs; RII up to ₹2 Lakhs; sNII >₹2L–₹10L; bNII >₹10L | Yes (Employee & RII/NII) |
Lenskart Solutions IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 37 | ₹14,874 |
| Retail (Max) | 13 | 481 | ₹1,93,362 |
| S-HNI (Min) | 14 | 518 | ₹2,08,236 |
| S-HNI (Max) | 67 | 2,479 | ₹9,96,558 |
| B-HNI (Min) | 68 | 2,516 | ₹10,11,432 |
Promoter Holding
| Pre-Issue | Post-Issue | |
| Promoters’ Holding | 19.85% | 17.52% |
Lenskart Solutions Ltd. Financials
Restated Consolidated (₹ Crore)
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 10,845.68 | 10,471.02 | 9,531.02 | 9,528.28 |
| Total Income | 1,946.10 | 7,009.28 | 5,609.87 | 3,927.97 |
| Profit After Tax | 61.17 | 297.34 | -10.15 | -63.76 |
| EBITDA | 336.63 | 971.06 | 672.09 | 259.71 |
| Net Worth | 6,176.87 | 6,108.30 | 5,642.38 | 5,444.48 |
| Reserves & Surplus | 5,855.43 | 5,795.00 | 5,466.50 | 5,411.96 |
| Total Borrowing | 335.48 | 345.94 | 497.15 | 917.21 |
Key Performance Indicators
| KPI | Value |
| ROCE | 13.84% |
| RoNW | 4.84 |
| EBITDA Margin | 14.60% |
| Price to Book | 11.03 |
| EPS (Pre-IPO) | ₹1.77 |
| P/E (Pre-IPO) | 227.27x |
Objects of the Issue
| S.No. | Purpose | Amount (₹ Cr) |
| 1 | Capex for the set-up of new CoCo stores in India | 272.62 |
| 2 | Lease/rent/license payments for CoCo stores in India | 591.44 |
| 3 | Technology & cloud infrastructure investments | 213.38 |
| 4 | Brand marketing & business promotion | 320.06 |
| 5 | Unidentified inorganic acquisitions and general corporate purposes | Balance |
Lenskart Solutions Ltd.: Industry Outlook
- Under-penetrated vision correction: Large, growing addressable market for prescription eyewear in India, with rising awareness and urbanisation.
- Shift to organised & omnichannel retail: Consumers prefer quality, convenience, and faster fulfilment—areas where Lenskart’s tech-driven supply chain and store network are strong.
- In-house engineering & manufacturing: Vertical integration supports speed, assortment, and cost efficiencies, aiding margins and customer experience.
- Global expansion runway: Overseas stores and regional hubs (Singapore, UAE) provide a base to scale beyond India.
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Conclusion
Lenskart Solutions Ltd. brings a differentiated mix of technology, manufacturing integration, and omnichannel retail to India’s eyewear market. With consistent revenue growth, improving profitability, and clear use of proceeds across stores, tech, and brand, the IPO offers exposure to a scaled consumer-tech franchise.
That said, investors should weigh valuation (high reported P/E pre-issue), execution on rapid store roll-out, competition from organised & online peers, and consumer-discretionary cyclicality. Align participation with risk appetite and time horizon.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
