It seems India’s love affair with spectacles, both fashionable and functional, is about to get a whole lot more transparent. Lenskart Solutions Ltd., the omnichannel eyewear behemoth, is all set to launch its Initial Public Offering (IPO), aiming to raise a substantial ₹7,278 crore. Mark your calendars, because this highly anticipated issue opens for subscription on October 31 and closes on November 4.
For a company that started as an online venture in 2010 and rapidly expanded its physical footprint, this IPO marks a significant milestone in its journey to becoming a dominant player in India’s booming eyewear market.
Price, Shares, and the Big Picture
Lenskart has fixed the price band for its shares at ₹382 to ₹402 per equity share, with a face value of ₹2. Investors can bid for a minimum of 37 shares, requiring an investment of ₹14,874 at the upper end of the price band.
The total IPO size of ₹7,278 crore comprises two main components: a fresh issue of shares worth ₹2,150 crore and an offer-for-sale (OFS) of 12.75 crore equity shares by existing promoters and investors. This OFS portion, amounting to ₹5,128 crore, will see early backers like Softbank Vision Fund, Kedaara Capital, TR Capital, and Chiratae Ventures offloading some of their stakes.
Interestingly, ace investor Radhakishan Damani, founder of DMart, has already shown his confidence by investing ₹90 crore in Lenskart ahead of the IPO. This pre-IPO investment underscores the strong investor sentiment surrounding the company.
What Lenskart Plans to Do with Your Money
The proceeds from the fresh issue of shares are earmarked for strategic expansion. Lenskart plans to deploy these funds primarily for lease and rent payments for its company-owned, company-operated (CoCo) stores in India, with ₹591 crore specifically allocated for their management and sustenance. This move highlights Lenskart’s focus on strengthening its physical presence across the country, enhancing brand visibility, and bolstering its technological infrastructure.
A Peek into Lenskart’s Financials
Lenskart has been on a strong growth trajectory. For FY24, the company reported an operating revenue of ₹5,427.7 crore, a 43% jump from ₹3,788 crore in FY23. While revenue growth was robust, it was at a slightly slower pace than the substantial 2.5x year-on-year increase observed in FY23. The company also significantly narrowed its net loss to ₹10 crore in FY24, an 84% reduction from ₹64 crore in FY23, indicating improved operational efficiency.
For the latest financial year, FY23-24, Lenskart reported a total revenue of ₹3,376.4 crore and a profit after tax of ₹144.0 crore. As of FY23-24, Lenskart’s total assets stood at ₹7,798.7 crore.
Valuation and Investor Buzz
The IPO is expected to value Lenskart at nearly ₹70,000 crore (around $8 billion). This is a significant jump from its $5 billion valuation in 2024, when it last closed a private funding round led by Temasek and Fidelity. In fact, Fidelity had subsequently marked up Lenskart’s fair value in its books to $6.1 billion as of June 2025.
The Grey Market Premium (GMP) for Lenskart shares was reported at ₹120 apiece on Monday morning, October 27, translating to a 30% premium above the upper price band. While GMP can be volatile, a positive premium often signals optimistic listing expectations. The allotment for the IPO is tentatively scheduled for November 6, and shares are expected to be credited to demat accounts by November 7, with listing on NSE and BSE on November 10.
India’s Eyewear Market
Lenskart’s public debut comes at a time when India’s IPO market is buzzing, with the country’s market for new listings poised for a potentially record-breaking year in 2025. The company operates in a market projected to grow at a double-digit pace over the next five years, driven by increasing awareness about eye health and rising disposable incomes. Lenskart’s omnichannel strategy, with over 2,000 stores in India and a significant online presence, positions it strongly to capitalize on this growth.
This IPO is more than just a fundraising exercise; it’s a testament to the maturation of India’s consumer-tech landscape and the growing investor appetite for digitally-driven retail success stories. How Lenskart performs post-listing will surely be a keenly watched indicator for many other aspiring companies in the space.
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