India’s leading omnichannel eyewear brand, Lenskart Solutions Ltd, has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an ₹8,000 crore Initial Public Offering (IPO). This highly anticipated listing marks Lenskart’s transition from a private unicorn to a publicly traded company in 2025, highlighting its evolution into a profitable, globally ambitious consumer-tech brand.
IPO Structure: Fresh Issue and OFS
Lenskart’s IPO is designed to balance capital infusion for growth with investor exits through a mix of fresh issue and Offer for Sale (OFS):
- Fresh Issue: ₹2,150 crore
- Offer for Sale (OFS): Nearly 132.3 million shares from existing investors and promoters
- Total Issue Size: ₹7,500–₹8,000 crore
The fresh issue will fund expansion and strategic initiatives, while the OFS will allow early investors and promoters to partially exit.
Prominent selling shareholders include SoftBank Vision Fund II, Temasek’s Macritchie Investments, Alpha Wave, Kedaara Capital, Schroders, and Fidelity—signaling strong private-market backing and investor confidence.
Promoter Shareholding and Stake Sale
The IPO will see partial dilution of promoter stakes, though control remains firmly with the founding team:
- Peyush Bansal (Founder & CEO) – Holds 10.3%, selling 20.5 million shares
- Neha Bansal (Co-promoter) – Selling 5.7 million shares
- Amit Chaudhary & Sumeet Kapahi (Co-founders) – Selling 2.87 million shares each
Even after the IPO, promoters will collectively retain under 24%, ensuring strategic influence while unlocking liquidity for growth.
Use of IPO Proceeds
The ₹2,150 crore fresh issue will fuel Lenskart’s aggressive scaling strategy across five key areas:
- Retail Expansion
- Opening 620+ new company-owned stores (Co-Co) by FY29
- Allocating ₹860+ crore for lease obligations and store development
- Technology & Infrastructure
- ₹213 crore for AI-driven recommendation engines, cloud infrastructure, and supply chain digitization
- Brand Building & Marketing
- ₹320 crore to strengthen offline and online brand visibility
- Acquisitions & Strategic Investments
- Targeting new geographies and complementary eyewear tech businesses
- General Corporate Purposes
- Supporting operational efficiency and long-term sustainability
This diversified deployment signals Lenskart’s focus on omnichannel dominance and global footprint expansion.
Financial Performance and Valuation
Lenskart has achieved a remarkable turnaround, moving from losses to profitability:
| Particulars | FY25 | FY24 |
|---|---|---|
| Revenue | ₹6,652.5 Cr | ₹5,427.7 Cr |
| Net Profit | ₹297 Cr | ₹(10.2) Cr |
YoY Growth:
- Revenue: +23%
- Profitability: Returned to black after FY24 loss
Valuation: Expected between ₹70,000–75,000 crore (~$8–9 billion), positioning Lenskart alongside global digital-first eyewear peers like Warby Parker and Luxottica.
Pre-IPO Corporate Restructuring
Ahead of the listing, Lenskart has implemented governance and structural upgrades to align with public market norms:
- Public Company Conversion: Completed in May 2025
- Board Strengthening: Added independent directors like Sayali Karanjkar (PaySense) and Ashish Kashyap (IndMoney)
- ESOP Program: Introduced 7.2 million shares (~19% of equity) to retain and reward key talent post-listing
These steps enhance investor confidence by reflecting maturity and regulatory readiness.
Strategic Growth and Market Positioning
Lenskart has built an integrated online-offline ecosystem, giving it a strong edge in India’s fast-growing eyewear market:
- Store Network: 2,500+ stores in India and expanding presence across Southeast Asia, Middle East, Australia, Japan, and South Korea
- Manufacturing Hub: State-of-the-art Rajasthan facility for frames to cut import dependency and improve margins
- Quick Commerce Tie-ups: Partnerships with Blinkit and other platforms for same-day deliveries in urban markets
By blending technology, convenience, and physical presence, Lenskart has created a defensible moat in the eyewear retail landscape.
Significance of the IPO
Lenskart’s IPO is more than a fundraising event; it represents a landmark moment for India’s consumer-tech and startup ecosystem:
- Investor Confidence: Choosing a full DRHP route highlights transparency and confidence in profitability and governance
- Milestone Listing: Among India’s largest consumer-tech IPOs, reinforcing the maturity of new-age companies
- Attractive to Retail Investors: Combines strong brand equity, profitability, and scalable growth prospects
IPO Timeline and Expected Listing
- Shareholder Approval: July 26, 2025
- DRHP Filing with SEBI: July 29, 2025
- SEBI Review & Roadshows: August–September 2025
- Expected Listing: Late 2025, subject to market conditions
The company aims to capitalize on strong market sentiment and growing appetite for profitable tech listings.
Conclusion
Lenskart’s ₹8,000 crore IPO is poised to become a milestone in India’s evolving startup landscape, showcasing a rare mix of profitability, scale, and global ambition.
From a venture-backed digital disruptor to a profitable market leader, Lenskart now enters the public markets with a compelling growth story.
Investors will keenly watch valuation trends, subscription levels, and post-listing performance, but one thing is clear: Lenskart is set to redefine the playbook for India’s consumer-tech IPOs.
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