India’s leading eyewear retailer, Lenskart Solutions Ltd, is gearing up for one of the most awaited market debuts of 2025. The company will launch its initial public offering (IPO) on October 31, eyeing to raise a whopping ₹7,278 crore through a combination of fresh equity issuance and an offer for sale (OFS).

The public issue will remain open for subscription until November 4, with shares expected to list on the BSE and NSE on November 10. Ahead of the IPO, anchor investor bidding will open on October 30.

The announcement has already created significant buzz among investors, not only for the sheer scale of the issue but also for the strong financial turnaround and star-studded investor lineup behind it — including DMart founder Radhakishan Damani, who recently invested ₹90 crore in a pre-IPO round.

IPO Structure and Key Details

The ₹7,278 crore issue comprises a fresh issue of ₹2,150 crore and an offer for sale of 13.22 crore shares by promoters and early investors. The price band has been set at ₹382–₹402 per share, with a minimum application size of 37 shares.

According to the company’s red herring prospectus, Qualified Institutional Buyers (QIBs) will be allocated 75% of the issue, retail investors will get 10%, and non-institutional investors will be allotted 15%. To encourage employee participation, Lenskart has announced a ₹19 per share discount for eligible staff members.

Who’s Selling and Who’s Gaining

Promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi will offload part of their holdings, alongside institutional investors such as SoftBank’s SVF II Lightbulb, Kedaara Capital, and KKR’s MacRitchie Investments.

Founder and CEO Peyush Bansal, who holds a 10.3% stake in the company, will sell 2.05 crore shares. At the upper end of the price band, his sale could fetch him over ₹785 crore.

Lenskart’s Financial Muscle: Strong Growth Ahead of Listing

Lenskart has displayed an impressive turnaround over the past year. The company reported revenues of ₹7,009 crore in FY25, marking a sharp rise from previous years, and a net profit of ₹297 crore compared to a ₹10 crore loss in FY24.

In Q1 FY26, Lenskart continued its growth trajectory, clocking a 24.6% year-on-year rise in revenue to ₹1,894 crore and a net profit of ₹61 crore.

Founded in 2010 by Peyush Bansal, Lenskart has evolved from an online eyewear startup into a global retail powerhouse. Today, it operates over 2,000 stores across India, along with a growing presence in Southeast Asia and the Middle East, serving more than one crore customers globally.

How the IPO Funds Will Be Used

The fresh capital from the IPO will be strategically deployed to accelerate expansion, bolster technology infrastructure, and strengthen brand presence. Lenskart has earmarked:

• ₹273 crore for setting up new company-owned stores

• ₹591 crore towards lease and rental payments

• ₹213 crore for technology and cloud infrastructure upgrades

• ₹320 crore for brand marketing and customer acquisition

• The remaining proceeds will go towards potential acquisitions and general corporate purposes.

This aggressive growth plan underlines Lenskart’s ambition to cement its leadership in India’s eyewear segment while deepening its international footprint.

Big Names, Big Gains: Who’s Making How Much

Lenskart’s IPO is not just a growth story — it’s a massive wealth creation event for founders and early backers. At the upper price band of ₹402, the company is valued at ₹69,676 crore, catapulting it into India’s top consumer-tech league.

• Peyush Bansal’s 20x Return

Co-founder and CEO Peyush Bansal, who holds 17.32 crore shares (10.28% stake) acquired at an average cost of ₹18.6 per share, stands to see his holding valued at ₹6,964 crore — a 20-fold increase from the earlier valuation of ₹323 crore.

• Neha Bansal’s 5,200% Surge

Neha Bansal, Executive Director and Global Head of Merchandising, holds 12.83 crore shares purchased at an average cost of ₹7.6 per share. Her stake, once valued at ₹98 crore, now commands ₹5,157 crore, a staggering 5,200% rise.

• Amit Chaudhary and Sumeet Kapahi’s 5,000% Returns

Fellow co-founders Amit Chaudhary and Sumeet Kapahi, who own 1.66 crore and 1.62 crore shares respectively, both acquired at ₹8.1 per share, will see their stakes balloon from ₹13 crore each to over ₹650 crore — nearly a 5,000% jump in value.

Global Investors Hit the Jackpot Too

Several marquee investors are also poised for massive gains from the listing.

• SoftBank’s SVF II Lightbulb (Cayman) holds 25.35 crore shares at an average price of ₹74.26 per share. The investment, originally valued at ₹1,882 crore, is now worth ₹10,188 crore — up 442%.

• Kedaara Capital, through its Fund II and III, owns 8.9 crore shares at ₹75 per share. That ₹668 crore bet has grown to ₹3,580 crore, marking a 435% gain.

• Temasek’s MacRitchie Investments holds 8.19 crore shares acquired at ₹97.75 each. Its valuation has jumped from ₹800 crore to ₹3,293 crore, a 311% surge.

• KKR’s Birdseye View Holdings has 3.71 crore shares at ₹163.64 per share, now worth ₹1,491 crore, a 145% increase.

• Bay Capital and PremjiInvest’s PI Opportunities Fund will also reap major rewards. Bay Capital’s 1.83 crore shares bought at ₹161.28 now total ₹738 crore, while PI Opportunities’ 8.65 crore shares bought at ₹24 each are now worth ₹3,475 crore — a 1,560% gain.

Investor Confidence: The Damani Factor

Adding further credibility to Lenskart’s IPO is the recent investment by Radhakishan Damani, founder of DMart, who pumped in around ₹90 crore during the company’s pre-IPO funding round. Damani’s entry is widely seen as a strong vote of confidence in Lenskart’s growth trajectory and financial discipline.

Four Key Risks Investors Should Watch

Despite its impressive growth story, potential investors should be mindful of a few crucial risks highlighted in the company’s draft prospectus.

1. Heavy Reliance on China

A significant portion of Lenskart’s raw materials and frames come from China. The company operates a joint venture, Baofeng Framekart Technology, incorporated in February 2018, where it holds a 51% stake. This facility handles the production and sale of spectacle frames, lenses, and accessories.

In FY25 alone, direct imports from China amounted to ₹1,06,243.3 crore, accounting for 42.2% of total purchases. Any geopolitical tension, import restriction, or supply chain disruption could therefore pose a material risk to operations.

2. Ongoing ED Inquiry

The Enforcement Directorate (ED), Gurugram, issued a show-cause notice on July 25, 2022, concerning procedural delays in filings on the IDPMS and EPDMS portals for import-export transactions. The notice covers details like bank accounts, pending exports, delayed payments, and outstanding remittances.

Lenskart has responded to all queries, and Neha Bansal has appeared before the ED on behalf of the company. The matter is still pending resolution.

3. Volatile Raw Material Costs

Raw materials make up a sizable chunk of Lenskart’s expenses. In FY25, raw material consumption amounted to ₹1,62,297.4 crore — 25% of total expenses. Any fluctuation in costs or disruption in the supply chain could adversely affect profitability and cash flow.

4. Concentration Risk in Manufacturing Facilities

Lenskart’s heavy reliance on its manufacturing facilities in Gurugram and Bhiwadi exposes it to operational and logistical risks. Any breakdown, shutdown, or delay at these facilities could disrupt production and order fulfillment, impacting financial performance.

IPO Managers and Listing Timeline

The IPO is being managed by top investment banks, including Kotak Mahindra Capital, Morgan Stanley India, Axis Capital, Citigroup, and Avendus Capital.

The timeline for the Lenskart IPO is as follows:

• Anchor bidding: October 30

• IPO opens: October 31

• Closes: November 4

• Basis of allotment: November 6

• Refunds and share credits: November 7

• Listing date: November 10

The Bottom Line

The Lenskart IPO is shaping up to be one of the most closely watched listings of 2025 — a blend of a strong consumer brand, stellar financial turnaround, and massive wealth creation for founders and investors alike.

However, while the company’s fundamentals appear robust and its expansion plans ambitious, investors should weigh the risks related to Chinese imports, raw material costs, and regulatory scrutiny before placing their bids.

Still, with its proven business model, strong profitability, and visionary leadership under Peyush Bansal, Lenskart is clearly setting its sights on becoming the undisputed global leader in eyewear retail.

With inputs from agencies

Image Source: Multiple agencies

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