ETtech Explainer: Inside Lenskart’s upcoming Rs 7,300-crore IPO

When omnichannel eyewear retailer Lenskart launches its initial public offering (IPO) next month, it could be among India’s largest new-age listings. While the issue would be a big milestone for the 15-year-old company that’s gone through several ups and downs, it will also be a big moment for India’s consumer internet sector — testing investor appetite for homegrown, digital-first brands.

IPO details

The total size of the IPO, which includes both fresh shares and an offer for sale (OFS) component, is expected to be Rs 7,300 crore, valuing the eyewear retailer at Rs 70,000 crore.


Lenskart had initially filed its draft red herring prospectus with Sebi in July to raise Rs 2,150 crore in fresh capital, which was approved by the markets regulator earlier this month.

The company has fixed the price band at Rs 382–402 per equity share of face value Rs 2.

The IPO will have an OFS of up to 12.76 crore shares, according to the red herring prospectus for the IPO. Founders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi will sell a portion of their shares, along with investors such as SoftBank, Premji Invest, Temasek, Kedaara Capital, and Alpha Wave Global.

Also Read: Lenskart expected to raise Rs 430 crore in pre-IPO placement from Dmart’s Damani, SBI MF: sources

How do Lenskart’s books look?

Lenskart,winner of the Startup of the Year category at the ET Startup Awards 2024, turned profitable in FY25. It posted a net profit of Rs 297 crore, a big turnaround from a net loss of Rs 10 crore in FY24. Its revenue also rose 22%, to Rs 6,625 crore, from Rs 5,428 crore the year before.

Of Lenskart’s total revenues in fiscal 2025, more than 40% came from international markets, including Taiwan, Australia, Japan, South Korea, Thailand, and west Asia. The company’s standalone international revenue of Rs 2,638 crore in FY25 is a 17% increase from Rs 2,265 crore in fiscal 2024.

Due primarily to its increasing domestic manufacturing, Lenskart has also demonstrated high product margins, which hit 68.5% in fiscal 2025, up from 63.5% in FY23.

Currently, Lenskart has manufacturing facilities in Gurgaon and Rajasthan, with a third one coming up in Telangana with a planned investment of Rs 1,500 crore.

Also Read: Shark Tank judge Peyush Bansal nears billionaire status with Lenskart IPO

Where does it plan to deploy its IPO proceeds?

Lenskart has said it will use around Rs 272 crore of fresh capital from the issue to set up new stores in India, while Rs 591 crore will be utilised towards meeting leasing, rental, and other expenses of its 2,700-plus stores. The company has earmarked an undisclosed portion of the proceeds for acquisitions.

Lenskart recently acquired 80% of Spanish eyewear brand Meller for Rs 407 crore. It had previouslyacquired Japanese D2C eyewear brand Owndays in August 2022. In 2024, it made a minority investment in Paris-based omnichannel eyewear brand Le Petit Lunetier, and in 2025, it picked up a small stake in Ajna Lens, a Mumbai-based deeptech company building AI-powered XR glasses.

How does Lenskart stack up against other upcoming new-age IPOs?

Besides Lenskart, several other large IPOs by new-age companies are on the cards.

These include:

• Stockbroking startup Groww’s public issue, that’s expected to be between $800 million to $1 billion.
• Ecommerce marketplace Meesho has made a confidential filing with Sebi for an IPO that could be up to $1 billion in size.
• Walmart-owned payments platform PhonePe also recently filed confidentially for what could be a $1.5 billion IPO.