Lenskart Sets IPO Price Band at ₹382–₹402 per Share; Targets ₹69,700 Crore Valuation

 Lenskart, India’s leading omnichannel eyewear brand, has officially announced its Initial Public Offering (IPO) with a price band fixed between ₹382 and ₹402 per share. The IPO aims to propel the company’s valuation to a massive ₹69,700 crore, marking one of the most anticipated listings in the Indian consumer-tech sector.

This IPO reflects more than a financial event  it represents the evolution of India’s D2C (Direct-to-Consumer) revolution, blending digital innovation, consumer trust, and scale.

 

Table of Contents

1. Overview of Lenskart IPO
2. Company Background and Evolution
3. Key IPO Details
4. Lenskart’s Business Model and Revenue Streams
5. Financial Overview and Profitability
6. Market Opportunity and Growth Outlook
7. Competitive Landscape
8. Strengths of Lenskart
9. Risks and Challenges
10. Investor Perspective: Should You Subscribe?
11. FAQs
12. Conclusion

 

Overview of Lenskart IPO

The Lenskart IPO will open for subscription on November 5, 2025, and close on November 7, 2025. The eyewear retailer plans to raise approximately ₹6,800 crore, including a fresh issue of ₹1,500 crore and an offer for sale (OFS) by existing shareholders such as SoftBank Vision Fund, Premji Invest, and KKR.

With the IPO price band set between ₹382 and ₹402, Lenskart’s post-issue valuation is estimated at ₹69,700 crore (≈$8.4 billion) — positioning it among the top consumer-tech unicorns to list on Indian exchanges.

The company plans to use IPO proceeds for international expansion, new technology integration, and store expansion in tier-II and tier-III cities.

 

Company Background and Evolution

Founded in 2010 by Peyush Bansal, Lenskart began as a purely online eyewear retailer and evolved into a phygital brand combining online convenience with offline trust.

Over the years, Lenskart’s journey showcases a rare blend of tech-driven innovation and human-centric retailing. From its initial web-based model to over 2,200 physical stores (as of 2025), the brand has redefined how India buys eyewear.

Lenskart’s mission is simple yet ambitious — to make eyewear accessible, affordable, and aspirational for every Indian consumer.

The company’s foray into AI-powered lens fitting, home eye tests, and hyper-personalized recommendations makes it more than a retailer — it’s now a vision technology brand.

 

Key IPO Details

Particulars	Details
IPO Opening Date	November 5, 2025
IPO Closing Date	November 7, 2025
Price Band	₹382 – ₹402 per share
Face Value	₹1 per share
Issue Size	₹6,800 crore
Offer Type	Book Built Issue
Fresh Issue	₹1,500 crore
Offer for Sale (OFS)	₹5,300 crore
Minimum Lot Size	37 shares
Listing Date (Tentative)	November 14, 2025
Stock Exchanges	BSE, NSE
Registrar	KFin Technologies Ltd.

 

Lenskart’s Business Model and Revenue Streams

Lenskart operates on an integrated omni-channel model — bridging e-commerce, retail, and manufacturing. Its ecosystem includes:

1. E-commerce Platform – Lenskart.com and mobile app handle over 60% of total sales.
2. Retail Stores – 2,200+ stores across India, UAE, Singapore, and Saudi Arabia.
3. Manufacturing Unit – The state-of-the-art Bhiwadi plant produces over 20 million lenses annually.
4. Subscription Services – The Lenskart Gold Membership, with over 1.2 million subscribers, drives customer retention.
5. B2B Division – Supplies optical lenses and frames to smaller retailers and optometrists.

This hybrid model ensures control over supply chains, consistent product quality, and superior customer experience, creating significant entry barriers for competitors.

 

Financial Overview and Performance Analysis

Lenskart has demonstrated consistent revenue growth with improving profitability.

Financial Year	Revenue (₹ crore)	EBITDA (₹ crore)	Net Profit/Loss (₹ crore)
FY2022	1,502	112	-98
FY2023	2,186	235	36
FY2024	3,487	456	192

Highlights:

• Revenue CAGR: 48% (FY2021–FY2024)
• Gross Margins: 64% (among the highest in D2C retail)
• ROE (FY2024): 11.2%
• Debt-to-Equity Ratio: 0.19

The company turned profitable in FY2023, reflecting operational maturity and efficient cost management.

 

Market Opportunity and Growth Outlook

The Indian eyewear market is valued at ₹22,000 crore (FY2025) and is expected to reach ₹45,000 crore by FY2030, growing at a CAGR of 13–14%.

Key growth drivers include:

• Rising screen usage and digital eye strain
• Growing awareness of eye health in rural India
• Increasing adoption of fashion eyewear among Gen Z and Millennials
• Expansion of affordable optical care services

Lenskart’s international presence — especially in UAE, Singapore, and Indonesia — contributes to over 15% of total revenues, with strong plans to enter Europe and North America by 2026.

 

Competitive Landscape

Lenskart competes with brands like Titan Eye+, Specsmakers, and Coolwinks, along with unorganized local opticians.

However, its combination of tech-enabled vision tests, vertically integrated supply chain, and strong brand identity gives it a distinct advantage.

While Titan Eye+ dominates premium offline retail, Lenskart has built dominance in the mid-market and online segment, where India’s growth potential remains untapped.

 

Strengths of Lenskart

• Strong Brand Recall: Over 60% market share in organized eyewear.
• Tech-Driven Retail: AI, AR-based virtual try-ons, and 3D frame design tools.
• Vertical Integration: In-house manufacturing ensures cost efficiency and design flexibility.
• Global Expansion: Growing international revenue mix.
• Customer Loyalty: Repeat purchase rate of 55%.
• Sustainability Focus: Recycled frames and solar-powered plants.

 

Risks and Challenges

• High Valuation Risk: At ₹69,700 crore, the valuation may appear stretched compared to earnings.
• Dependence on Imported Raw Materials: Exposure to global supply chain fluctuations.
• Competitive Pressure: Entry of fashion eyewear D2C startups.
• Economic Slowdown Impact: Eyewear purchases could be deferred during economic contractions.
• Technology Obsolescence: Fast-changing AR/VR technology in eyewear fitting.

 

Investor Perspective: Should You Subscribe to Lenskart IPO?

Lenskart’s IPO offers exposure to a profitable D2C growth story that combines retail dominance, brand equity, and technological innovation.

The company’s strong fundamentals, diversified business model, and consistent revenue trajectory make it an attractive long-term investment.

However, investors should be mindful of its rich valuation, as the company’s P/E ratio (approx. 78x FY2024 earnings) leaves limited short-term upside.

For long-term investors, Lenskart represents an opportunity to invest in India’s next global consumer brand, similar to what Titan or Nykaa achieved in their categories.

 

Frequently Asked Questions (FAQs)

1. When will the Lenskart IPO open and close?

The IPO will open on November 5, 2025, and close on November 7, 2025.

2. What is the Lenskart IPO price band?

The IPO price band has been fixed between ₹382 and ₹402 per share.

3. What is Lenskart’s total IPO size?

Lenskart aims to raise ₹6,800 crore, with ₹1,500 crore as a fresh issue and ₹5,300 crore via an offer for sale.

4. What will Lenskart’s valuation be post-IPO?

The company is targeting a ₹69,700 crore valuation post-IPO.

5. Where will the shares be listed?

Shares will be listed on both BSE and NSE.

6. Who are the key investors selling in the IPO?

Major investors offloading shares include SoftBank Vision Fund, Premji Invest, and KKR.

7. What will Lenskart use the IPO funds for?

Funds will be used for store expansion, international growth, and technology enhancement.

 

Conclusion

The Lenskart IPO marks a defining moment for India’s new-age retail ecosystem. With a sharp focus on technology, affordability, and scalability, Lenskart has evolved into a profitable, data-driven, and globally competitive eyewear giant.