Omnichannel eyewear retailer Lenskart has filed a draft red herring prospectus (DRHP) for its initial public offering (IPO) with Securities and Exchange Board of India (Sebi), through which it will seek to raise Rs 2,150 crore in fresh capital.
The issue also comprises an offer-for-sale (OFS) component of 132.2 million shares, through which its investors, including SoftBank, Kedaara Capital, Temasek, and Alpha Wave Global are offloading their stakes. Founders Peyush Bansal, Neha Bansal, Amit Chaudhary, Sumeet Kapahi will sell 31.8 million shares through the IPO.
According to people briefed on the developments, Lenskart is aiming for a Rs 7,500–8,000 crore ($850–900 million) IPO — making it among the biggest public offerings this year after the likes of Tata Capital and LG Electronics.
One of the persons, speaking on condition of anonymity, said that the company is targeting a valuation of Rs 70,000-75,000 crore ($8-9 billion), but these figures could change at the time of listing, depending on market conditions.
Lenskart’s IPO will be the biggest among new-age companies going public this year. Stockbroking firm Groww, ecommerce marketplace Meesho, and edtech platform PhysicsWallah are also preparing sizeable listings, but unlike Lenskart, all the three companies have opted for Sebi’s confidential filing process.
Also Read: Sebi clears PhysicsWallah’s IPO plans; edtech eyes Rs 4,000 crore raise
The company will use around Rs 272 crore to set up new stores in India, while Rs 591 crore from the fresh capital will be utilised towards meeting leasing, rental and other expenses for its existing store footprint. Lenskart currently has over 2,700 stores across all its geographies.
Kotak Mahindra, Morgan Stanley, Citi, Avendus Capital and Intensive Fiscal Services are the merchant bankers for Lenskart’s issue.
In fiscal year 2025, Lenskart turned profitable, posting a net profit of Rs 297 crore against a net loss of Rs 10 crore in the year that ended in March 2024.
Lenskart’s revenue during FY25 increased 22% to Rs 6,625 crore, from Rs 5,428 crore in FY24. In comparison, its listed Titan Company-owned rival Titan EyeCare reported a 10% increase in its revenue for FY25 at Rs 796 crore, as per the company’s annual report.
Of Lenskart’s total revenue in fiscal year 2025, more than 40% came from international markets, including Taiwan, Australia, Japan, South Korea, Thailand and the Middle East.
“In its conversations with public market investors, Lenskart is not just selling the India consumption story but is also leaning heavily on its Asia Pacific growth story, which is backed by its 2022 acquisition of (Japanese eyewear brand) OwnDays. FY25 is the first time the full impact of that acquisition shows up in its numbers,” one of the people cited above said.
The company’s standalone international revenue of Rs 2,638 crore in FY25 is a 17% increase from Rs 2,265 crore in fiscal year 2024.
The issue also comprises an offer-for-sale (OFS) component of 132.2 million shares, through which its investors, including SoftBank, Kedaara Capital, Temasek, and Alpha Wave Global are offloading their stakes. Founders Peyush Bansal, Neha Bansal, Amit Chaudhary, Sumeet Kapahi will sell 31.8 million shares through the IPO.
According to people briefed on the developments, Lenskart is aiming for a Rs 7,500–8,000 crore ($850–900 million) IPO — making it among the biggest public offerings this year after the likes of Tata Capital and LG Electronics.
One of the persons, speaking on condition of anonymity, said that the company is targeting a valuation of Rs 70,000-75,000 crore ($8-9 billion), but these figures could change at the time of listing, depending on market conditions.
Lenskart’s IPO will be the biggest among new-age companies going public this year. Stockbroking firm Groww, ecommerce marketplace Meesho, and edtech platform PhysicsWallah are also preparing sizeable listings, but unlike Lenskart, all the three companies have opted for Sebi’s confidential filing process.
Also Read: Sebi clears PhysicsWallah’s IPO plans; edtech eyes Rs 4,000 crore raise
The company will use around Rs 272 crore to set up new stores in India, while Rs 591 crore from the fresh capital will be utilised towards meeting leasing, rental and other expenses for its existing store footprint. Lenskart currently has over 2,700 stores across all its geographies.
Kotak Mahindra, Morgan Stanley, Citi, Avendus Capital and Intensive Fiscal Services are the merchant bankers for Lenskart’s issue.
In fiscal year 2025, Lenskart turned profitable, posting a net profit of Rs 297 crore against a net loss of Rs 10 crore in the year that ended in March 2024.
Lenskart’s revenue during FY25 increased 22% to Rs 6,625 crore, from Rs 5,428 crore in FY24. In comparison, its listed Titan Company-owned rival Titan EyeCare reported a 10% increase in its revenue for FY25 at Rs 796 crore, as per the company’s annual report.
Of Lenskart’s total revenue in fiscal year 2025, more than 40% came from international markets, including Taiwan, Australia, Japan, South Korea, Thailand and the Middle East.
“In its conversations with public market investors, Lenskart is not just selling the India consumption story but is also leaning heavily on its Asia Pacific growth story, which is backed by its 2022 acquisition of (Japanese eyewear brand) OwnDays. FY25 is the first time the full impact of that acquisition shows up in its numbers,” one of the people cited above said.
The company’s standalone international revenue of Rs 2,638 crore in FY25 is a 17% increase from Rs 2,265 crore in fiscal year 2024.
