Lenskart is gearing up for its initial public offering (IPO) slated to open on October 31, 2025, with a listing expected on November 10. The eyewear retailer aims to raise ₹7,278 crore, targeting a valuation of around ₹70,000 crore. This comprises a fresh issue of ₹2,150 crore and an offer for sale (OFS) of ₹5,128 crore.
IPO Details and Objectives
The IPO's price band is set at ₹382-₹402 per share. A discount of ₹19 per share is being offered to employees. Investors can bid in lots of 37 shares. Lenskart plans to use the fresh issue proceeds for expansion, technology upgrades, and brand promotion. Specifically, ₹273 crore is designated for capital expenditure related to new company-owned stores, ₹591 crore for lease and rental payments for these stores, ₹213 crore for investments in technology and cloud infrastructure, and ₹320 crore for brand marketing. The remaining funds are intended for potential inorganic acquisitions and general corporate needs.
Make in India Focus
Lenskart is emphasizing its commitment to manufacturing in India. A significant portion of its global supply chain is managed from India, with a centralized facility in Bhiwadi, Rajasthan, that has an annual production capacity of 5 crore glasses. The company is investing in a new factory in Hyderabad to increase capacity for both Indian and international demand. Peyush Bansal has stated that the company is heavily investing in its manufacturing capabilities, with its Bhiwandi plant operating at 75% automation.
Shareholder Gains
Founder and CEO Peyush Bansal will sell 2.05 crore shares in the IPO, potentially earning ₹824 crore. After the IPO, he will retain an 8.78% stake in Lenskart. Co-founder Neha Bansal is also selling 10.1 lakh shares, expecting to gain ₹40.62 crore. Other promoters, Amit Chaudhary and Sumeet Kapahi, are also offloading stakes. Early investors like SoftBank, TR Capital, Kedaara Capital, and Chiratae Ventures are also participating in the OFS. Premji Invest will offload 87 lakh shares for ₹350 crore.
Kabeer Biswas' Departure from Flipkart
In other news, Kabeer Biswas, co-founder and former CEO of Dunzo, has resigned from his role as Vice President at Flipkart Minutes, just 10 months after joining. Biswas joined Flipkart on January 9, 2025, to lead its quick commerce vertical. Kunal Gupta, a Flipkart veteran, will succeed Biswas. A Flipkart spokesperson confirmed Biswas's exit, noting his role in scaling Flipkart Minutes and enhancing customer experience. Prior to joining Flipkart, Biswas stepped down from Dunzo after the company faced a severe cash crunch. There are reports that Biswas is in talks to join Tata-owned BigBasket to lead its quick commerce vertical.
Financial Performance
Lenskart reported a consolidated restated profit of ₹297 crore for the financial year ending March 31, 2025. The company's India revenues have grown at a CAGR of 31.3% between FY23-25, with international business growing at a CAGR of 80.2% during the same period. In Q1 FY26, Lenskart's net profit stood at ₹61 crore, compared to a loss of ₹11 crore year-on-year.
