Lenskart is set to launch its initial public offering (IPO) on October 31, 2025, with the subscription window closing on November 4, 2025. The IPO aims to raise ₹7,278 crore through a combination of a fresh issue of shares worth ₹2,150 crore and an offer for sale (OFS) of 12.75 crore shares aggregating to ₹5,128.02 crores by existing shareholders. The price band for the IPO is fixed at ₹382 to ₹402 per share.
The IPO has generated significant buzz, but concerns about the company's valuation have also surfaced. The Grey Market Premium (GMP) for Lenskart's IPO initially showed a strong premium, but has since shown some volatility. On October 28, 2025, the GMP was around ₹90 per share, suggesting a potential listing gain of over 22%. Earlier, the grey market premium surged to ₹108, hinting at a listing price of about ₹510 per share, nearly 27% higher than the IPO's upper price band of ₹402. However, GMP is an unofficial indicator and subject to change based on market sentiment.
Lenskart intends to use the fresh capital raised through the IPO for several purposes. ₹272.6 crore is earmarked for opening new company-owned stores and ₹591.4 crore for rental/licence obligations tied to store rollouts. Additionally, ₹213.4 crore will be invested in technology and cloud infrastructure, and ₹320 crore allocated for marketing initiatives. The company plans to add 620 new stores by FY29, with the remaining proceeds funding acquisitions and general corporate activities.
Founded in 2008, Lenskart transformed from an online eyewear platform in 2010 into a leading omnichannel retailer. It boasts a widespread network of physical stores in metro, Tier-1, and Tier-2 cities in India, with a growing presence in Southeast Asia and the Middle East.
The IPO offer is structured with 75% of the shares reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors. Retail investors can apply for a minimum of 37 shares, amounting to ₹14,874 per lot based on the upper price band. The shares are expected to be listed on both the BSE and NSE on November 10, 2025. Allotment of shares is expected to be finalized on November 6, 2025.
Lenskart reported a strong financial rebound in FY25, with revenue rising to ₹6,652.5 crore, a 22.6% year-on-year increase. The company also swung to a net profit of ₹297.3 crore from a loss in the previous year. The company's EBITDA margin has increased from 7.0% in FY23 to 14.7% in FY25, reflecting operational efficiency and cost optimization.
At the upper price band of ₹402, Lenskart is seeking a valuation exceeding ₹69,700 crore. According to market analysts, Lenskart's IPO valuation looks ambitious yet promising. According to Sunny Agrawal, Head of Fundamental Research at SBI Securities, the IPO is ideal for those looking at long-term plays in the retail eyewear manufacturing-to-consumer platform.
