Introduction
The Indian IPO market is preparing for the upcoming Lenskart Solutions IPO. The public issue, valued at ₹7,278.02 crore, comprises a fresh issue of shares worth ₹2,150 crore and an offer for sale of shares worth ₹5,128.02 crore. The issue will open for subscription on October 31, 2025, and close on November 4, 2025, with a tentative listing date of November 10, 2025, on the BSE and NSE. Here’s an overview of Lenskart Solutions, its operations, financial performance, and the key details of its initial public offering.
IPO Details
| Detail | Information |
| Opening Date | 31 Oct 2025 |
| Closing Date | 4 Nov 2025 |
| Price Band | ₹382 – ₹402 per share |
| Issue Size | 18,10,45,160 shares (aggregating up to ₹7,278.02 Cr) |
| Lot Size | 37 shares per lot |
| Minimum Investment (Retail) | ₹14,874 (at upper price band) |
| Listing Exchanges | BSE & NSE |
| Expected Listing Date | 10 Nov 2025 |
Source: BSE | Chittorgarh
Business Overview
Lenskart Solutions is a technology-driven eyewear company established in 2008. The company is engaged in the design, manufacturing, branding, and retail of prescription eyeglasses, sunglasses, contact lenses, and accessories. It operates under a direct-to-consumer model with a portfolio of owned brands and sub-brands catering to varied customer segments.
As of March 31, 2025, Lenskart operated 2,723 stores globally, including 2,067 in India and 656 across international markets. Of these, 1,757 are company-owned and 310 are franchised outlets. The company also provides remote eye testing services through certified optometrists in select stores across India, Japan, and Thailand.
Its manufacturing operations are centered in Bhiwadi and Gurugram, with additional facilities in Singapore and the UAE. This setup supports faster fulfillment, enabling next-day delivery in 40 Indian cities and three-day delivery in 69 cities for single-vision eyewear.
Lenskart recorded revenue of ₹66,525.17 million in FY 2025, reflecting consistent year-on-year growth. The company’s mobile applications have exceeded 100 million cumulative downloads, supported by a dedicated technology team of over 500 members.
Industry Context
India’s eyewear market has expanded rapidly in recent years, supported by rising awareness of vision correction, increased screen exposure, and greater fashion consciousness among consumers. The organized retail segment continues to gain share from unorganized players, aided by wider access, digital channels, and affordable product options.
Key industry trends:
- Growing Vision Care Awareness: A higher incidence of vision-related issues and greater health awareness are driving demand for prescription eyewear and regular eye testing.
- Expansion of Organized Retail: The shift from unorganized to organized eyewear retail is accelerating, supported by branded outlets and online accessibility.
- Omnichannel Presence: Integration of online and offline retail is becoming central to customer engagement, combining physical testing with digital ordering and fulfillment.
- Technology and Customization: Advancements in lens manufacturing, product personalization, and virtual try-on features are reshaping the eyewear buying experience.
- Rising Global Demand: Indian eyewear brands are expanding internationally through partnerships, localized stores, and e-commerce platforms.
Lenskart operates within this evolving landscape as one of the leading players in India’s organized eyewear sector, combining retail reach with in-house design and manufacturing capabilities.
Integrated Supply Chain
Lenskart manages design, manufacturing, and retail in-house, enabling control over quality, costs, and delivery timelines.
Omnichannel Presence
The company operates through both online platforms and physical stores, offering customers flexibility across purchase and service channels.
In-House Manufacturing
Production facilities in Bhiwadi and Gurugram, supported by regional hubs in Singapore and the UAE, ensure scalability and faster order fulfillment.
Technology-Driven Operations
A dedicated technology team supports product customization, app-based engagement, and logistics optimization across markets.
Wide Retail Network
As of March 31, 2025, the company operated 2,723 stores, including 2,067 in India and 656 overseas, strengthening its domestic and international footprint.
Proprietary Brand Portfolio
Lenskart’s owned brands and sub-brands cover multiple price points, addressing diverse customer segments across age groups and geographies.
Risks and Challenges
- Dependence on Key Markets:
A significant portion of Lenskart’s revenue is derived from India, making its performance sensitive to domestic economic conditions. - Competition:
The eyewear industry faces competition from both organized and unorganized players, as well as new entrants expanding through e-commerce and retail partnerships. - Supply Chain and Manufacturing Risks:
Dependence on centralized manufacturing units in Bhiwadi and Gurugram exposes operations to potential disruptions from logistics or regulatory changes. - Foreign Operations Exposure:
International expansion brings exposure to foreign exchange fluctuations, differing regulatory environments, and local market dynamics. - Technology Dependence:
The company’s operations rely heavily on digital platforms and proprietary software systems, making it susceptible to technology or cybersecurity risks.
Financial Performance
- Revenue Growth:
Total income rose from ₹3,927.97 crore in FY23 to ₹7,009.28 crore in FY25, reflecting consistent year-on-year growth. - Profitability:
The company reported a profit after tax (PAT) of ₹297.34 crore in FY25, compared to a loss of ₹10.15 crore in FY24. - EBITDA Performance:
EBITDA increased from ₹259.71 crore in FY23 to ₹971.06 crore in FY25, indicating operational improvement and scale efficiency. - Net Worth and Borrowings:
Net worth as of March 31, 2025, stood at ₹6,108.30 crore, with total borrowings reduced to ₹345.94 crore from ₹917.21 crore in FY23. - Key Ratios:
ROCE stood at 13.84%, while EBITDA margin was 14.6% as of FY25, with a post-issue market capitalization of ₹69,726.83 crore.
Source: RHP
Investor Sentiment
Lenskart Solutions IPO holds significance for several reasons:
- Established Consumer Brand: Lenskart is among India’s leading eyewear retailers with a strong presence in both online and offline channels.
- Omnichannel Expansion: The company’s large retail footprint and technology-driven operations reflect a scaled consumer business model.
- Global Footprint: With 2,723 stores across India and international markets, the company’s listing represents one of the few Indian consumer-tech IPOs with a multinational presence.
The issue size and brand visibility are expected to make it one of the notable consumer IPOs in 2025.
Valuation & Peer Comparison
Lenskart Solutions will be compared with other listed consumer and retail-focused companies operating in technology-enabled or branded product categories.
Indicative Peer Set (as per RHP):
- Titan Company (organized eyewear and accessories)
- Metro Brands (retail and fashion accessories)
- Nykaa (FSN E-Commerce Ventures ) (digital-first consumer platform)
As per the RHP, the company’s pre-issue P/E ratio stood at 227.27x, and the post-issue P/E ratio at 284.96x, based on FY25 earnings. Its Price to Book Value is reported at 11.03x.
The post-issue market capitalization is estimated at ₹69,726.83 crore.
Source: RHP | Chittorgarh
Conclusion
Lenskart Solutions IPO marks an important development in India’s consumer and retail space. For the company, the listing represents a milestone in its growth from a homegrown eyewear startup to a large-scale, technology-enabled retail brand.
The issue highlights the scale of India’s organized eyewear market and the growing role of direct-to-consumer platforms in reaching new customers. At the same time, competition, reliance on technology infrastructure, and expansion across multiple geographies remain key operational factors.
With a strong brand presence, integrated manufacturing, and expanding global footprint, Lenskart’s public offering is among the most closely watched consumer listings of 2025.
Source: DRHP, RHP
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