Lenskart Solutions IPO: From GMP and issue details to financials; Here’s what you need to know

Lenskart Solutions Ltd IPO has launched its Initial Public Offering (IPO) today it is to benefit from funding growth and expansion. The issue is a combination of fresh issue of 5.35 crore shares aggregating to Rs. 2,150.00 crores and offer for sale of 12.76 crore shares aggregating to Rs. 5,128.02 crores with a face value of Rs. 2 each.

Lenskart Solutions Ltd IPO opens for subscription on October 31, 2025, and closes on November 04, 2025, with the price band set at Rs. 382 to 402 per equity share. Lenskart Solutions Ltd IPO will list on BSE and NSE, with a tentative listing date fixed as November 10, 2025. 

GMP of On Lenskart Solutions Ltd IPO

As of October 31, 2025, the shares of Lenskart Solutions Ltd in the grey market were trading at a 16.42 percent premium. The shares in the Grey Market traded at Rs. 468. This gives it a premium of Rs. 66 per share over the cap price of Rs. 402.00.

Overview of Lenskart Solutions Ltd

Lenskart Solutions Ltd., established in 2008, is a technology-focused eyewear company that designs, manufactures, brands, and retails prescription eyeglasses, sunglasses, contact lenses, and accessories. India serves as its primary market, and as per the Redseer Report, the company recorded the highest volume of prescription eyeglasses sold in India during FY 2025.

Operating under a direct-to-consumer model, Lenskart offers a wide range of eyewear under its own brands and sub-brands, catering to diverse age groups and price segments. In FY 2025, the company launched 105 new collections, including collaborations with renowned brands and personalities, reinforcing its position as an innovation-led market leader.

As of March 31, 2025, Lenskart operated a total of 2,723 stores globally—2,067 in India and 656 overseas. Of these, 1,757 are company-owned and 310 are franchised within India. The company also provides remote eye testing services through 136 optometrists across 168 stores in India and select international locations such as Japan and Thailand, enhancing accessibility and convenience for customers.

Its manufacturing and assembly operations are primarily based in Bhiwadi and Gurugram, supported by regional facilities in Singapore and the UAE. This integrated infrastructure enables next-day delivery in 40 Indian cities and 3-day delivery in 69 cities for single-vision prescription eyewear.

The company’s digital strength is underscored by over 100 million cumulative app downloads and a robust technology team comprising 532 members, further emphasizing its commitment to innovation and customer-centric digital experiences.

Promoters of Lenskart Solutions Ltd

The promoters of Lenskart Solutions Ltd., Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, bring extensive expertise in eyewear design, technology-driven retail, product innovation, and brand development. Their visionary leadership and deep understanding of high-quality eyewear, customer-focused solutions, and technology-enabled innovations have been instrumental in establishing Lenskart as a trusted and leading brand in India’s eyewear market.

Offer For Sale

The Offer for Sale includes:

Peyush Bansal (Promoter Selling Shareholder) is offering up to 20,488,978 equity shares. Neha Bansal (Promoter Selling Shareholder) is offering up to 1,010,546 equity shares. Amit Chaudhary (Promoter Selling Shareholder) is offering up to 2,868,457 equity shares. Sumeet Kapahi (Promoter Selling Shareholder) is offering up to 2,868,457 equity shares.

Along with it, Investor Selling Shareholders include SVF II Lightbulb (Cayman) Limited, offering up to 25,518,098 equity shares; Schroders Capital Private Equity Asia Mauritius Limited, offering up to 19,064,344 equity shares; PI Opportunities Fund – II, offering up to 8,701,817 equity shares.

Furthermore, MacRitchie Investments Pte. Ltd. is offering up to 7,858,841 equity shares; Kedaara Capital Fund II LLP is offering up to 7,360,340 equity shares; and Alpha Wave Ventures LP is offering up to 6,664,179 equity shares.

Lead Managers of Lenskart Solutions Ltd

Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Avendus Capital Private Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited, and Intensive Fiscal  Services Private  Limited are acting as the Book Running Lead Managers. MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar managing investor applications and allotment.

Objectives of the IPO Offer

The issue proceeds will be utilized as follows: Rs. 272.62 crores for capital expenditure to set up new Company-operated (CoCo) stores in India; Rs. 591.44 crores for lease, rent, and license-related payments for these stores; Rs. 213.38 crores for investing in technology and cloud infrastructure; Rs. 320.06 crores for brand marketing and business promotion to enhance brand awareness; and the remaining amount for unidentified inorganic acquisitions and general corporate purposes.

Financial Analysis of Lenskart Solutions Ltd

Lenskart Solutions Ltd. has demonstrated steady financial performance in recent years. The company’s total income grew from Rs. 3,927.97 crore in FY23 to Rs. 5,609.87 crore in FY24, reaching Rs. 7,009.28 crore in FY25, with Rs. 1,946.10 crore recorded for the quarter ended June 30, 2025.

Profit After Tax (PAT) showed improvement, rising from a loss of Rs. 63.76 crore in FY23 to a loss of Rs. 10.15 crore in FY24, before turning profitable with Rs. 297.34 crore in FY25, and Rs. 61.17 crore as of June 30, 2025.

Lenskart Solutions Vs Peers

The company does not have any listed peers in India with a comparable scale of operations or financial profile in the same industry.

Lenskart Solutions Strengths and Weaknesses

Strengths:

• It is a centralised supply chain and in-house manufacturing
• An In-house frame and lens engineering
• They do a Direct-to-consumer approach
• They have a Customer-centric product design
• Owned eyewear brand portfolio
• Technology-led operations and retail experience
• They have an Omnichannel retail presence
• Multi-year revenue and EBITDA growth trajectory

Weakness: 

• Supply Chain & Raw Material Risk: The cost of raw materials consumed constitutes a significant portion of the expenses (₹4,673.39 million, or 25.45% of total expenses in Q1 FY2026; ₹16,229.74 million, or 24.52% of total expenses in FY2025). Delays, interruptions, or reductions in the supply of raw materials for manufacturing prescription eyeglasses, or fluctuations in their prices, could adversely affect the business.
• Geopolitical & Import Risk: Some of the frames are manufactured in, and certain raw materials are imported from, the People’s Republic of China, including via the Joint Venture, Baofeng Framekart Technology Limited. Any delay, interruption, or reduction in the supply of these frames or other raw materials could materially affect the business, financial condition, results of operations, and cash flows.
• Operational Capacity Risk: The ability to maintain or improve capacity utilization levels at the manufacturing facilities is critical. An inability to do so could have an adverse effect on the business, results of operations, financial condition, and cash flows.
• Regulatory & Compliance Risk: The Directorate of Enforcement, Gurugram, under the Foreign Exchange Management Act, 1999, has requested certain information and documents from us. While we have complied with these requests, there is no assurance that regulatory or other actions will not be initiated against the Company in the future, which could negatively affect the business, reputation, results of operations, financial condition, and cash flows.

Conclusion

Lenskart Solutions Ltd is India’s leading technology-driven eyewear company with a strong omni-channel presence, robust digital platform, and consistent revenue growth. The IPO provides investors with an opportunity to participate in a market-leading, innovation-focused brand with international reach. However, risks include dependence on imported raw materials, operational and regulatory challenges, and potential supply chain disruptions, which investors should carefully consider before investing.

Written by Sridhar J

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