India’s homegrown eyewear giant Lenskart will open its much-awaited Rs 7,278 crore IPO for subscription today. Backed by global investors like SoftBank, Kedaara Capital, and Alpha Wave Ventures, the issue has already stirred strong interest but should investors rush to apply?
Lets take a look at six important factors to consider before subscribing.
Lenskart IPO: A Rs 7,278 crore issue
The Lenskart IPO includes a Rs 2,150 crore fresh issue and an Rs 5,128 crore offer for sale (OFS) by promoters and existing investors.
Prominent global funds like SoftBank’s SVF II Lightbulb (Cayman), Kedaara Capital, and Alpha Wave Ventures are among those paring their stakes. Founders Peyush Bansal, Neha Bansal, Sumeet Kapahi, and Amit Chaudhary will also sell a small portion of their holdings.
Lenskart IPO: GMP update
Even before the subscription began, the IPO was buzzing in the grey market, where Lenskart shares are commanding a premium of around Rs 108.
As of the latest (Oct 31), the shares of the company in the grey market is commanding at a premium of Rs 72. The is nearly 18% above the IPO upper price band.
However, it is important to note that GMP is not the actual listing performance and fluctuates depending on market sentiment and subscription demand during the bidding window.
Lenskart IPO: Timeline of the issue
Lenskart IPO is opening today, October 31. After three days of bidding, the issue will close on November 4. The price band is fixed between Rs 382–402 per share, with a lot size of 37 shares.
Retail investors can start with a minimum investment of Rs 14,874 and apply for up to 13 lots (Rs 1.93 lakh).
The basis of allotment is expected on November 6, and the listing is likely on November 10 on both BSE and NSE.
Lenskart IPO: What will the IPO funds be used for?
Proceeds from the fresh issue will support store expansion, technology upgrades, and brand marketing.
Lenskart also plans to repay store rentals, pursue strategic acquisitions, and strengthen its offline and international presence, especially across Southeast Asia and the Middle East.
Lenskart IPO: How Lenskart built its vision
Founded in 2008 as an online eyewear retailer, Lenskart has transformed into a multi-channel retail powerhouse.
After opening its first physical store in 2013, the company rapidly expanded across India’s Tier-1 and Tier-2 cities. Its omnichannel model, combining digital convenience with offline access, now serves millions of customers both in India and abroad.
Lenskart IPO: Brokerages take
According to Sunny Agrawal – Head of Fundamental Research, SBI Securities, “On the valuation, at the upper end of the price band, the issue represents a market cap of Rs 70,000 crore. At 10x EV/Sales multiple, valuations are stretched from a medium-term perspective. No doubt the business model is fairly strong; the company has made solid on-ground progress. However, at the current price, it is ideal for those looking at long-term plays in the retail eyewear manufacturing-to-consumer platform. Going forward, the key metrics to track will be the ability of the business to scale its profitability inline with its international peers.”
“The IPO is priced at a P/E ratio of 228x based on FY25 EPS and EV/EBITDA of 45x TTM. We assign a “Subscribe for listing gains” rating,” said Deven Choksey in the IPO note by Deven Choksey Research.
