Could India’s eyewear giant be readying for its stock market debut soon? Lenskart, a company co-founded by Peyush Bansal, a well known Shark Tank Judge, filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI in late July. This has set the stage for one of the most-watched IPOs in recent times.
Although the company has not yet announced the official IPO dates, the firm plans to raise Rs 2,150 crore.
As the street awaits this upcoming IPO, let’s take a look at the key details of the issue, the financials and the risks listed in the company’s DRHP.
Lenskart IPO: Issue details
Lenskart Solutions is planning to open a 100% book-built IPO. This means the final price will be determined by investor bids. Furthermore, the offer combines a Fresh Issue and an Offer for Sale (OFS).
The Fresh Issue is set to raise up to Rs 2,150 crore. This will be added to the company’s balance sheet and will be used to support expansion and corporate activities.
As per the DRHP filing, the OFS will see promoters and early investors selling up to 13.23 crore shares, with proceeds going entirely to them, not the company.
In addition to this, a small employee reservation of up to 5% of post-offer equity is included, while the remaining shares in the Net Offer will be allocated among institutional, retail, and non-institutional investors following SEBI rules.
Lenskart IPO: Who’s selling stake via OFS?
The upcoming IPO is not only about raising fresh capital. This is also about existing investors exiting partially.
Promoter Peyush Bansal, co-founder and CEO, is selling up to 2.05 crore shares. On a similar note, the co-founders Neha Bansal, Amit Chaudhary, and Sumeet Kapahi are also offloading smaller portions.
Furthermore, institutional investors who backed earlier rounds, such as SVF II Lightbulb, Platinum Jasmine Trust, PI Opportunities Fund-II, and Kedaara Capital, are also participating in the OFS.
Altogether, selling shareholders hold around 62.71% of pre-offer equity, showing a mix of promoter and institutional exits.
Lenskart IPO: Objectives of the issue
Where will the Rs 2,150 crore raised through the Fresh Issue go? A significant portion is placed for expanding company-owned stores (CoCo stores) in India. This includes lease and rental costs.
Technology and brand enhancement is another objective of this public offering. The funds will support cloud infrastructure upgrades.
It will also bolster the tech team, and improve digital operations. Moreover, marketing and brand promotion activities will aim to increase awareness of Lenskart and Owndays in domestic and international markets.
Thereafter, the remaining amount will go toward general corporate purposes and potential acquisitions.
Lenskart IPO: Key services provided
Lenskart is not just a retailer. It manages the entire eyewear experience. This includes designing frames to manufacturing lenses and running logistics.
The eyewear giant handles everything internally. This vertical integration enables quick delivery of customised prescription glasses, with next-day delivery in over 40 cities and three-day delivery in 69 cities in India.
The company has introduced innovative vision testing services. Customers can visit stores for remote optometry exams, self-testing tools, or even request at-home eye tests and frame trials in over 25 cities.
An omnichannel presence, including its mobile app (100 million+ downloads) and website, allows seamless browsing, purchasing, and returns. Membership programs such as Lenskart Gold and Owndays Loyalty offer added to these benefits.
Another key feature of the company is its after-sales support. This includes repair services and warranties. It also leverages AI and automated systems. This is used for customer analytics, inventory management, and store operations.
In 2025, it expanded into vision insurance services via its joint venture, Visionsure Services. This targets eye-care benefits and insurance products.
Lenskart IPO: Financial performance
Now coming to the financial health of the company, its revenue climbed to Rs 66,525 crore in FY25 from Rs 54,277 crore in FY24. This translates to a growth of over 22%. The company turned profitable in FY25, posting a net profit of Rs 297 crore, compared with a small loss of Rs 101 crore in FY24.
Moreover, the margins have improved too. The EBITDA margins surged to 14.60% in FY25 from 12.38% in FY24. This was contributed by its performance both in India and internationally.
Lenskart IPO: Shareholder positions
The company’s promoter such as Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi held 19.96% of pre-IPO equity. This is slightly below SEBI’s 20% minimum requirement.
Now to bridge the gap, four institutional investors (Platinum Jasmine Trust, PI Opportunities Fund-II, Kedaara Capital, and SVF II Lightbulb) are contributing additional shares. All of which will be locked in for 18 months post allotment.
Both promoters and investors stakes are included in this OFS. Some of the top pre-IPO shareholders include SVF II Lightbulb (15.04%), Platinum Jasmine Trust (12.45%), and Peyush Bansal (10.28%), along with other institutional investors.
Lenskart IPO: Market position of the company
This eyewear giant operates in a highly fragmented market. But what makes this company different from the others is through its fully integrated, tech-driven model. When compared to its competitors in the market, what sets it apart is that the company controls design, manufacturing, branding, and retail, enabling cost advantages and fast delivery.
Furthermore, in FY25, its frame and lens costs in India were 35–40%. This was lower than the industry average. The company has over 2,700 stores globally. This includes 2,067 in India, giving it a 4–6% share of the organised market.
Lenskart IPO: Key risks
Some of the key risks mentioned by the company in the DRHP filing include –
“Our cost of raw materials consumed constitutes a significant portion of our expenses (amounting to Rs 16,229.74 million, or 24.52% of our total expenses in the Financial Year 2025) and delays, interruptions or reduction in the supply of raw materials to manufacture our prescription eyeglasses or fluctuations in the prices of our raw materials could adversely affect our business, results of operations, financial condition and cash flows.”
“We manufacture some of our frames in, and import some of our raw materials from, the People’s Republic of China, including through Baofeng Framekart Technology Limited, our Joint Venture. Any delay, interruption or reduction in the supply of such frames or other raw materials could adversely affect our business, financial condition, results of operations and cash flows.”
“Slowdowns, breakdowns or shutdowns at any of our manufacturing facilities could have an adverse effect on our business, results of operations, financial condition and cash flows.”
“Our reliance on manufacturing facilities located in the Gurugram industrial cluster (which are our Bhiwadi and Gurugram facilities) exposes us to concentration risks across production and logistics, which could adversely affect our business, results of operations, financial condition and cash flows.”