The wait is almost over for two of India’s most talked about IPOs – Lenskart Solutions and Groww’s parent company, Billionbrains Garage Ventures. Lenskart IPO has been launched already and Groww is set to hit the market on November 4.
While both belong to fast-growing consumer tech segments, their business models, valuations, and investor expectations differ sharply.
Let’s take a look at what investors should know before deciding which IPO looks relatively better placed –
Lenskart Vs Groww IPO: Issue size and timeline
The Lenskart IPO opened for subscription on October 31 and will close on November 4. The allotment is expected on November 6, with listing on November 10.
The eyewear retailer plans to raise Rs 7,278 crore, one of the largest consumer-tech offerings of the year. The issue includes a fresh issue of Rs 2,150 crore and an offer for sale (OFS) worth Rs 5,128 crore from early investors such as SoftBank, Kedaara Capital, and TPG.
Meanwhile, Groww’s IPO opens on November 4, and will close on November 7. The fintech firm aims to raise around Rs 1,060 crore through fresh equity and an additional Rs 5,572 crore via OFS. The listing is tentatively scheduled for November 12.
Lenskart Vs Groww IPO: Price band and minimum investment
Lenskart issue is priced between Rs 382-402 per share, valuing the company at nearly Rs 70,000 crore. Investors can place a bid for at least one lot which includes 37 shares. This requires an investment of Rs 14,874 at the upper price band.
Groww’s IPO, on the other hand, is priced between Rs 95-100 per share. The lot size is 150 shares. This translates to a minimum investment of Rs 15,000.
Lenskart Vs Groww IPO: What the numbers reveal
Talking of the financial health of the eyewear retailer, Lenskart reported Rs 7,009 crore in revenue. The net profit of the company stood at Rs 297 crore for FY25.
Groww, in contrast, posted a profit of Rs 1,824 crore in FY25. This was a sharp jump from a loss of Rs 805 crore in FY24. Moreover, the revenue of the company grew 49% year-on-year to Rs 3,902 crore.
Lenskart Vs Groww IPO: Where the money will go
Lenskart plans to channel most of its fresh proceeds into expanding its company-owned stores. This includes investing in marketing, technology, and acquisitions. In addition to this, the focus also remains on deepening presence across India while strengthening its omnichannel play.
Groww’s fundraising will largely be directed towards cloud infrastructure (Rs 152.5 crore), brand building (Rs 225 crore), and capital infusion into its lending and margin trading subsidiaries. Similarly, the company is also exploring inorganic growth to expand its financial product offerings.
Lenskart Vs Groww IPO: How the valuations stack up
Lenskart valuations are among the most talked about aspects of the company’s IPO. According to calculations by Deven Choksey Research, “the IPO is priced at a P/E ratio of 228x based on FY25 EPS and EV/EBITDA of 45x TTM.” According to most analysts the profitability after listing is a key factor to watch out for.
In terms of the Groww, it is India’s largest retail broker in terms of active clients and Q1FY26 cash/F&O retail market share for the company is at 23.1%/14.4%. Leading brokerage house Nuvama highlighted that Groww is likely “to be less hurt by any reduced F&O trading—we estimate a 5% drop in F&O orders shall drag Groww’s Q1FY26 revenue/APAT by 2.5%/4.4%. Groww’s activation rates over FY24–Q1FY26 are at 33%-plus “driving down customer acquisition cost to just Rs 1,441 in FY25, yielding strong EBDAT margin of 59.7%,” Nuvama added.