Eyewear manufacturer and retailer Lenskart Solutions is preparing to launch its initial public offering (IPO) on October 31, with the issue expected to raise approximately Rs 7,278 crore, valuing the company at Rs 72,719 crore.
According to the Red Herring Prospectus (RHP) submitted with the Securities and Exchange Board of India (Sebi) on Saturday, the anchor investor portion will open on October 30, followed by public bidding from October 31 to November 4. Share allocation will be finalised by November 6, with the stock expected to debut on BSE and NSE on November 10.
The offering comprises Rs 2,150 crore in fresh equity and an offer for sale (OFS) of 127.5 million shares by existing stakeholders. The Gurugram-headquartered firm, backed by investors including Softbank, ADIA, Temasek and Kedaara Capital positions itself as India’s leading organised prescription eyewear seller by volume.
Selling shareholders include founders Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi, alongwith investors like SoftBank’s SVF II Lightbulb (Cayman), Schroders Capital, PI Opportunities Fund, MacRitchie Investments, Kedaara Capital Fund and Alpha Wave. Notably, Schroders Capital Private Equity Asia Mauritius plans a complete exit by divesting its entire 190 million shares (1.13% holding).
The OFS component has been reduced by 4.72 million shares to 127.5 million, from 132.2 million shares planned at the time of filing the DRHP, as founder Neha Bansal cut down the OFS size.
The anticipated issue price of Rs 402 per share is based on a recent pre-IPO transaction where Shrikanta R Damani, spouse of DMart founder Radhakishan Damani, purchased 2.23 million shares (0.13% stake) from Neha Bansal for Rs 90 crore on October 23, 2025.
Current shareholding shows promoters controlling 19.85%, public investors holding 79.72%, and employee trusts owning 0.43%.
The public issue reserves 75% for qualified institutional buyers, 15% for non-institutional bidders, and 10% for retail participants, excluding a Rs 15-crore employee reservation.
Out of the total fresh capital, the company plans to utilise Rs 272.6 crore for new company-owned stores, Rs 591.4 crore for store lease obligations, Rs 213.4 crore for technology infrastructure and Rs 320 crore for marketing initiatives. Remaining proceeds will support acquisitions and general corporate requirements.
The eyewear maker achieved profitability in FY25 with net earnings of Rs 297.3 crore, reversing a Rs 10.1-crore loss in FY24. Topline grew 22.6% year-on-year to Rs 6,652.5 crore in FY25 from Rs 5,427.7 crore in FY24.
Q1FY26 results showed a profit of Rs 61.2 crore versus a Rs 11 crore loss in the corresponding year-ago period, while revenue jumped 24.6% to Rs 1,894.5 crore from Rs 1,520.4 crore, during the same period.
Beyond its Indian operations, Lenskart has established presence in Japan, Southeast Asia, and West Asia. Domestic competitors include Titan’s eyecare division, Eyegear Optics India, Gangar Opticians, GKB Opticals, Lawrence and Mayo and Specsmakers Opticians.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services will serve as book-running lead managers for the issue.