Lenskart Solutions IPO

Company Overview:

Lenskart Solutions Ltd., established in 2008, is a technology-driven eyewear company engaged in the design, manufacturing, branding, and retail of prescription eyeglasses, sunglasses, contact lenses, and related accessories. India is its primary market, and according to the Redseer Report, the company recorded the highest volume of prescription eyeglasses sold in India during FY 2025.

Operating under a direct-to-consumer (D2C) model, Lenskart offers a diverse range of eyewear under its own brands and sub-brands, catering to all age groups and price segments. In FY 2025, the company launched 105 new collections, including several collaborations with well-known brands and personalities.

As of March 31, 2025, Lenskart operated 2,723 stores globally, of which 2,067 were in India and 656 overseas. In India, 1,757 stores are company-owned and 310 are franchised. The company also offers remote eye testing through 136 optometrists at 168 stores across India and selected international locations such as Japan and Thailand.

Object of the Issue:

The proceeds from the IPO will be utilized for the following purposes:

• Capital expenditure for setting up new company-owned (CoCo) stores in India – ₹272.62 crore.

• Expenditure related to lease, rent, and license agreements for stores – ₹591.44 crore.

• Investment in technology and cloud infrastructure – ₹213.38 crore.

• Brand marketing and business promotion expenses to enhance brand awareness – ₹320.06 crore.

Fundamental Summary:

• ROCE 13.84%

• RoNW 4.84

• EBITDA Margin 14.60%

• Price to Book Value 11.03

• PE Ratio: +280x (Post IPO)

• Promoter Holding: 17.52% (Post IPO)
  

Key Risks:

• The IPO appears highly valued, with a steep P/E ratio compared to industry standards.

• Low promoter holding post-issue may raise concerns about long-term control and commitment.

• The company faces intense competition from both online and offline eyewear players.

• Lenskart incurred losses in FY23 and FY24, and future profitability depends on achieving scale and operational efficiency.

Lenskart Solutions IPO: Key Details

• IPO Dates: 31 – 04 November 2025

• Price Band: ₹382 to ₹402 per share

• Lot Size: 37 shares

• Total Issue Size: ₹7,278.02 Cr

• Fresh issue: ₹2,150 Cr

• Offer for Sale: ₹5,128.02 Cr

• Retail Quota: 10%

• GMP (Only for Information): 8%

Allotment Link

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