Lenskart IPO 2025: A Clear Vision for the Future of Eyewear Retail

In the bustling world of Indian startups, few stories shine as brightly as Lenskart's. Founded in 2010 by Peyush Bansal—the affable Shark Tank India judge—the company has transformed from a scrappy online eyewear seller into a global omnichannel powerhouse. Today, as India’s eyewear market gears up for explosive growth (projected to hit $6.24 billion by 2029 with a 5.26% CAGR), Lenskart is making its stock market debut with one of 2025's most anticipated IPOs. Valued at a staggering ₹70,000 crore, this isn't just a listing; it's a bet on affordable vision for millions. But with sky-high valuations and a market hungry for the next big consumer play, is this the right lens for investors? Let's break it down.

The IPO at a Glance: Dates, Size, and Pricing

Lenskart Solutions Limited's IPO kicked off on October 31, 2025, and runs until November 4, 2025—a four-day window that's already drawing massive buzz. Priced in the band of ₹382 to ₹402 per share, the issue totals ₹7,278 crore, split into a fresh issue of ₹2,150 crore (to fuel expansion) and an offer for sale (OFS) of ₹5,128 crore by promoters and early investors like SoftBank and Temasek.

Here's a quick snapshot:

The anchor round on October 30 sealed ₹3,268 crore from heavyweights like T. Rowe Price, SBI Mutual Fund, and Goldman Sachs, signaling strong institutional faith. By the end of Day 1, the IPO was fully subscribed at 1.13x, led by QIBs (1.42x) and retail (1.31x)—a solid start amid a red-hot primary market.

Grey market premium (GMP)? It's hovering around ₹68-₹100, hinting at a 17-25% listing pop. But as always, GMP is unofficial and volatile—treat it like a foggy pair of specs.

Lenskart's Journey: From Startup to Spectacle Giant

Picture this: In a country where 80% of the population needs vision correction but organized eyewear penetration is under 20%, Peyush Bansal spotted a gap. Starting as valyoo in 2008 (rebranded to Lenskart in 2011), the company pioneered affordable, tech-driven eyewear. Today, it's the "Amazon of eyewear," blending e-commerce with 2,806 stores across India (2,137) and abroad (669 in Japan, Singapore, Thailand, and more).

Key milestones:

• 2010s Boom: Over 100 million app downloads; in-house manufacturing in Rajasthan and Haryana.
• Global Leap: Acquired Japan's Owndays; 40% of FY25 revenue from international markets.
• Innovation Edge: AI-powered virtual try-ons, remote eye-testing at 168 stores, and 105 new collections in FY25 (think celeb collabs).
• Store Surge: From 2,067 stores in March 2025 to 2,806 by June—1,831 company-owned in India alone.

Backed by SoftBank (19.84% stake), Kedaara Capital, and even a pre-IPO nod from DMart's Radhakishan Damani (₹90 crore investment), Lenskart's promoter holding dips from 19.85% pre-IPO to 17.52% post-issue. Bansal's vision? Scale to 10,000 stores and dominate Southeast Asia.

Financials Under the Microscope: Growth Meets Profitability

Lenskart's numbers tell a tale of relentless scaling. Revenue from operations rocketed 43% YoY to ₹5,428 crore in FY24, then eased to a still-impressive 23% growth at ₹6,653 crore in FY25. EBITDA flipped from ₹403 crore (FY23) to ₹856 crore (FY24), showcasing operational muscle.

The profit story? From a ₹64 crore loss in FY23 to a slim ₹10 crore loss in FY24, then a triumphant ₹297 crore PAT in FY25—a 3,028% swing! But here's the fine print: ₹167 crore of that profit is a one-time, non-cash gain from the Owndays acquisition. Strip it out, and operational PAT lands around ₹130 crore—still a win, but not fireworks.

Expenses? Employee costs up 27% to ₹1,379 crore (hire spree), materials 20% to ₹2,134 crore. International revenue: ₹2,638 crore (17% growth), with Japan at 14% of total sales. At ₹402/share, the P/E is a eyebrow-raising 260x FY25 earnings—premium pricing for a category leader, but echoes Zomato's frothy debut.

The Road Ahead: Funds, Expansion, and Risks

Fresh issue proceeds? Straight to growth: New company-owned stores in India, lease/rent costs, and tech upgrades (think more AI magic). Lenskart eyes India's underpenetrated market—rising incomes, smartphone penetration, and awareness could drive 5x growth. Globally? Southeast Asia's similar dynamics make it ripe for Owndays-style wins.

But risks lurk:

• Valuation Stretch: 10x EV/Sales and 260x P/E leave little room for hiccups. Analysts like Swastika call it "demanding" with a neutral rating.
• Competition: Titan Eye (₹724 crore FY24 revenue, but slower 10% growth) and unorganized players.
• Profit Purity: One-time gains mask thin margins (<1.5% pre-tax without them).
• Execution: 70% OFS means early exits; can Bansal sustain 20% CAGR?

Bansal's retort? "My job is to create value"—citing 90% EBITDA CAGR and a moat via private labels (80% of sales).

Investor Take: Subscribe with Caution?

Lenskart's IPO is a spectacle—strong brand, omnichannel scale, and a founder with flair. Day 1's full subscription and GMP pop scream enthusiasm, but at 260x P/E, it's priced for perfection, not pitfalls. Long-term bulls (5-10 years) might see Zomato-like upside in a ₹50,000 crore market. Short-term? Muted listing gains if sentiment cools.

Verdict: Subscribe for listing gains if you're retail-savvy; hold for growth if you believe in Bansal's vision. Apply via ASBA on your broker app—min lot at ₹14,874. Eyes peeled for allotment on Nov 6.

What are your thoughts on Lenskart's debut? Drop a comment—let's discuss if this IPO needs a reality check or a high-five. Until next time, stay sharp!

Disclaimer: This is not investment advice. Consult a financial advisor. Data as of November 2, 2025.

Lenskart IPO 2025: Top 10 Investor Questions Answered

1. What is the Lenskart IPO price band and lot size?

Answer:

• Price Band: ₹382 – ₹402 per share
• Minimum Lot Size: 37 shares
• Minimum Investment (Retail): ₹14,874 (at upper band)

2. When will Lenskart IPO open and close?

Answer:

• Opens: October 31, 2025
• Closes: November 4, 2025
• Anchor Booking: October 30, 2025 (₹3,268 Cr raised)

3. What is the current subscription status of Lenskart IPO?

Answer (as of Nov 2, 2025, 5 PM):

Fully subscribed on Day 1 — strong retail & QIB interest.

4. What is the grey market premium (GMP) for Lenskart IPO?

Answer:

• GMP: ₹68 – ₹100 (unofficial)
• Expected Listing Gain: 17% – 25% above ₹402

Note: GMP is speculative and not guaranteed.

5. How will Lenskart use the IPO proceeds?

Answer: Fresh issue of ₹2,150 Cr will fund:

• Opening new company-owned stores in India
• Lease & rental expenses for expansion
• Technology upgrades (AI, virtual try-on, app)
• General corporate purposes

70% of total issue is OFS — promoters & investors exiting.

6. Is Lenskart profitable? What are the latest financials?

Answer:

Key Insight: ₹167 Cr of FY25 profit is one-time non-cash gain from Owndays. Adjusted PAT: ~₹130 Cr → P/E = 260x (very expensive)

7. Who are the major investors selling in the OFS?

Answer:

• SoftBank (19.84% stake pre-IPO)
• Temasek, Alpha Wave, Kedaara
• Peyush Bansal (promoter stake ↓ from 19.85% → 17.52%)
• Radhakishan Damani (DMart) invested ₹90 Cr pre-IPO

8. What is Lenskart’s valuation and is it justified?

Answer:

• Post-IPO Valuation: ~₹70,000 Cr
• P/E Ratio: 260x FY25 earnings
• EV/Sales: ~10x

Analyst View:

• Swastika Investmart: Neutral – “High growth but overvalued”
• Long-term bulls: Compare to Zomato (debut at 100x P/E → now 60x)

9. When is the allotment and listing date?

Answer:

• Finalization of Allotment: November 6, 2025
• Listing Date: November 10, 2025 (BSE & NSE)
• Refund Initiation: November 7, 2025

10. Should I apply for Lenskart IPO?

Answer (Balanced View):

Verdict:

• Short-term (listing gain): Possible 15–25% pop
• Long-term (3–5 yrs): High growth but monitor profitability
• Retail Strategy: Apply in 1–2 lots via ASBA; avoid leverage

Pro Tip: Use UPI mandate before 5 PM on Nov 4 to avoid last-minute glitches.