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HomeIPOLenskart Solutions

About Lenskart Solutions

Lenskart Solutions Ltd. was founded in 2008 and is a tech-enabled eyewear firm engaged in the design, manufacturing, branding, and retailing of prescription eyeglasses, sunglasses, contact lenses, and accessories. Its core market is India, and according to the Redseer Report, FY 2025 was the year in which the highest volume of eyeglasses were sold in India by the company.The company operates on a direct-to-consumer model, selling a wide variety of eyewear under its own brands and sub-brands to all segments of the population and price points. During FY 2025, 105 new collections were introduced in the market, including co-operations with prominent brands and personalities.As of March 31, 2025, Lenskart had 2,723 stores in the world—2,067 in India and 656 abroad—with 1,757 owned stores and 310 franchised stores in India. Remote eye examination is available through 136 optometrists across 168 stores in India and select international markets, such as Japan and Thailand.Production is based in Bhiwadi and Gurugram with backing regional facilities in Singapore and the UAE. This arrangement facilitates next-day delivery in 40 Indian cities and 3-day delivery in 69 cities for single-vision prescription eyewear.The firm reported revenues of ₹37,880.28 million, ₹54,277.03 million, and ₹66,525.17 million during FY 2023, 2024, and 2025 respectively, reflecting year-on-year growth consistently. The firm's apps have received more than 100 million cumulative downloads and have a total of 532 technologists.

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Lenskart Solutions

Lenskart Solutions

Open Date

31 Oct 2025

Close Date

04 Nov 2025

listed

Min Investment

₹14874

Lot Size

37 Shares

Issue Size

₹7278.02 Cr

Price Range

₹382 - ₹402

Listing Date

Nov 10, 2025

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹2(+0.50%)GMP
0.5%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Lenskart Solutions IPO - Issue Objectives

₹272.62 crore will be used to set up new CoCo stores in India. ₹591.44 crore allocated for store lease/rent/license payments. The company will utilise ₹213.37 crore towards investing in technology and cloud infrastructure. The company will utilise ₹320.06 towards brand marketing and business promotion expenses. Part of the IPO proceeds will be used for general corporate purposes and unidentified acquisitions

Capital expenditure

12.6%

Funds for lease and rent payment

27.5%

Investment in technology

9.9%

Brand marketing and business promotion

14.8%

General corporate purposes

35.2%

1

Capital expenditure

₹272.62 crore will be used to set up new CoCo stores in India.

12.60%
2

Funds for lease and rent payment

₹591.44 crore allocated for store lease/rent/license payments.

27.50%
3

Investment in technology

The company will utilise ₹213.37 crore towards investing in technology and cloud infrastructure.

9.90%
4

Brand marketing and business promotion

The company will utilise ₹320.06 towards brand marketing and business promotion expenses.

14.80%
5

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and unidentified acquisitions

35.20%

IPO Subscription Status

QIB
40.36x
NII
18.23x
Individual
7.54x
Total
28.26x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Lenskart Solutions

In Cr.

Key Performance Indicator30-Jun-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue1946.107009.285609.873927.97
EBITDA336.63971.06672.09259.71
Expenses
Profit After Tax61.17297.34-10.15-63.76
Assets10845.6810471.029531.029528.28
Net Worth6176.876108.305642.385444.48
Reserves5855.435795.005466.505411.96
Borrowing335.48345.94497.15917.21

Lenskart Solutions - Promoter(s)

Peyush Bansal

Neha Bansal

Amit Chaudhary

Sumeet Kapahi

Pre Issue Share Holding

19.85%

Post Issue Share Holding

17.52%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Centralised supply chain

Lenskart’s fully centralised prescription eyewear supply chain enables faster delivery, cost efficiency, and consistent product quality at scale. Its robotic lens edging systems can process up to 27 eyeglasses per minute, ensuring micron-level precision and reliability. As of June 30, 2025, it offered 79,000+ SKUs and achieved next-day delivery across 58 Indian cities, making it the only eyewear player to do so at scale. The centralised model has also reduced material costs by 35–40% versus traditional retailers.

02

Integrated manufacturing capabilities

The company’s in-house frame and lens manufacturing facilities across Gurugram and Bhiwadi allow greater control over design, quality, and cost. By producing complex lens types and signature ranges like Lenskart AIR, it minimises dependency on external suppliers.

03

Strong direct-to-consumer (D2C) model

Lenskart’s D2C approach eliminates multiple intermediaries in the eyewear value chain, offering affordable pricing and faster delivery while retaining end-to-end quality control. Lenskart achieved greater cost efficiency compared to conventional eyewear retailers and was ranked as the third-largest manufacturer of prescription eyeglasses globally among major organised retailers in FY25.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Significant raw material cost

Raw materials constitute a substantial portion of Lenskart’s total expenses, with 24.52% in FY25 and 25.45% as of June 30, 2025. The company’s profitability is sensitive to fluctuations in raw material prices, including blank lenses, acetate sheets, and metal frames. Since most procurement is done on spot orders rather than long-term fixed-price contracts, volatility in commodity prices or currency rates could impact margins.

02

Heavy reliance on China for sourcing

Direct imports from the People’s Republic of China accounted for 42.21% of total purchases in FY25 and 53.38% as of June 2025, reflecting high dependence on Chinese supply chains. Moreover, the company operates a manufacturing JV, Baofeng Framekart Technology Ltd., in China. Disruptions due to trade restrictions, geopolitical tensions, or rising import duties could materially affect supply continuity and operations.

Contact Details

Lenskart Solutions

Plot No. 151, Okhla Industrial Estate, Phase III, Delhi, New Delhi - 110020

+911244293191
compliance.officer@lenskart.com
https://www.lenskart.com

Registrar Contact Details

MUFG Intime India Pvt.Ltd

+91-22-4918 6270
lenskart.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Lenskart Solutions IPO - FAQs

Lenskart Solutions IPO is a Mainboard IPO. The issue is priced at ₹382-402 per equity share. The minimum order quantity is 37 Shares. The IPO opens on 31 Oct, and closes on 4 Nov. MUFG Intime India Pvt.Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.









IPO Timeline

  • Pre Apply2025-10-28
  • Bidding Starts2025-10-31
  • Bidding Ends2025-11-04
  • Allotment Finalisation2025-11-06
  • Release of Funds2025-11-07
  • Demat Transfer2025-11-07
  • Listing2025-11-10
04

Technology-driven operations

With a 491-member tech team, Lenskart leverages AI and automation across its operations, from virtual try-ons (3.86 crore in FY25) to warehouse management and AI-enabled store analytics. 80.8% of new CoCo stores achieved payback in just 10.3 months (FY24–25), highlighting efficient site selection through AI-led forecasting. Digitised eye-testing and remote optometry, with 164 optometrists conducting remote eye tests for customers at 298 stores in India, further expand accessibility across India and Asia.

05

Omnichannel retail network

The company’s hybrid model of apps, websites, and 2,806 stores (2,137 in India and 669 overseas) ensures seamless customer journeys and consistent pricing. Stores generated ₹23,492.5 revenue per sq. ft. in FY25, the highest among large organised eyewear retailers in India. Further, nearly 44.82% of FY25 India revenue came from customers who engaged digitally before purchase.

03

Under-utilisation of manufacturing facilities

Lenskart’s manufacturing facilities operated at a capacity utilisation of 55.10% as of June 2025. Failure to fully utilise available capacity can impact the business. Further, its production is concentrated in two plants located in Bhiwadi (66.67%% of total production) and Gurugram (31.75%). This regional concentration exposes operations to localised disruptions such as power outages, labour unrest, or regulatory changes.

04

Retail network profitability and lease liabilities

The company’s omnichannel model relies heavily on physical retail stores. As of June 30, 2025, it operated 2,806 stores worldwide, including 2,137 in India. Any slowdown in store-level sales, higher rental renewals, or demographic shifts reducing footfall could impact store profitability.

05

Global exposure risks

With operations across 14 countries, Lenskart derives nearly 39.65% of its FY25 revenue from international markets. While this enhances diversification, it exposes the company to currency fluctuations, tax variations, and regulatory differences. Adverse developments such as trade policy changes, foreign exchange volatility, or geopolitical instability could impact both revenues and costs.