͏As L͏ens͏k͏ar͏t Eyes IPO͏ Debut, Ho͏w ͏Does I͏t Sta͏c͏k Aga͏inst Gl͏obal Ey͏ewe͏ar Maj͏ors?

Mu͏mbai, 30 October͏ 2025͏:The Indi͏a͏n ͏ey͏ewe͏ar market͏ i͏s witnessing ͏a͏ defining momen͏t as ͏Lens͏kart͏’s ₹8,0͏00 ͏c͏ro͏re͏ I͏PO ͏͏rea͏d͏i͏es to ͏op͏e͏n on 31 Oct͏obe͏r͏ 2025, ͏mark͏ing͏ t͏he first p͏ure-play͏ ͏eyewear l͏isting in Ind͏ia͏. The p͏ubl͏ic͏ o͏ff͏er ͏c͏omes amid ris͏in͏g investor ͏͏͏e͏nth͏usiasm for dir͏ect-to-con͏sumer (D2C͏) and re͏t͏a͏͏il-͏tech ͏busin͏ess͏e͏s,͏ setting the͏ sta͏g͏͏e for c͏om͏par͏i͏sons w͏ith͏͏ estab͏l͏ishe͏d players͏͏ lik͏͏e Titan Eye+,͏͏ part o͏f ͏Titan͏ Comp͏any Ltd͏, an͏d internationa͏l͏ ͏counterparts s͏uch as ͏Wa͏rby ͏Par͏͏ker ͏a͏͏nd ͏Es͏sil͏orLuxott͏i͏ca.

͏Lenskart IPO 2025 to Raise Up to ₹7,278 Crore, Sets Valuation Near ₹70,000 Crore

Lenskart’s IPO opens for subscription on 31 October 2025 and closes on 4 November 2025, with a price band of ₹ 382 to ₹ 402 per share. The issue comprises a fresh issue of 5.35 crore shares aggregating to ₹ 2,150 crore, and an offer-for-sale (OFS) of 12.76 crore shares aggregating to ₹ 5,128.02 crore, making a total issue size of ₹ 7,278.02 crore. Based on this band, the post-issue market capitalisation is expected to approach ₹ 69,726.83 crore (roughly US $7.9 billion). 

Lenskart IPO Draws ₹190 Crore Pre-Listing Investment Ahead of ₹8,000 Crore Offer

Lenskart has already secured ₹190 crore in pre-IPO investments. Among them, SBI Optimal Equity Fund (AIF) and SBI Emergent Fund (AIF), both managed by SBI Mutual Fund, have invested ₹100 crore at ₹402 per share. Billionaire investor Radhakishan Damani, founder of Avenue Supermarts (DMart), also joined with an investment of around ₹90 crore.

This pre-listing interest signals the confidence institutional investors have in Lenskart’s integrated digital-plus-retail model, which has helped the company dominate India’s organised eyewear space. 

Lenskart’s ₹66,525 Crore FY25 Revenue Underscores Global Ambition, Yet Scale Gap with Eyewear Giants Persists

Lenskart has demonstrated a strong growth profile, with revenues rising from ₹37,880.28 million in FY 2023 to ₹54,277.03 million in FY 2024, and further to ₹66,525.17 million in FY 2025, marking a 32% CAGR. Its profit after tax (PAT) turned positive in FY 2025, reflecting improving operational leverage. The company operates an omnichannel business model, combining online accessibility with an expansive physical footprint of 2,723 stores globally—2,067 in India and 656 overseas as of March 2025.

Warby Parker delivered solid financial results for Q2 2025, with net revenue reaching $214 million, representing 14% year-over-year growth. The company also reported improved profitability metrics, with adjusted EBITDA of $25 million and an adjusted EBITDA margin of 11.7%, up from 10.4% in the same quarter last year

Meanwhile, EssilorLuxottica, the world’s largest eyewear group and owner of Ray-Ban and Oakley, reported a consolidated revenue of €6867 million for the first nine months of its fiscal year. This figure represents an 11.7% increase at constant exchange rates compared to the third quarter of 2024 (+6.7% at current exchange rates).

While Lensk͏art’s f͏in͏ancial gr͏owth an͏d global reach reflect its steady ascent, th͏e͏ contras͏t with larger global peers undersco͏res th͏e co͏mpetitive scale divide ͏the company still navi͏gates. ͏Y͏et, this very͏ gap͏ p͏resents investors with͏ ͏a va͏l͏uation story r͏ooted in high-growth potential rat͏her than͏ legacy s͏cale — a ͏narrative ͏th͏a͏t could defin͏e how t͏h͏e market pe͏rceives Len͏skart’s u͏pcoming IPO.͏

Titan Eye+ Records ₹796 Crore FY25 Revenue; Eyewear Still a Small Vertical

Titan Eye+, though backed by the Tata Group, represents a smaller portion of Titan Company Ltd’s consolidated portfolio. The eyewear segment generated ₹796 crore in FY25 revenue and ₹85 crore EBIT, accounting for less than 1.5% of Titan’s total revenue of ₹60,456 crore.

In Q1 FY26, Titan Eye+ posted ₹236 crore in revenue with an EBIT margin of 8.9%, showing steady but modest growth. Titan’s primary revenue drivers remain jewellery and watches, which contribute nearly 88% of total revenues, according to analysts.

While Titan Eye+ continues to expand steadily, its contribution to Titan’s overall portfolio remains limited. The brand’s consistent performance reinforces Titan’s presence in the eyewear space but highlights how Lenskart’s IPO could shift market perception, positioning eyewear as a standalone, high-growth category rather than a niche retail vertical.

Global Eyewear Listings: Warby Parker’s $6.8 Billion Debut and EssilorLuxottica’s €25 Billion Lead

Globally, eyewear companies such as Warby Parker (NYSE: WRBY) and EssilorLuxottica (EPA: EL) have established the path for listed players in the sector. Warby Parker’s 2021 listing valued it at $6.8 billion, though profitability pressures later moderated valuations. EssilorLuxottica, the French-Italian eyewear giant behind brands like Ray-Ban and Oakley, continues to dominate with €25 billion in annual revenues.

Lenskart’s ₹8,000 crore IPO, valuing the company near ₹70,000 crore (≈US$7.9 billion), positions it between Warby Parker’s D2C model and EssilorLuxottica’s industrial scale.  Unlike Titan Eye+, which remains part of a diversified group, Lenskart’s public debut represents a sectoral milestone for India’s retail-tech and consumer discretionary space.

For Indian investors, Lenskart’s IPO marks India’s entry into the global eyewear league, where innovation, scale, and profitability define value. With its tech-driven retail and global reach, Lenskart bridges India’s consumption growth with the global eyewear landscape.

Industry Experts Caution on Valuation Stretch Despite Growth Momentum

According to Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, “Lenskart has successfully built a formidable market share in the eyewear segment, leveraging a hybrid business model. With India’s large consumption base, such models can thrive. However, valuations appear stretched for the short to medium term.”

Analysts suggest that while Titan Eye+ offers stability within Titan’s diversified portfolio, Lenskart’s high-growth trajectory comes with elevated valuation expectations. How its earnings evolve post-listing will determine its sustainability in the long term.

Lenskart’s IPO, India’s first pure-play eyewear listing, marks a defining moment for the industry. With over 2,700 stores across India and overseas, it sets a new benchmark for valuations and signals how emerging optical and retail-tech brands may approach public markets.

References:

1. https://www.extole.com/blog/how-warby-parkers-marketing-strategy-fueled-its-6-8-billion-valuation/
2. https://www.businesstoday.in/markets/ipo-corner/story/lenskart-vs-titan-eye-how-the-two-eyewear-players-stack-up-ahead-of-lenskarts-ipo-500080-2025-10-29

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