Len͏skar͏t IPO: ₹5,͏1͏28 C͏r͏ore Of͏͏fer f͏or Sale͏ ͏See͏s Maj͏͏or In͏ves͏͏tor͏ E͏xit͏s a͏nd͏͏ Pr͏omoter ͏R͏ete͏nt͏i͏on

M͏umba͏i, 30 O͏ctober͏ 202͏5: Ey͏ewe͏ar re͏tailer͏ Len͏ska͏rt S͏͏ol͏uti͏͏͏͏ons͏͏ Ltd. h͏a͏s an͏noun͏͏ced on͏e o͏f͏ t͏͏h͏e ͏͏͏mo͏s͏t͏ a͏ntici͏pat͏ed͏ li͏s͏tings ͏͏of 2025͏,͏͏ ͏wi͏th ͏it͏͏s ₹͏͏7,2͏͏͏78͏ c͏͏͏ro͏re͏ i͏nitia͏l public of͏͏fer͏i͏ng ͏(I͏P͏͏O) op͏e͏ning͏ ͏on 3͏͏1͏ Octob͏er a͏n͏͏d c͏͏l͏o͏s͏͏i͏ng͏ on ͏4͏ No͏v͏͏em͏b͏͏er͏͏. W͏hile͏͏ ͏the͏ t͏ot͏a͏͏l is͏͏sue inc͏l͏udes a ͏₹2͏͏͏,150 c͏ror͏͏e f͏re͏sh͏ ͏issue͏͏,͏ the ͏spo͏tl͏͏ig͏ht ͏rem͏͏͏ains ͏firmly o͏͏n ͏th͏e ͏͏₹͏5,128͏.͏02 ͏͏cr͏ore ͏Off͏er for S͏͏͏al͏͏e ͏͏(OF͏͏S), ͏r͏͏e͏f͏le͏c͏tin͏͏g a͏ ma͏j͏or own͏e͏͏͏rsh͏ip ͏resh͏͏uf͏͏͏fle͏͏ amo͏ng lead͏͏ing ͏inve͏st͏͏o͏rs.͏͏

O͏FS of ₹͏5,͏128 C͏r͏or͏e͏ Ma͏rks Major Stake Move͏ments Among G͏lobal I͏nv͏estors

The Offer for Sale represents the exit strategy for several early backers who nurtured Lenskart’s journey from a homegrown startup to a global eyewear brand. The OFS comprises 12.76 crore shares, nearly 70% of the total IPO size, signalling strong secondary market participation.

Under the OFS, significant shareholders, including SoftBank Vision Fund II, Temasek Holdings, Kedaara Capital, and Alpha Wave Venture,s are partially offloading their stakes. Founders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi are also participating, though maintaining a sizeable holding post-issue.

This large-scale OFS underscores two dynamics: early investors monetising long-term gains while allowing wider institutional access to one of India’s fastest-growing consumer-tech firms.

Promoters’ Stake to Reduce from 19.85% to 17.52% as Founders Retain Control

Following the IPO, the promoter group’s shareholding is projected to decline from 19.85% to approximately 17.52%. The modest dilution indicates that the founding team retains operational and strategic control despite the extensive OFS participation.

SoftBank, which invested in Lenskart in 2019, emerges as one of the most significant sellers in this issue. The move aligns with its broader global strategy to rebalance portfolio exposure while realising substantial returns. Meanwhile, Temasek and Kedaara are trimming positions selectively, signalling partial profit-taking rather than a complete exit.

Price Band of ₹382-₹402 Sets ₹70,000 Crore Valuation and Attracts Institutional Focus

The company has fixed the price band at ₹382–₹402 per share (face value ₹2 each), implying a post-money valuation of around ₹69,676 crore. The IPO structure reserves 75% of shares for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors.

This heavy institutional allocation, combined with strong brand visibility, positions Lenskart among the largest consumer-tech listings of the year. The minimum application lot size is 37 shares, amounting to approximately ₹14,874 at the upper price band.

Revenue Surges 22.5% YoY to ₹66,525 Million as Profit Turns Positive

Lenskart reported revenue of ₹66,525.17 million in FY 2025, up 22.5% year-on-year from ₹54,277.03 million in FY 2024. The company swung to a profit after tax (PAT) of ₹2,973.40 million, reversing a ₹101.54 million loss in the previous year.

Improved operational efficiency led to an EBITDA margin expansion to 14.6%, while Return on Capital Employed (ROCE) rose to 13.84%. These performance metrics strengthen investor confidence in Lenskart’s scalability across markets, including India, Singapore, and the Middle East, where it continues to expand retail presence.

Proceeds from Fresh Issue to Fund Store Expansion and Technology Upgrades

Though the Offer for Sale dominates the listing narrative, the ₹2,150 crore fresh issue will fund business expansion. The company has earmarked:

• ₹2,726.22 million for setting up new company-owned stores across India
• ₹5,914.40 million for lease and rental expenses of operated outlets
• ₹2,133.75 million for technology and cloud infrastructure
• ₹3,200.63 million for brand marketing and promotions

This capital infusion aims to bolster Lenskart’s omnichannel network and enhance digital experience — reinforcing its competitive edge in the eyewear retail segment.

Listing Scheduled for 10 November 2025 Following Allotment on 6 November

The IPO opens for subscription on 31 October, closes on 4 November, and finalises allotment on 6 November 2025. Refunds and share credits will be processed on 7 November, and the stock is expected to list on both the BSE and NSE on 10 November 2025.

This timeline positions Lenskart’s debut ahead of the year-end results season, adding momentum to India’s vibrant IPO calendar.

The Lenskart IPO highlights a major ownership reshaping through a ₹5,128 crore Offer for Sale, as early global investors partially exit while founders retain control. The issue showcases the evolving maturity of India’s consumer-tech sector, with proceeds directed towards retail expansion and technology enhancement rather than debt reduction.

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