Why Lenskart’s IPO Matters: The Next Big Consumer-Tech Bet on Dalal Street

Mumbai, 28 October 2025: Lenskart Solutions Ltd., India’s leading omnichannel eyewear retailer, is set to make a landmark market debut with its ₹7,278.02 crore Initial Public Offering (IPO), opening for subscription on 31 October 2025 and closing on 4 November 2025. The much-awaited listing, scheduled for 10 November 2025 on the BSE and NSE, positions Lenskart as one of the largest consumer-tech IPOs in recent years marking a major inflection point for India’s direct-to-consumer (D2C) retail landscape.

India’s Largest Eyewear Brand Eyes a ₹7,278 Crore Public Issue

The Lenskart IPO is a book-built issue comprising a fresh issue of ₹2,150 crore and an offer for sale (OFS) worth ₹5,128.02 crore, collectively totalling ₹7,278.02 crore. The price band is set between ₹382 and ₹402 per share, with a lot size of 37 shares, translating to a minimum retail investment of ₹14,874.

Key subscription details:

• Retail investors can apply for up to ₹2 lakh.
• Small Non-Institutional Investors (sNII): Minimum 14 lots (518 shares) worth ₹2,08,236.
• Big Non-Institutional Investors (bNII): Minimum 68 lots (2,516 shares) worth ₹10,11,432.
• Registrar: MUFG Intime India Pvt. Ltd.
• Tentative allotment: 6 November 2025.
• Refund initiation: 7 November 2025.
• Credit of shares: 7 November 2025. 

Promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi will see their collective stake decline from 19.85% pre-issue to 17.52% post-issue, reflecting mild equity dilution.

Strong Financial Growth Reflects Robust Consumer-Tech Fundamentals

Lenskart has demonstrated consistent revenue growth and operational resilience over the past three years. Revenue surged from ₹37,88.03 crore in FY23 to ₹54,27.70 crore in FY24, reaching ₹66,52.52 crore in FY25, representing a compound annual growth rate (CAGR) of over 32%.

Profit after tax (PAT) rose sharply from a loss of ₹10.15 crore in FY24 to a profit of ₹297.34 crore in FY25, marking a 3028% year-on-year jump. The company’s EBITDA increased from ₹672.09 crore in FY24 to ₹971.06 crore in FY25, underlining improved cost efficiency and profitability.

Lenskart’s Return on Capital Employed (ROCE) stood at 13.84%, while EBITDA margins reached 14.6%, indicative of operational scalability driven by its vertically integrated manufacturing and retail model.

Why Lenskart’s IPO Could Reshape India’s Consumer-Tech Space

Lenskart’s upcoming IPO marks a notable step for India’s emerging D2C retail segment on Dalal Street. Operating through 2,723 stores worldwide, including 2,067 in India and 656 overseas, the company blends physical retail with digital integration. Its technology-driven model featuring AI-assisted try-ons, 3D frame fitting, and remote optometry- illustrates the growing role of tech in modern consumer businesses.

By successfully blending affordability, accessibility, and personalisation, Lenskart has disrupted India’s fragmented eyewear sector, which was valued at USD 10.4 billion in 2024 and is projected to reach USD 19.6 billion by 2033, growing at a CAGR of 6.9%. The IPO thus marks a defining moment for consumer-tech innovation intersecting with retail scalability, paving the way for other D2C giants to follow suit.

Technology and Expansion Form the Core of Future Growth

The proceeds from the IPO will fuel store expansion, technology investments, and brand marketing, positioning Lenskart for accelerated growth in India and overseas. The company plans to deploy:

• ₹272.62 crore for setting up new Company-Owned Company-Operated (CoCo) stores in India.
• ₹591.44 crore towards lease, rent, and licensing payments.
• ₹213.38 crore for technology and cloud infrastructure upgrades.
• ₹320.63 crore for brand marketing and promotion. 

Lenskart’s expansion strategy includes building a new manufacturing facility in Telangana, complementing its existing automated facility in Bhiwadi, Rajasthan, which is among Asia’s largest eyewear manufacturing hubs.

Technological innovation remains at the core of its strategy, with AI-driven merchandising tools, virtual eye tests, and data-backed inventory optimisation, enabling next-day delivery in 40 Indian cities and 3-day delivery in 69 others.

Its focus on sustainable materials, omnichannel presence, and international expansion in regions like Japan, Singapore, and the UAE reinforces its ambition to evolve into a global eyewear powerhouse.

Rising Vision Care Demand Fuels Lenskart’s Growth Outlook

India’s eyewear industry is witnessing a surge driven by increased screen time, rising refractive disorders, and higher disposable incomes. Within this growing sector, spectacles dominate, valued at USD 4.1 billion in 2024, projected to reach USD 7.6 billion by 2030 at an 11.4% CAGR.

Lenskart’s ability to serve both value-conscious and premium consumers through brands like Vincent Chase, John Jacobs, and Aqualens has enabled it to capture diverse customer segments. Moreover, its subscription-based models and tele-optometry services have created recurring revenue streams that strengthen its long-term growth narrative.

Lenskart’s IPO marks a milestone in India’s consumer-tech landscape, reflecting investor confidence in digital-first retail brands. With its tech-driven model and integrated supply chain, the company is poised to widen access to eyewear across markets. The listing also signals a growing convergence between consumer innovation and public market participation in India.

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