Introduction
The upcoming Lenskart IPO marks a major milestone for India’s organised eyewear market. As Lenskart Solutions Ltd prepares to go public, the offering has captured strong investor interest. This article breaks down the key aspects of the IPO — including the price band and issue size, the company’s business and growth story, use of proceeds, and risks to consider. Whether you’re a seasoned investor or a first-time subscriber, here’s everything you need to know about the Lenskart IPO.
Price Band & Issue Details
The Lenskart IPO will open for subscription from October 31 to November 4, 2025.
- Price band: ₹382 – ₹402 per share
- Total issue size: ~₹7,278 crore
- Fresh issue: ~₹2,150 crore
- Offer-for-sale (OFS): ~₹5,128 crore
- Minimum lot size (retail): 37 shares (~₹14,874 at the upper band)
The proceeds from the fresh issue will primarily fund expansion of company-owned stores, technology upgrades, brand marketing, and potential acquisitions.
Business & Growth Story
Founded in 2008 (originally as Valyoo Technologies), Lenskart has grown into India’s largest organised eyewear retailer. The company operates a strong omni-channel model, combining its online platform with a rapidly growing network of offline stores in India and select global markets.
- Revenue (FY25): ₹6,652 crore — up 22.6% YoY
- Net profit (FY25): ₹297 crore — a turnaround from previous losses
The company’s strategy focuses on expanding its store footprint, leveraging technology for personalised recommendations, and capturing the massive untapped eyewear market in India — which is expected to grow at double-digit rates in the coming years.
What to Like & What to Watch
Upside Potential
- Strong brand recall and a deep retail network across India.
- Omni-channel advantage offering scale and customer convenience.
- Turnaround to profitability, indicating improving business fundamentals.
- Large, underpenetrated market, providing long-term growth potential.
Risks & Caveats
- Valuation concerns: At the upper price band, EV/Sales (~10.1×) and EV/EBITDA (~68.7×) are high compared with global peers.
- Profit quality: A part of FY25 profit came from a one-time accounting gain (FVTPL adjustment) — adjusting for this, core margins remain thin (~1.9%).
- Execution risks: Rapid expansion, especially internationally, could strain supply chains and management bandwidth.
Expert View — Enrichwise Financial Services
According to Enrichwise Financial Services, Lenskart’s IPO represents “a growth opportunity in a premium consumer brand segment, but one that comes with elevated valuation risk.”
The firm notes that while Lenskart’s market leadership and digital–retail hybrid model position it strongly for long-term growth, investors should assess the IPO through a risk-adjusted lens:
“Lenskart’s omni-channel strength and early profitability turnaround are encouraging. However, valuations suggest much of the growth story is already priced in. Conservative investors may prefer partial exposure or a long-term horizon,”
— Enrichwise Financial Services, IPO Research Desk
Enrichwise also highlights that consumer discretionary plays like Lenskart can deliver compounding returns when supported by structural trends — such as increasing eyewear adoption, higher disposable incomes, and brand formalisation in Tier-II and Tier-III cities.
Should You Apply for the Lenskart IPO?
Investors who believe in the long-term growth story of India’s eyewear market — and are comfortable with paying a premium valuation for potential scale benefits — may consider subscribing.
However, short-term investors or those wary of valuation and margin uncertainties might prefer a wait-and-watch approach.
Early trends in the grey market premium (GMP) suggest strong interest (~₹70–₹110 above issue price), but remember — GMP is unofficial and not a guaranteed indicator of listing gains.
Conclusion
The Lenskart IPO tells the story of a homegrown Indian retailer scaling rapidly in a fast-growing consumer category. While the brand’s growth trajectory and market position are impressive, investors should stay mindful of high valuations, thin margins, and execution challenges.
As Enrichwise Financial Services suggests, approaching the IPO with a balanced and long-term view may help investors participate in India’s expanding eyewear story — without overexposure to short-term volatility.