Thinking of investing in Lenskart IPO? Don't miss these 10 points from RHP

Lenskart  IPO: The much-awaited initial public offering (IPO) of technology-focused eyewear company Lenskart Solutions is set to open for public subscription tomorrow, Friday, October 31, 2025. The company seeks to raise ₹7,278.02 crore from its maiden share sale, which comprises both a fresh issue of equity shares as well as an offer for sale (OFS) with promoters and investors selling shares.

As investors await the opening of the public issue, here are 10 things they should know before investing their money in the IPO:

Offer structure

The maiden share sale of the eyewear player comprises a fresh issue of 53.5 million equity shares aggregating to ₹2,150 crore and an offer for sale of 127.6 million shares aggregating to ₹5,128.02 crore.

 

The offer for sale will see promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi divesting stakes, while SVF II Lightbulb (Cayman) Limited, Schroders Capital Private Equity Asia Mauritius Limited, PI Opportunities Fund - II, MacRitchie Investments Pte. Ltd, Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP are the investors participating in the OFS.

Price band and lot size

The company has set the price band at ₹381-402 per share, with a lot size of 37 shares. Accordingly, investors can bid for a minimum of 37 shares and in multiples thereof.

 

At the upper price band, a retail investor would need ₹14,874 to bid for a minimum of one lot of 37 shares of Lenskart IPO. To bid for a maximum of 13 lots, or 481 shares, a retail investor would need ₹1,93,362.  ALSO READ | Orkla India vs Studds Accessories vs Lenskart IPO: Where to put your money?

Subscription period

Bidding for anchor investors is taking place today. The maiden share sale of Lenskart is set to open for public subscription tomorrow, Friday, October 31, 2025.

 

The three-day subscription window to bid for the issue is tentatively set to close on Tuesday, November 4, 2025.

Utilisation of funds

Lenskart, as outlined in its RHP, will not receive any part of the OFS. "The Selling Shareholders will be entitled to their respective portion of the proceeds of the Offer for Sale after deducting their respective proportion of offer expenses and relevant taxes thereon in accordance with the Offer Agreement," the company said in its RHP.

 

The company, however, proposes to use ₹272.62 crore from the fresh issue for setting up new CoCo stores in India and ₹591.44 crore for lease and rent expenses of existing CoCo stores. Another ₹213.38 crore, the company said, will be invested in technology and cloud infrastructure, while ₹320.06 crore is earmarked for brand marketing and promotions. The remaining funds, the company said, will be used for inorganic acquisitions and general corporate purposes.

Key risks

According to the RHP, the company faces several key risks. It heavily relies on raw materials, which account for a significant portion of expenses—₹467.34 crore (25.45 per cent) for Q1 2025 and ₹1,622.97 crore (24.52 per cent) for FY2025—some sourced from China via its joint venture, Baofeng Framekart Technology Limited. Any supply disruptions could impact its operations and finances. Additionally, medical advancements like LASIK and SMILE surgeries may reduce demand for corrective eyewear, especially in emerging markets.

 

The company also operates 472 franchise stores globally, around 22 per cent of its total outlets, without full control over franchisees, posing a risk to brand consistency and strategy. Regulatory scrutiny under the Foreign Exchange Management Act, 1999, adds further risk; while the company has complied with requests, future actions could affect its business, reputation, and financial condition.

Key strengths

According to the RHP, Lenskart’s key competitive strengths include its centralized supply chain, direct-to-consumer model, and omnichannel network. The centralised supply chain and manufacturing enable the company to efficiently meet store-level demand, reduce operational complexity, ensure consistent quality, lower costs, and offer a wide product selection, positioning eyewear as a “fast fashion” category.

 

Its direct-to-consumer approach eliminates intermediaries, allowing affordable pricing, next-day delivery, end-to-end quality control, shorter lead times, and higher cost efficiency. In FY25, Lenskart manufactured the third-largest number of prescription eyeglasses globally among organised retailers. Additionally, the company’s omnichannel network—including mobile apps, websites, and physical stores in India and abroad—offers customers flexible shopping, consistent pricing, and convenient options for purchase, return, or exchange across channels.  ALSO READ | Groww sets IPO price band at ₹95-100; check key dates, GMP, objective

Allotment and listing schedule

Following the closure of the subscription window, the basis of allotment of Lenskart IPO shares is likely to be finalised on Thursday, November 6, 2025. The successful allottees can expect the company’s shares to be credited into their demat accounts by Friday, November 7.

 

Shares of the eyewear player are slated to make their D-Street debut tentatively on Monday, November 10, 2025.

Registrar and lead managers

The company has appointed MUFG Intime India (erstwhile Linkintime India) as the registrar of the issue.

 

Book-running lead managers include Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services.

Financial snapshot

During the three months ended June 30, 2025, the company reported a net profit of ₹61.17 crore, compared with a net loss of ₹10.95 crore in the same period last year. Ebitda for the period was ₹377.88 crore, while Ebitda excluding other income and exceptional items was ₹336.62 crore, compared with ₹226.74 crore and ₹183.41 crore, respectively, in the corresponding period of the previous year. 

Source: RHP

 

The company’s basic and diluted earnings per share stood at ₹0.36, against a loss of ₹0.06 per share during the same period last year. As of June 30, 2025, the company’s net worth was ₹6,176.86 crore, up from ₹5,794.92 crore a year earlier, with a return on net worth of 0.97 per cent compared with (0.18) per cent. The net asset value per share was ₹36.74, up from ₹35.22.

About Lenskart Solutions

 

Lenskart Solutions Ltd. (Lenskart) is a tech-driven, integrated eyewear company primarily selling prescription eyeglasses, sunglasses, and other products such as contact lenses and eyewear accessories. The company sells its products in India (its largest market) and has recently expanded into select international markets like Japan, Southeast Asia, and the Middle East.

 

Lenskart designs and sells a wide range of eyewear products under multiple in-house brands and sub-brands. As of June 2025, the company operated a total of 2,806 stores (2,137 stores in India and 669 stores internationally) and offered collections across 22 brands and sub-brands.