Lenskart IPO opens Oct 31: Know key strengths, risks before you invest

Lenskart IPO: The initial public offering (IPO) of eyewear retailer Lenskart will open for bidding on Friday, October 31, 2025. The public issue worth ₹7,278 crore comprises a fresh issue of 53.5 million equity shares amounting to ₹2,150 crore and an offer for sale (OFS) of 127.6 million equity shares amounting to ₹5,128.02 crore.  

 

The three-day subscription window is scheduled to close on Tuesday, November 4, 2025. The basis of allotment of shares is likely to be finalised on Thursday, November 6, 2025. The stock will be listed on the National Stock Exchange (NSE) and BSE, tentatively on Monday, November 10, 2025. 

 

 

Lenskart IPO is available at a price band of ₹382 to ₹402 per share, with a lot size of 37 shares.  

 

MUFG Intime India acts as the registrar of the issue. Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services are the book-running lead managers. 

 

According to the RHP, Lenskart plans 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 will be invested in technology and cloud infrastructure, while ₹320.06 crore is earmarked for brand marketing and promotions. The remaining funds will be used for inorganic acquisitions and general corporate purposes.. 

Here are the key risks to know before investing in the Lenskart IPO:

Heavy reliance on raw material supply: The company's cost of raw materials consumed forms a significant part of its expenses, amounting to ₹467.34 crore, or 25.45 per cent of total expenses for the three months ended June 30, 2025, and ₹1622.97 crore, or 24.52 per cent, for the financial year 2025. Additionally, the company manufactures certain frames and sources some raw materials from the People’s Republic of China, including imports via its joint venture, Baofeng Framekart Technology Limited. Any delays, interruptions, or reductions in the supply of these frames or raw materials could negatively impact the company’s business, financial condition, results of operations, and cash flows.

 

Medical advancement may reduce eyewear demand: The eyewear industry is subject to technological changes that may affect product demand. In particular, medical advancements such as LASIK and SMILE surgeries, which correct refractive errors by reshaping the cornea, could reduce the need for corrective eyewear. According to the Redseer report, these procedures are becoming increasingly accessible in emerging markets, and the company cannot assure that the rising popularity of such surgeries will not affect demand for its products.

 

Franchise-operated stores: A part of the company’s retail network is run through franchise agreements with third-party operators. As of June 2025, the company had 472 franchise stores globally, accounting for around 22 per cent of its total retail outlets. Under these agreements, franchisees are granted rights to use the company’s brand, intellectual property, including trademarks, patents, and designs and receive marketing support, in return for a fixed one-time license fee. However, the company does not exercise full operational or financial control over franchisees, creating the risk that their actions may not align with the company’s brand standards, policies, or strategic goals.

 

Regulatory inquiries: The Directorate of Enforcement, Gurugram, under the Foreign Exchange Management Act, 1999, requested certain information and documents from the company. While the company has complied with these requests, it cannot guarantee that no regulatory or other actions will be initiated in the future, which could adversely impact its business, reputation, financial condition, results of operations, and cash flows. 

Here are the key competitive strengths of Lenskart, as per the RHP:

Centralised supply chain: Lenskart’s centralised supply chain and manufacturing allow it to meet store-level demand efficiently, offering quality eyewear at affordable prices. This model reduces operational complexity, enables faster delivery, consistent quality, lower costs, and a wide selection of products, positioning eyewear as a ‘fast fashion’ category.

 

Direct-to-consumer model: The company’s direct-to-consumer approach removes multiple intermediaries in the traditional prescription eyeglasses supply chain, allowing it to offer products at affordable prices with next-day delivery. This model ensures end-to-end quality control, shorter manufacturing lead times, and higher cost efficiency. According to the Redseer Report, the company manufactured the third-largest number of prescription eyeglasses globally among leading organised retailers in FY25. 

 

Omnichannel network: Lenskart operates an omnichannel retail network, including mobile apps, websites, and physical stores in India and abroad, supporting its goal of “Eyewear for All.” This setup allows customers to browse online and purchase in-store, with consistent pricing (excluding a small home-delivery fee) and convenient options to buy, return, or exchange products across channels.