Lenskart Solutions Ltd, one of India’s leading technology-driven eyewear companies, is coming out with its Initial Public Offering (IPO). The IPO comprises a combination of fresh issue and offer for sale, giving investors an opportunity to participate in one of the fastest-scaling consumer retail companies in India. With strong brand recall, omnichannel presence, technology-led manufacturing, and consistent business expansion, the company has attracted significant interest from institutional and retail investors. This Lenskart IPO Review provides detailed insights into the company’s background, financial performance, valuation analysis, strengths, risk factors, GMP (Grey Market Premium), and whether investors should Subscribe or Avoid this IPO.
About Lenskart Solutions Ltd
Founded in 2008, Lenskart Solutions Ltd operates a unique direct-to-consumer (D2C) model covering design, manufacturing, branding, and retail distribution of eyewear products including spectacles, sunglasses, contact lenses, and accessories. The company focuses heavily on technology and supply chain efficiencies to reduce manufacturing costs and deliver faster turnaround.
As of March 31, 2025, the company operated 2,723 stores globally, with 2,067 in India and the rest across key markets including Singapore, UAE, Japan, and Southeast Asia. It leverages in-house manufacturing capabilities and centralized supply management enabling faster delivery timelines (next-day delivery in 40+ cities).
The company’s digital ecosystem has enabled a seamless customer experience with features like virtual try-on, online eye testing, AI-enabled prescription suggestions, and integrated customer service.
Lenskart Solutions IPO Issue Details
- IPO Opening Date: October 31, 2025
- IPO Closing Date: November 4, 2025
- Listing on: BSE, NSE
- Issue Type: Book Built Issue (Fresh Issue + Offer for Sale)
- Face Value: ₹2 per share
- Price Band: ₹382 to ₹402 per share
- Lot Size: 37 shares
- Minimum Investment (Retail): ₹14,874 (at upper band)
- Fresh Issue Size: ₹2,150 crore
- Offer for Sale Size: ₹5,128.02 crore
- Total Issue Size: ₹7,278.02 crore
- Promoters: Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi
Objects of the Issue
The net proceeds from the fresh issue will be utilized for:
- Setting up new Company-Owned Company-Operated (CoCo) stores across India
- Lease payments for existing retail stores
- Investment in technology and cloud infrastructure
- Brand marketing and promotional activities
- Potential acquisitions and general corporate purposes
Competitive Strengths
- Strong Brand Recall: Lenskart has become a household name with strong customer trust.
- End-to-End Control: In-house manufacturing provides better product quality and cost efficiencies.
- Technology-First Approach: AI-enabled online and store-level customer experience.
- Wide Product Portfolio: From affordable to premium eyewear, serving multiple demographics.
- Omnichannel Retail Network: Digital + Offline hybrid distribution strategy.
- Global Expansion: Presence in high-growth markets like Middle East & Southeast Asia.
Financial Performance
| Financial Year | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) | Net Worth (₹ Cr) |
|---|---|---|---|---|
| FY 2023 | 3,927.97 | -63.76 | 259.71 | 5,444.48 |
| FY 2024 | 5,609.87 | -10.15 | 672.09 | 5,642.38 |
| FY 2025 | 7,009.28 | 297.34 | 971.06 | 6,108.30 |
Key Observations:
- Consistent growth in revenue driven by store expansion and international business.
- Turnaround in profitability in FY 2025 after losses in previous years.
- EBITDA margins have improved steadily, indicating operational efficiency.
P/E Ratio and Valuation Comparison
Lenskart’s pre-IPO P/E based on FY 2025 earnings is ~227x, which appears high.
| Company | P/E Ratio |
|---|---|
| Lenskart (IPO) | ~227x |
| Titan Company Ltd (Premium Peer) | ~85x |
| Kalyan Jewellers (Retail Peer) | ~36x |
| Industry Average | ~55-60x |
Valuations: The P/E is significantly above industry average, pricing the issue at a premium mainly based on brand value and high-growth future potential rather than current earnings. I know that investors would ignore such key metrics.
Reasons to Invest in Lenskart Solutions IPO
1. Strong Growth Trajectory
The company has demonstrated multi-year revenue growth driven by store expansions and increasing eyewear adoption.
2. Technology-Driven Retail Model
AI-powered lens design, virtual try-on technology, and home eye testing give Lenskart a competitive edge.
3. Global Expansion Strategy
Expansion into UAE, Singapore, and Japan diversifies revenue and reduces dependence on Indian markets.
4. Improving Profitability
EBITDA margins and PAT turnaround signal operational maturity and potential scalability.
Risk Factors of Lenskart Solutions IPO
1. High Valuation Risk
The IPO is priced at a substantial premium compared to industry players. Investors would not get anything with such high priced IPOs.
2. Losses in the past
The company has shown a financial turnaround in FY2025, achieving profitability after multiple years of losses. Sustainability of these profits will be a key factor to watch in the coming years.
3. Dependence on Franchise & Store Rollout
Aggressive expansion needs capital and operational efficiency; any delays can affect profitability.
4. Intense Competition
Both offline optical chains and online eyewear startups pose competitive pressure.
5. International Business Risk
Currency fluctuations, regulatory compliance, and supply chain disruptions remain key risks.
6. Risk Factors
While the RHP is yet to be uploaded into SEBI website, investors should go through Lenskart IPO RHP filed on Lenskart websiste for all internal and external risk factors.
Grey Market Premium (GMP)
(Current trends indicate that GMP can fluctuate.)
Investors should monitor GMP closer to the listing date for updated premium expectations.
How to Apply for Lenskart IPO
- Login to your Demat-enabled trading app (Zerodha, Upstox, Groww, Angel One, ICICI Direct, HDFC Sec.)
- Select IPO section and choose Lenskart Solutions IPO
- Enter lot size and bid at cut-off price for maximum allocation chances
- Approve UPI payment request before cut-off (5 PM on closing day)
Conclusion – Should You Subscribe or Avoid?
Lenskart Solutions is a strong consumer brand with proven execution capabilities, omnichannel presence, and global scalability. However, the IPO valuation appears expensive, making it suitable mainly for long-term investors with high-risk tolerance.
Recommendation: I would personally like to avoid such high priced IPOs. I would invest in such companies when available at reasonable valuations after listing.
FAQs
- What is the minimum investment required in Lenskart IPO?
Minimum investment is ₹14,874 for one lot. - Is Lenskart profitable?
Yes, the company turned profitable in FY 2025. - Can I apply for Lenskart IPO via UPI?
Yes, UPI payment is required for retail investors. - What is the listing exchange for the IPO?
The shares will list on BSE & NSE. - Is this IPO good for listing gains?
Listing gains may be limited due to high valuation. - Who are the promoters of Lenskart?
Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi. - What is GMP?
Grey Market Premium indicates unofficial price trends before listing.
Disclaimer
This review is for informational purposes only and not investment advice. Investors should evaluate their risk tolerance and consult financial advisors before investing.
- 6 Largecap Mutual Funds That Beat Their Indices Over 1, 3 and 5 Years - November 21, 2025
- Sudeep Pharma IPO Review – Dates, Price Band, GMP, Analysis – Should You Invest or Avoid? - November 21, 2025
- 10 Hybrid Mutual Funds That Turned ₹ 1 Lakh Into ₹ 13–21 Lakhs in 20 Years - November 19, 2025
Well analysed. AVOID
Thank you Ramakrishna