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Home
InvestmentsIPOLenskart Solutions IPO

Lenskart Solutions IPO

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Open Date

31 Oct 2025

Close Date

4 Nov 2025

Min Investment

₹ 14,134

Max Investment

₹ 5,00,000

Lot Size

37

Issue Size

₹ 7278.02 Cr

Price Range

₹ 382 - ₹ 402
status

This IPO is now Live.

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IPO Timeline
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IPO Offer Start
31 Oct 2025
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IPO Offer Ends
4 Nov 2025
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Allotment Finalisation
6 Nov 2025
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Refund Initialisation
7 Nov 2025
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Non-Institutional Buyers (sHNI)
7 Nov 2025
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Listing of Shares
10 Nov 2025
IPO Subscription Details as on 13 Dec 2025, 01:53 PM
Qualified Instituational Buyers (QiB)
40.35 x
Retail
7.22 x
Employees
4.86 x
Non-Institutional Buyer (bHNI)
21.81 x
Non-Institutional Buyer (sHNI)
10.92 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
The company is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products. The company primarily sells prescription eyeglasses, sunglasses, and other products such as contact lenses and eyewear accessories. India is the company's largest market, and according to the Redseer Report, the company is the largest seller of prescription eyeglasses in terms of volumes sold in India in Financial Year 2025, among organized retailers. Leveraging the company's experience and capabilities in India, the company has expanded into select international markets including Japan, Southeast Asia and the Middle East. The company is India's largest, and in Asia, is amongst the two largest, organized retailers of prescription eyeglasses in terms of B2C eyeglasses sales volumes during the Financial Year 2025, according to the Redseer Report. The company is a direct-to-consumer company that designs and sells a wide range of eyewear products under the company's own brands and sub-brands. The company designs eyeglasses, both frames and lenses, supported by a 109-member design and merchandising team, as of June 30, 2025. The company offers products across a wide range of price points and age categories, catering to the requirements of an entire household. The company's brands are designed to be aspirational and appeal to a wide range of customer categories. As of June 30, 2025, the company's mobile applications had over 100 million cumulative downloads and the company operated business through 2,806 stores globally (comprising 2,137 stores in India and 669 stores internationally). The company has made a strategic choice to centralize and control the entire prescription eyeglasses supply chain, comprising lens manufacturing, lens edging, lens design, frame design, frame manufacturing and delivery. The company owns and operates frame and lens design and prescription eyeglasses manufacturing facilities at two locations in India in Bhiwadi, Rajasthan and Gurugram, Haryana, supplemented by regional facilities in Singapore and the United Arab Emirates.
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Founded In

2008

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CEO

Peyush Bansal

Financials of Lenskart Solutions IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue3,78,802.805,42,770.306,65,251.70
Other Income13,994.6018,216.9035,675.90
Total Income
3,92,797.405,60,987.207,00,927.60
Total Expenses
4,02,507.405,54,959.406,61,947.80
Profit Before Tax-10,117.605,903.1038,535.60
Total Profit
-6,375.70-1,015.4029,734.00

All figures are in lakhs (₹)

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Utilisation of Proceeds

All figures are in lakhs (₹)

PurposeAmount
The company proposes to utilize funds towards capital expenditure for store setup costs and additional equipment at each store which will be used for approximately new CoCo stores over Financial Years. The company aims to increase its presence and retail footprint across Metropolitan, Tier 1, and Tier 2+ cities in India as part of its growth strategy to deepen and broaden store network. The primary costs for setting up of CoCo stores are categorized under store setup costs and store equipment costs. Store setup costs primarily include expenditure on furniture and fittings, leasehold improvements, and digital peripherals. Store equipment costs include clinical equipment, chair units, and other electrical and IT equipment.27,262
The company expects to utilize funds towards lease rentals for approximately of its total CoCo stores in India for Financial Years. All CoCo stores in India are on a leasehold basis pursuant to various lease agreements or leave and license agreements, and under such agreements, the company is under an obligation to make lease payments to lessors/licensors. For CoCo stores in India, the company typically enters into lease agreements and leave and license agreements with tenures ranging from years. The lease rentals are based on the actual amounts payable based on valid and existing lease agreements and leave and license agreements which have been executed by the company with various lessors and landlords for these stores.59,144
The company proposes to utilize funds towards strengthening and scaling its end-to-end technology infrastructure, which underpins its omni-channel business model and centralized supply chain and manufacturing. The company aims to continue to invest organically and inorganically in technology, automation and AI solutions to improve customer value proposition and operational efficiency. The funds will be utilized for software and cloud infrastructure, including smart manufacturing technologies, AI-based eye testing solution, integration of AI into front-end platform, advanced digital customer channels, strengthened cybersecurity infrastructure, and enterprise-wide data and AI capabilities. A portion of the funds will also be utilized to fund the employee expenses of the technology team across the organization.21,338
The company plans to continue investing in brand-building initiatives, including targeted marketing campaigns through digital media, endorsements, sponsorships, television advertising and influencers, expand presence on social media platforms through content led strategies, across India and especially in international markets. The company will also focus on expanding its presence on social media platforms by creating content that resonates with customers. These will enable the company to enhance the awareness and relevance of its brands, especially in international markets. The marketing strategy is focused on positioning the brand as a customer-centric and innovative eyewear brand, increasing market share and customer base in India and International markets and enhancing customer loyalty and retention.32,006
The company proposes to deploy funds towards general corporate purposes and unidentified inorganic acquisitions subject to such utilisation not exceeding of the Gross Proceeds. The company intends to utilize funds towards strategic acquisitions and/or investments which may be undertaken over the course of next three Financial Years. The proposed inorganic acquisitions shall be undertaken in accordance with the applicable laws. For general corporate purposes, the company intends to deploy funds for business requirements, including to drive business growth, payment towards purchase of equipment, payment of commission and/or fees to consultants, working capital funding, future loan pre-payments or repayments, insurance, investment in international expansion, general repairs and maintenance and payments of taxes and duties, and any other purpose in the ordinary course of business.-
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  • Centralized Supply Chain and Manufacturing Processes: The company operates a centralized prescription eyeglasses supply chain and manufacturing that allows management of supply chain operations and addresses customer demand for each store location. This drives the core proposition of providing better accessibility to quality eyewear products at affordable prices to a large number of customers, enabling faster delivery for a large selection of SKUs. The company maintains end-to-end control over the manufacturing process including frame shape tracing, lens material and coatings, lens edging including centring and polishing, assembly and quality checks. The company's fully automated robotic lens edging and polishing systems enable edging and fitting of lenses with micron-level precision at scale, capable of cutting and customizing up to 27 prescription eyeglasses per minute at consistent quality.
  • Frame and Lens Engineering and Manufacturing Capabilities: The company has been developing in-house capabilities for manufacturing frames, which allows improvement of materials and processes, design of own styles with attributes catering to specific customer trends and requirements. The company commenced manufacturing own frames in the People's Republic of China through Baofeng Framekart Technology Limited, the company's Joint Venture, in 2017, at the facility in Gurugram, Haryana in 2021, followed by the facility in Bhiwadi, Rajasthan. The company manufactures complex lens types, including progressive, bifocal lenses and selectively, single vision lenses, in-house. During the three months ended June 30, 2025 and the Financial Year 2025, the company manufactured 1.31 million and 4.06 million lenses, respectively, and 1.87 million and 6.44 million frames, respectively.
  • Direct-to-consumer Model: The company operates a direct-to-consumer model that eliminates multiple layers of intermediaries in the traditional prescription eyeglasses supply chain, enabling delivery of products to customers at an affordable cost and with next day delivery. This model allows the company to retain end-to-end control over quality, reduce manufacturing lead times, and achieve greater cost efficiency compared to conventional eyewear retailers. According to the Redseer Report, the company manufactured the third largest number of prescription eyeglasses globally among leading large organized retailers of prescription eyeglasses in Financial Year 2025.
  • Customer-Focused Product Design Capabilities: The company has developed holistic design and merchandising capabilities, including in-house designs, structural configurations, and frame moulds, which are used to manufacture frames in-house. This has enabled the company to exercise greater design innovation to meet customer requirements and drive purchasing frequency. The company has increased new product development, expanding to 105 new in-house designed and engineered collections across markets during the Financial Year 2025. As of June 30, 2025, the design and merchandising team comprised 109 members across markets, focused on creating new collections.
  • Lenskart Brand and Portfolio of Owned Sub-brands: The company's Lenskart brand represents the aspiration of allowing people to 'Do More' and 'Be More'. In the Financial Year 2025, Lenskart was awarded 'India's Most Trusted Eyewear Brand of 2025' by TRA Research. The reach of the brand is evidenced by the number of potential customers visiting stores - in the Financial Year 2025, 29.52 million entries were recorded in the queue management system from potential customers in India. The company observes a diversified range of sales by transaction value, with 18.14% of sales in India during Financial Year 2025 from orders with a transaction value over ₹10,000, 18.13% from orders with a transaction value below ₹2,000, and 63.73% from orders with a transaction value between ₹2,000 and ₹10,000.
  • Technology First Approach to Customer Experience and Operational Efficiency: The company has invested in a range of customized technology solutions, AI tools and automation to deliver improved customer experience, automate design and manufacturing processes to drive higher operational efficiency and growth. As of June 30, 2025, the technology team comprised 491 members. The company has developed and refined mobile applications over the years to do size measurement, near-real trials, and relevant recommendations. In Financial Year 2025, customers conducted 38.59 million virtual try-ons on mobile applications and websites. The company leverages in-house AI-enabled Computer Vision tool to optimize customer flow and movement at stores, increase conversion rates, and enhance the overall customer shopping experience.
  • Omnichannel Retail Network: The company operates an omnichannel retail network comprising mobile applications, websites, and physical stores in India and internationally, aligned with the aspiration to provide Eyewear for All. This enables catering to customers who only browse online but prefer to transact at physical stores. In the Financial Year 2025, customers contributing 44.82% of revenue from operations in India (on a proforma basis) engaged digitally through organic searches, social media or other online channels in the 90 days prior to completing their purchase. The stores in India generated average annual revenue per square feet of ₹24,639.34 and ₹23,492.50 during the three months ended June 30, 2025 and the Financial Year 2025, respectively, which was the highest among leading large organized prescription eyeglasses retailers in India for the Financial Year 2025.
  • Culture and Values: The company is guided by a purpose-driven approach to build supply and distribution solutions that improve access to quality and affordable eyewear for all. The cross-functional teams leverage technology-driven solutions across all operational processes, not just in customer experience and manufacturing, but throughout the business, including store openings, human resource management, and accounting. The company adopts a local-first approach in every market in which it operates, including establishing local customer-facing teams and product development teams. As of June 30, 2025, the workforce across 13 international geographies includes employees from 25 nationalities, reflecting the inclusive culture and global footprint.
  • Category Leadership, Scale, and Track Record of Revenue and EBITDA Growth: According to the Redseer Report, the company is India's largest and in Asia, among the two largest, organized retailer of prescription eyeglasses in terms of B2C eyeglasses sales volumes during Financial Year 2025. Between the Financial Years 2023 and 2025, revenue from operations grew at a CAGR of 32.52%, increasing from ₹37,880.28 million in Financial Year 2023 to ₹66,525.17 million in Financial Year 2025. EBITDA excluding other income and exceptional item margin expanded significantly from 6.86% in Financial Year 2023 to 14.60% in Financial Year 2025 and stood at 17.77% for the three months ended June 30, 2025. Product margins improved from 63.88% in Financial Year 2023 to 67.92% in Financial Year 2025 and stood at 68.12% for the three months ended June 30, 2025.

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