India’s leading eyewear retailer, Lenskart, has received the green light from the Securities and Exchange Board of India (SEBI) to proceed with its much-anticipated initial public offering (IPO), according to people familiar with the matter. The Gurugram-based company is gearing up to file its updated prospectus in the coming weeks, with a targeted listing date around mid-November 2025.
IPO Structure and Fundraising Details
Lenskart had earlier submitted its draft red herring prospectus (DRHP) to SEBI in July 2025. The eyewear giant plans to raise ₹2,150 crore in fresh capital through the primary share issuance. In addition, founders Peyush Bansal, Neha Bansal, Sumeet Kapahi, and Amit Chaudhary, along with marquee investors like SoftBank, Premji Invest, Temasek, Kedaara Capital, and Alpha Wave Global, will collectively sell 132.3 million shares under the offer-for-sale (OFS) component.
With this combination of primary and secondary sales, the total IPO size is expected to range between ₹7,500 crore and ₹8,000 crore (approximately $850–900 million), making it one of the largest public offerings in India this year—only surpassed by the massive IPOs of Tata Capital and LG Electronics.
Merchant Bankers and Listing Plans
Kotak Mahindra Bank, Morgan Stanley, Citi, Avendus Capital, and Intensive Fiscal Services have been appointed as merchant bankers for the offering. Lenskart’s public debut will be the most prominent among a wave of new-age startups preparing to go public this year, including Groww, Meesho, PhonePe, and PhysicsWallah—though the latter have opted for SEBI’s confidential filing route.
Financial Performance Highlights
Lenskart’s IPO comes on the heels of an impressive financial turnaround. The company reported a net profit of ₹297 crore in FY25, a sharp reversal from the ₹10 crore loss recorded in FY24. Revenue rose 22% to ₹6,625 crore from ₹5,428 crore the previous year.
This strong growth, coupled with consistent store expansion, has solidified the brand’s position as a market leader. The company operates more than 2,700 stores nationwide and has ambitious retail growth plans.
Utilisation of IPO Proceeds
According to its prospectus, Lenskart intends to deploy ₹272 crore from the IPO proceeds for opening new stores across India. Another ₹591 crore has been earmarked for leasing, rental, and maintenance expenses of its existing outlets. A portion of the capital will also support strategic acquisitions aimed at strengthening the company’s omnichannel presence.
Recognition and Market Impact
Winner of Startup of the Year at the ET Startup Awards 2024, Lenskart’s IPO signals strong investor confidence in the eyewear sector. The combination of profitability, revenue growth, and aggressive expansion positions the company well to capture India’s growing demand for affordable yet stylish eyewear.
If successful, the IPO will not only set a benchmark for retail startups but also highlight the increasing appetite for public listings among India’s new-age consumer brands.
