Lenskart IPO is all set to be in the “public eye” as the company gears up to hit the market with its most anticipated IPO. As the country’s biggest eyewear brand goes public, it offers investors a chance to join its phase of growth. But, should you be part of it or stay away, at least for now? Let us try to find the answer in this blog. In this article, we will discuss the company, its industry, the offer, and evaluate the company’s financial performance. Let’s start..
About Lenskart
Lenskart started its journey in 2010 as an online eyewear platform and opened its first store in Delhi in 2013. The company currently operates 2,067 stores across India, comprising 1,757 company-owned stores and 310 franchisee stores. In FY25, nearly 9.94 million customers shopped with Lenskart, purchasing 22.91 million pairs of eyewear. Internationally, Lenskart opened its first store in Singapore in 2019, and since then, the company has expanded its footprint across Southeast Asia, Japan, and the Middle East. In FY2025, in international markets, 2.47 million customers transacted through them and sold 4.29 million units of eyewear. As of March 31, 2025, the company has 656 stores in International markets.
Lenskart’s idea is simple: make eyewear stylish, affordable, and accessible. They have become the go-to destination for millions of Indians for eyewear and contact lenses.
Lenskart IPO Offer
The total size of the IPO is expected to be around Rs 8000-8500 crore, consisting of a fresh issue worth Rs ₹2,150 crore and an Offer for Sale (OFS) of 13.23 crore shares being sold by existing investors. So, part of the IPO proceeds goes to the company, and the remaining part to the existing investors who are cashing out a portion of their holdings.
Lenskart IPO Details
| IPO Name | Lenskart Solutions |
| IPO Open & Close Date | Oct 31 – Nov 04, 2025 |
| Issue Price Band | ₹382 to ₹402 per share |
| Lot Size | 37 Shares per lot |
| IPO Type | Fresh Issue & OFS |
| Allotment Date | Nov 06, 2025 |
| Listing Date | Nov 10, 2025 |
| Retail (Min) Lot Size & Amount | 1 lot & ₹14,874 |
| Retail (Max) Lot Size & Amount | 13 lots & ₹1,93,362 |
| Small HNIs (Min) Lot Size & Amount | 14 lots & ₹2,08,236 |
| Small HNIs (Max) Lot Size & Amount | 67 lots & ₹9,96,558 |
| Big HNIs (Min) Lot Size & Amount | 68 lots & ₹10,11,432 |
| Listing | NSE & BSE |
Objects of the Offer — Where Will the Money Go?
Lenskart plans to use the ₹2,150 crore raised from the fresh issue for growth and expansion. Here’s the breakup:
| Purpose | Amount (₹ crore) |
|---|---|
| Setting up new company-owned stores | 272.6 |
| Lease/rent/license payments | 591.4 |
| Technology and cloud upgrades | 213.3 |
| Brand marketing and promotion | 320.0 |
| Acquisitions & general corporate use | Remaining balance |
Simply put, the company will be investing in opening more stores, better tech, stronger brand presence, and potential acquisitions.
Industry Snapshot
- Around 53% of Indians (777 million people) have refractive errors, which means they need some form of vision correction.
- This number was 43% in 2020 and is expected to reach 62% by 2030, that’s nearly 943 million Indians who’ll need eyewear!
- Yet, only about 35% of them actually wear glasses today. That’s a massive untapped opportunity.
- Globally, too, the eyewear market is growing due to an increase in screen time and an aging population. So, demand for eyewear will continue to grow.
| Parameter | Global | India | China | Japan | Middle East |
|---|---|---|---|---|---|
| Population (FY25, in Mn) | 8,200 | 1,454 | 1,516 | 124 | ~49 |
| Refractive error prevalence | 49% | 53% | 65% | 68% | 40% |
| Population with refractive errors (Mn) | 4,000 | 777 | 943 | 85 | 21 |
| Eyeglass penetration | 50% | 35% | 40% | 69% | 60% |
| Population wearing glasses (Mn) | 2,000 | 274 | 385 | 54 | 13 |
Lenskart Financials
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Revenue from Operations | ₹6,524.01 cr | ₹5,323.44 cr | ₹3,677.63 cr |
| Revenue Growth (%) | 22.55% | 44.75% | — |
| Product Margin (₹ crore) | ₹4,469.67 cr | ₹3,560.07 cr | ₹2,337.83 cr |
| Product Margin (%) | 68.51% | 66.88% | 63.57% |
| EBITDA (excl. other income) | ₹1,115.69 cr | ₹763.84 cr | ₹302.32 cr |
| EBITDA Margin (%) | 17.10% | 14.35% | 8.22% |
| Profit / (Loss) Before Tax | ₹458.41 cr | ₹52.87 cr | (₹157.16 cr) |
| Profit / (Loss) After Tax | ₹371.38 cr | (₹5.98 cr) | (₹119.74 cr) |
Analysis
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Revenue from operations: ₹3,677 (FY23) → ₹5,323 (FY24) → ₹6,524 (FY25)
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Revenue growth: 44.7% in FY24 and 22.5% in FY25
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Product margin: Improved from 63.6% (FY23) → 68.5% (FY25)
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EBITDA: ₹302 (FY23) → ₹764 (FY24) → ₹1,116 (FY25)
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EBITDA margin: Expanded from 8.2% → 17.1%
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Net profit: Turned positive at ₹371 crore in FY25 (loss of ₹120 crore in FY23 and ₹6 crore in FY24)
The company has registered strong revenue growth with improved margins, and a clear shift to profitability shows that Lenskart’s business model is scaling well and becoming more efficient. The key will be sustaining these margins as expansion continues.
Strenghts & Weakness
Strengths
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Huge Market Potential – Half of India needs vision correction; only a third use glasses.
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Strong Brand Power – In most people’s minds, eyewear means Lenskart.
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Omnichannel Advantage – Seamless experience online and offline.
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Technology Edge – Automated manufacturing and smart logistics reduce costs.
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Turning Profitable – FY25 marks a key milestone as the company turned profitable
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Expanding Reach – Over 2,000 stores, with two-thirds outside metros.
Weakness
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Execution Challenges – Managing thousands of stores and leases can get tricky.
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High Costs – Rent and salaries can hurt margins if growth slows.
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Strong Competition – Local opticians and global brands remain active and are giving stiff competition.
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Valuation Concerns – IPO could be priced aggressively.
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High Expectations Post-Listing – Investors will demand sustained growth.
Verdict – Should You Invest?
From an online eyewear startup to India’s largest optical retail brand, the journey of Lenskart has been remarkable. With rising screen time, digital expansion, and changing lifestyles, the demand for eyewear in India is only going up.
So, if you’re a long-term investor, Lenskart is an attractive story. It’s profitable, growing fast, and in a category that’s only getting bigger. But if you’re after short-term listing gains, wait for the price band.
If you believe in India’s consumer boom, Lenskart’s IPO might just be a clear-sighted opportunity.
Happy IPO Investing!
*Disclaimer: This blog is for informational purposes only and does not constitute investment advice. Investors should consult their financial advisor before investing. Read the company’s RHP for more information
About the Author
Sandip Desai is a stock market professional with over 18 years of experience in the Indian broking and investment space. He holds NISM certifications in Equity Derivatives, Currency Derivatives, Commodity Derivatives, and Mutual Fund Distribution. Sandip is passionate about simplifying financial concepts and helping investors navigate IPOs and capital markets with confidence.