Lenskart IPO Review 2025 – Full Details & Should You Apply

Industry Outlook

Lenskart operates in the eyewear retail and optical solutions industry in India — including prescription eyeglasses, sunglasses, contact lenses and accessories.

The industry is benefiting from rising vision-correction demand, increased awareness of eye health, growth of organised retail & omni-channel models, and the shift from offline to hybrid online/offline retail.

However: competition is intense (online plus offline), margins are under pressure, and the business depends on retail footfall, brand strength and supply chain.

About the Company

Lenskart Solutions Ltd was founded in 2008 (originally as Valyoo Technologies) and is headquartered in Gurgaon / Gurugram, Haryana, India.
The company designs, manufactures, brands and retails eyewear (frames + lenses) and offers contact lenses — via online e-commerce, mobile app and a vast retail store network.
It claims to be the largest seller of prescription eyeglasses in volume terms in India for FY25 in the organised segment.
International presence: stores and operations in Southeast Asia, Middle East etc.

Omni-channel eyewear retail: Online portal + mobile app + physical stores (company-owned & franchise).
In-house manufacturing / vertical integration for frames & lenses (e.g., manufacturing units in Rajasthan, Haryana) enabling scale & cost control.
Diversified offerings: budget eyewear to premium brands, sunglasses, contact lenses, accessories.

Market Position

Strong brand recall in India; large store footprint.
Positioned as both affordable and premium — hybrid model.
Growing internationally which adds to scale.

Promoter & CEO

Founder / MD & CEO: Peyush Bansal.
Key co-founders include Sumeet Kapahi and others.
Backed by major investors: SoftBank Vision Fund, Temasek, Kedaara Capital etc.

Litigation / Risks

One notable disclosure: co-founder Sumeet Kapahi is unable to locate his Bachelor’s degree from University of Delhi, as disclosed in the IPO filing.
As with all large retail chains: risk of franchisee disputes, regulatory compliance, retail store profitability, supply chain and imports.
Investors should review the “Risk Factors” section in the RHP.

IPO Key Details

Feature	Details
IPO Dates	October 31, 2025 – November 4, 2025
Listing Date	November 10, 2025
Final Issue Price	₹402 per share (Upper Band)
Total Issue Size	₹7,278.02 Crores
Issue Type	Fresh Issue (₹2,150.38 Cr) + Offer for Sale (OFS) (₹5,127.64 Cr)
Subscription Status	28.24 times Overall (QIB: 40.35x, Retail: 7.46x)
Listing Performance	Listed at a slight discount of 1.74% (₹395 on NSE)
Lot Size	37 shares

IPO Timeline


Issue Opens	31 October 2025
Issue Closes	4 November 2025
Allotment Finalised	6 November 2025
Listing	10 November 2025

IPO Objective

Uses of fresh issue proceeds:

Capital expenditure for setting up new CoCo stores (company-owned, company-operated) in India.
Expenditure for lease/rent/license agreements for these stores.
Investing in technology and cloud infrastructure.
Brand marketing and business-promotion expenses.
Unidentified inorganic acquisitions and general corporate purposes.

Financials

Metric (₹ in Crores)	FY 2023	FY 2024	FY 2025
Revenue	3,788.03	5,427.70	6,652.52
Revenue Growth	N/A	43.3%	22.6%
(PAT)	Loss of ₹63.76	Loss of ₹10.15	Profit of ₹297.34
EBITDA Margin (%)	10.30%	14.42%	15.15%

KPI & Financial-Highlights

Shift to Profitability: FY2025 was a landmark year, marking the company's shift to a net profit of ₹297.34 Cr from marginal losses. However, analysts note that the normalized profit (excluding one-time gains from the Owndays acquisition) is lower, implying core operational profitability is still thin (around 1.96% of revenue).

Margin Expansion: The EBITDA Margin has more than doubled from FY23 to FY25, driven by operating leverage, scale benefits, and the increasing contribution from higher-margin international markets.

High-Quality Gross Margin: Lenskart's Gross Profit Margin for FY25 stood at an impressive 67.5%, which is significantly higher than most traditional retailers. This is a direct result of its integrated manufacturing and supply chain, which keeps material costs low.

SWOT Analysis

Strengths

Strong brand & large footprint (online + offline) in eyewear.
Vertical manufacturing + global supply chain + design capabilities.
Turnaround into profitability suggests operational improvements

Weaknesses

Very high valuation; large portion of issue is OFS (existing shareholders selling) which means less fresh capital used for growth.
Retail expansion adds costs (store leases, staff, inventory) and retail market is competitive.
Dependence on consumer discretionary spending, store traffic and supply chain costs.

Opportunities
Large addressable market in India for eyewear, rising vision correction needs, premiumisation.
Growth in emerging markets and international expansion.
Hybrid / omnichannel models enabling scalability.

Threats
Competitive pressure from global & local eyewear brands and online-only players.
Supply-chain risks (material imports, manufacturing delays, cost inflation).
If growth slows or profitability weakens, expectations may not be met leading to correction.
Regulatory / retail risks: leases, franchisee issues, store profitability.

Competitive Analysis & Market Peers

Peers in organised eyewear: smaller domestic retail chains, large global optical brands.
Lenskart’s differentiation is omni-channel + large offline expansion + manufacturing control.
However, unlike some peers focused purely online (lower cost base) or purely premium brand (higher margins), Lenskart sits in the hybrid space and must maintain scale + profitability.
Investors will compare Lenskart’s growth metrics, margins, store expansion pace vs peers to assess future performance.

Should You Apply for the IPO?

Pros

Strong growth story and brand in a large and likely under-penetrated market.
Company turned profitable (recently) showing potential for scale.
Fresh issue proceeds meant for growth (stores, tech) which may drive future earnings.

Cons

IPO valuation is very high; investor expectations are steep.
Large part of issue is OFS, meaning less direct infusion for growth.
Retail store business has costs and risks; offline expansion may weigh on margins if not managed.
If growth slows, listing might be volatile.

My view (educational) If you are a long-term investor (5-10 years horizon), believe in omni-channel retail growth and eyewear opportunity, you might consider applying or holding post-listing if at reasonable entry. If you are short-term or risk-averse, you may wait for listing and 1–2 quarter performance before buying or look for a better valuation entry.

Always align with your risk-profile and investment horizon. Consider consulting a SEBI-registered advisor.

Conclusion

Lenskart Solutions’ IPO is among the most anticipated consumer-retail listings of 2025 in India. It combines strong brand recognition, omni-channel presence, manufacturing integration and global ambitions. Yet, with high valuation and aggressive expansion, the company must deliver consistently over the coming years to meet investor expectations. For investors, it presents both opportunity and caution.

All you need to know

Q1. What is the price band of the Lenskart IPO?
A: ₹ 382 – ₹ 402 per share.

Q2. What is the issue size and structure?
A: Total issue size ~₹7,278.02 crore; fresh issue ~₹2,150 crore and OFS ~₹5,128.02 crore.

Q3. What is the lot size and minimum investment for retail investors?

A: Lot size is 37 shares; at the upper band of ₹402, minimum investment is ~₹14,874.

Q4. When is the IPO open and when is the listing?
A: IPO opens 31 October 2025, closes 4 November 2025. Tentative listing date is 10 November 2025.

Q5. Is the company profitable?
A: Yes, Lenskart reported a PAT of ~₹297.34 crore in FY25, after a loss in FY24. Revenue was ~₹6,652.5 crore for FY25.

Q6. Should I apply for this IPO?
A: That depends on your investment horizon and risk appetite. The company has strong fundamentals but also high expectations. Assess the risks and opportunities carefully before applying.