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Lenskart IPO
Lenskart Solutions Ltd
₹14,134 /37 sharesMinimum Investment
Lenskart IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 31 Oct ‘25 - 4 Nov ‘25 | ₹14,134 | 37 | ₹382 - ₹402 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 7,278.02 Cr | RHP PDF | 06 Nov ‘25 | 10 Nov ‘25 |
Subscription rate
As of 04 Nov'25, 04:41 PM
| Qualified Institutional Buyers | 40.35x |
| Non-Institutional Investor | 18.18x |
| Retail Individual Investor | 7.19x |
| Employees | 4.85x |
| Total | 28.18x |
About Lenskart
Founded in
2008
MD/CEO
Mr Peyush Bansal
Parent organisation
Lenskart Solutions Ltd
Strengths & Risks of Lenskart
Strengths
Risks
Lenskart’s products span a wide range of price points and age categories, catering to the requirements of an entire household. During the three months ended June 30, 2025, and FY25, it launched 42 and 105 new in-house designed and engineered collections globally, respectively, including in collaboration with popular brands and celebrities.
The two-year purchase frequency among new customers of Lenskart in FY23 was 3.62 eyeglasses, compared to an India average of 1.8 eyeglasses, according to a Redseer report.
In FY25, Lenskart was awarded “India’s Most Trusted Eyewear Brand of 2025” by TRA Research.
As of June 30, 2025, Lenskart’s mobile app had over 100 million cumulative downloads, and it operated its business through 2,806 stores globally — comprising 2,137 stores in India and 669 stores internationally.
Lenskart owns and operates frame and lens design and prescription eyeglasses manufacturing facilities at two locations in India — Bhiwadi, Rajasthan, and Gurugram, Haryana. These are supplemented by regional facilities in Singapore and the United Arab Emirates (UAE). The company claims that this centralised manufacturing and controlled supply chain helps it to deliver quality prescription eyeglasses at affordable prices and enable next-day delivery at select locations.
Lenskart’s cost of raw materials consumed constituted a significant portion of its expenses at Rs 467.34 crore, or 25.45%, and Rs 1,622.97 crore, or 24.52%, of its total expenses in the three months ended June 30, 2025, and FY25, respectively. Any delays, interruptions, or reduction in the supply of raw materials or fluctuations in their prices could adversely affect its business, results of operations, and finances.
Import of frames and other raw materials from China accounted for Rs 354.75 crores (53.38%) in the three months ending June 2025; Rs 1,062.43 crore (42.21%) in FY25; Rs 769.97 crores (41.09%) in FY24; and Rs 868.22 crores (54.15%) in FY23. Any delays, interruptions, or reduction in the supply of such frames or other raw materials could hurt its business and finances.
Capacity utilisation has remained low over the years. For the three months ended June 25, capacity utilisation at the Gurugram unit was 39.22%, Bhiwadi 68.26%, Singapore 61.93%, and Dubai 40.58%. The overall average during the period stood at 55.10%. For FY25, capacity utilisation for Gurugram stood at 40.92%, Bhiwadi 54.31%, Singapore 54.40%, and Dubai 22.24%, at a total average of 47.93%. For FY24, capacity utilisation at Gurugram was 44.47%, Bhiwadi 48.05%, Singapore 42.70%, and the total average of 45.91%. For FY23, the figure for Gurugram was 52.28%, Bhiwadi 19.95%, Singapore 27.63%, and total average of 47.17%. The company needs to increase the capacity utilisation level to register optimum business and profits.
The Directorate of Enforcement (ED), Gurugram, has initiated an inquiry into procedural delays in Lenskart’s filings on the IDPMS and EPDMS portals by a show-cause notice dated July 25, 2022. These are required for import-export transactions. Any regulatory or other actions against Lenskart in the future, in relation to such orders or otherwise, could adversely affect its business, reputation, financial condition, and cash flows.
Lenskart does not exercise full operational or financial control over its franchisee-operated retail stores. If franchisees take actions that are inconsistent with Lenskart’s brand standards, operational policies, or strategic objectives, these could adversely affect its reputation, customer experience, business, results of operations, financial condition, and cash flows.
Certain subsidiaries and group companies of Lenskart Solutions have incurred losses in the past. If these entities continue to incur losses in the future, Lenskart may need to continue providing financial support to them, which could hurt the consolidated results of operations.
Medical advancements in eye care, such as laser-assisted in situ keratomileusis (LASIK) and small incision lenticule extraction (SMILE) surgeries, could reduce the need for corrective eyewear among potential customers. These surgeries are designed to correct refractive errors, such as myopia, hyperopia, and astigmatism, by reshaping the cornea of the eye. This could hurt the demand for Lenskart products, which would in turn put pressure on its topline and bottomline.
Lenskart’s experienced restated losses for FY24 and FY23, primarily due to lower operating leverage. The company experienced negative cash flows in relation to financing and investing activities during these years, respectively, primarily due to (i) repayment of long-term borrowings and payments towards lease liabilities during FY24 and (ii) acquisition of Owndays, investments in fixed deposits, and purchase of property, plant, and equipment in FY23.
The unorganised sector caters to about 77% of prescription eyewear sales in India in value terms, with organised players accounting for the remaining 23% as of FY25. The unorganised sector comprises small, independent retailers with lower cost structures and flexible pricing, which may limit the ability of organised players to increase prices, gain market share, or deliver standardised customer experiences.
The company, its directors, promoters, subsidiaries, key managerial personnel, and senior management personnel are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Lenskart Financials
*All values are in Rs. Cr
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Application Details of Lenskart IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹382 - 402 | Upto ₹2 Lakh |
| Employee | ₹363 - 383 | Upto ₹2 Lakh |
| High Networth Individual | ₹382 - 402 | ₹2 - 5 Lakh |
For Lenskart IPO, eligible investors can apply as Regular & Employee.