Lenskart IPO Launches Today: Subscription Insights, GMP, Price Band, and Analyst Opinions
Eyewear retailer Lenskart Solutions has launched its initial public offering (IPO), aiming to raise ₹2,150 crore through a fresh issue of shares. Alongside this, promoters and existing investors will sell 12.75 crore shares via an offer for sale. The IPO opened on Friday and will remain available for subscription until November 4, with shares expected to be allotted to investors on November 6. Lenskart plans to utilize the proceeds for expanding its store network, enhancing technology, and pursuing potential acquisitions.
Lenskart IPO Details
The Lenskart IPO features a price band set between ₹382 and ₹402 per share, which positions the company’s valuation at over ₹69,700 crore at the upper end of the range. The IPO’s grey market premium is currently reported at ₹70 per share, suggesting that shares may list around ₹472, reflecting a potential premium of 17.41%. This pricing strategy indicates Lenskart’s confidence in its market position and growth prospects.
Investment Insights
Analysts have provided mixed but generally positive recommendations regarding the Lenskart IPO. SBI Securities has advised investors to subscribe for the long term, highlighting Lenskart’s robust business model and significant growth potential in the eyewear market. They noted that while immediate listing gains may be limited, the company’s integrated supply chain and strong brand presence support its long-term outlook. Similarly, Ventura Securities has recommended a subscription, emphasizing Lenskart’s technology-driven approach and efficient store payback period. Nirmal Bang acknowledged that the IPO might seem pricey initially but argued that its valuation is justified when compared to modern retail peers.
Company Background and Growth
Founded in 2008, Lenskart began as an online platform and opened its first physical store in New Delhi in 2013. The company has since adopted an omni-channel model, offering a wide range of eyewear products, including prescription glasses, sunglasses, and contact lenses. Lenskart has expanded its operations beyond India, establishing a presence in Southeast Asia and the Middle East. As of June 2025, the company operates 2,806 outlets globally, with 2,137 located in India and 669 overseas.
Financial Performance and Market Position
Lenskart has demonstrated impressive financial growth, with revenue increasing by over 32% annually to ₹6,652.5 crore. The company’s EBITDA surged by 93.4% to ₹971.1 crore, resulting in improved margins of 14.6% for FY25, up from 6.9% in FY23. Lenskart reported a net profit of ₹297.3 crore for FY25, a significant turnaround from a net loss of ₹63.8 crore in FY23. Despite holding an estimated 4-6% market share in India’s eyewear sector, Lenskart faces competition in a largely unorganized market, which presents both challenges and opportunities for growth.
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