India’s biggest eyewear retailer Lenskart, co-founded by Peyush Bansal of Shark Tank fame, has filed its draft red herring prospectus (DRHP) with market regulator Sebi for what could be an Rs 8,000 crore IPO.
The IPO will comprise a fresh issue of shares worth Rs 2,150 crore and an offer-for-sale (OFS) of up to 132.3 million shares by existing investors, including SoftBank, Alpha Wave, and Kedaara Capital. The total issue size is expected to be in the range of Rs 7,500–8,000 crore, according to reports.
Lenskart is said to be valuing itself at Rs 70,000–75,000 crore in the IPO, where promoters Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi are also offloading stakes. As of now, the promoters own less than 24% stake in Lenskart, with CEO Peyush Bansal owning about 10.28% stake.The book running lead managers of the IPO are Kotak Mahindra Capital, Morgan Stanley, Avendus Capital, Citigroup, Axis Capital and Intensive Fiscal Services.
In June 2024, Lenskart raised $200 million from Temasek Holdings Pte and Fidelity Management & Research at a $5 billion valuation, according to Avendus Capital Pvt., an advisor on the deal. Fidelity has since revised its internal estimate of the company’s value to $6.1 billion, based on April portfolio disclosures.
IPO fund utilisation
Lenskart plans to use IPO proceeds towards setting up new stores in India, paying rent of existing stores, investing in technology and cloud infrastructure, marketing, inorganic acquisitions, and general corporate purposes, according to the DRHP.
Lenskart financials
Founded in 2010, the company has grown into one of India’s leading omnichannel D2C brands, with a growing international presence in Southeast Asia and the Middle East.Lenskart’s revenue during FY25 increased at a CAGR of 32.5% to Rs 6,625 crore, compared to Rs 3,788 crore in FY23.
The company said it runs frame and lens design and prescription eyeglass manufacturing facilities at two locations in India — Bhiwadi, Rajasthan and Gurugram, Haryana — supplemented by regional facilities in Singapore and the UAE.
As of March 2025, Lenskart’s mobile applications had over 100 million cumulative app downloads. It also operates through 2,723 stores globally (comprising 2,067 stores in India and 656 stores internationally).
