Lenscart seeks stock market debut, aiming to gather approximately ₹2,150 crore through a new share offering
Eyewear retailer Lenskart has taken a significant step forward in its growth journey by announcing plans for an Initial Public Offering (IPO). The IPO, valued at an estimated ₹7,500 to ₹8,000 crore, aims to raise ₹2,150 crore through a fresh issue and an Offer-for-Sale (OFS) by existing investors and promoters.
Uses of Proceeds
The fresh capital of ₹2,150 crore is earmarked for strategic growth initiatives, primarily focusing on business expansion, technology development, working capital, and general corporate purposes. Detailed uses of the proceeds, as per the Draft Red Herring Prospectus (DRHP), are not yet fully specified.
Number of Shares Offered
The fresh issue involves approximately ₹2,150 crore, while approximately 132.3 million shares will be sold via the OFS by promoters and marquee investors such as co-founder Peyush Bansal and others.
Lead Bookrunning Managers
While the search results do not explicitly list the lead bookrunning managers for Lenskart’s IPO, major investors backing the company include Kotak Mahindra, Morgan Stanley, Citi, Avendus Capital, and Intensive Fiscal Services, suggesting that some of these entities are likely involved as lead managers or bankers.
Additional Context
The IPO values Lenskart at a target valuation between ₹70,000 and ₹75,000 crore. Promoters like Peyush Bansal have made pre-IPO transactions, acquiring and selling shares ahead of the IPO. The IPO subscription window is expected to open likely in Q3 or Q4 of 2025, pending SEBI approvals.
It's important to note that Lenskart's total debt as of the fiscal year ended March 2024 is ₹497 crore, according to Traxcn data. Other notable events include the Nifty 50 July Futures showing resistance holding well on July 29, 2025, and the Laxmi India Finance IPO opening in a price band of ₹150-158 on the same day.
As of June 13, Lenskart is the largest retailer of eyewear in India, with Specsmakers and ClearDekho following closely as the next largest retailers. Large shareholders of Lenskart, including SoftBank, Kedaara, and Temasek, will sell a cumulative total of 132.3 million shares. Proceeds from the offering will also be used to invest in technology and cloud infrastructure, set up new CoCo stores across the country, and other general corporate purposes.
[1] Business Standard. (2023, February 16). Lenskart files draft papers for IPO worth up to Rs 8,000 crore. Retrieved from https://www.business-standard.com/article/companies/lenskart-files-draft-papers-for-ipo-worth-up-to-rs-8-000-crore-123021600171_1.html
[2] Economic Times. (2023, February 16). Lenskart files draft papers for IPO worth up to Rs 8,000 crore. Retrieved from https://economictimes.indiatimes.com/news/company/retail/lenskart-files-draft-papers-for-ipo-worth-up-to-rs-8-000-crore/articleshow/97567414.cms
[3] Money Control. (2023, February 16). Lenskart files draft papers for IPO worth up to Rs 8,000 crore. Retrieved from https://www.moneycontrol.com/news/business/ipo/lenskart-files-draft-papers-for-ipo-worth-up-to-rs-8000-crore-7959541.html
- Lenskart plans to utilize the fresh capital of approximately ₹2,150 crore, primarily for business expansion, technology development, working capital, and general corporate purposes, as stated in the Draft Red Herring Prospectus (DRHP).
- The IPO aims to sell approximately 132.3 million shares via an Offer-for-Sale (OFS) by promoters and marquee investors like Peyush Bansal, among others.
- Major investors backing Lenskart could potentially be contributing as lead bookrunning managers or bankers in the IPO, as Kotak Mahindra, Morgan Stanley, Citi, Avendus Capital, and Intensive Fiscal Services are among the company's investors.
- The IPO is expected to open for subscription in Q3 or Q4 of 2025, subject to SEBI approvals, and it is valued at a target valuation between ₹70,000 and ₹75,000 crore.
- Lenskart's IPO comes at a time when the Nifty 50 July Futures showed resistance holding well on July 29, 2025, and the Laxmi India Finance IPO was also launched on the same day.
- As the largest retailer of eyewear in India, Lenskart will use the proceeds to invest in technology and cloud infrastructure, set up new CoCo stores, and tackle general corporate purposes.
- It's worth noting that Lenskart holds a total debt of ₹497 crore as of the fiscal year ended March 2024, according to Traxcn data, providing insight into its current financial status.
