Lot Size & Minimum Investment
Minimum application size: 37 shares
→ Minimum retail investment: ₹14,874 (at upper band)
HNI category minimum: 14 lots = 518 shares
→ Investment amount: ₹2,08,236
Industry Outlook
The global eyewear market was valued at around ₹15,207 billion (US$ 177 billion) in FY 2025 and is projected to grow to ₹18,657 billion (US$ 217 billion) by FY 2030 at a CAGR of ~4%.
India’s eyewear market is set to grow much faster — from about ₹788 billion (US$ 9.2 billion) in FY 2025 to nearly ₹1,483 billion (US$ 17.2 billion) by FY 2030 at a robust CAGR of ~13%.
Within the segment, prescription eyeglasses account for about 70% of global market value and approximately 73% in India, making it the largest and most stable product category.
IPO Objectives
Lenskart intends to deploy net proceeds from the IPO towards:
Capital expenditure for opening new Company-Owned Company-Operated (CoCo) stores nationwide
Lease, rent, and license payments for new store locations
Strengthening digital and cloud technology infrastructure
Brand marketing and promotional campaigns
Inorganic acquisitions
General corporate purposes
The focus is on expanding store presence and enhancing technology-driven operational efficiency.
About Lenskart Solutions Limited
Lenskart Solutions Limited is a technology-driven integrated eyewear company that designs, manufactures, brands, and retails eyewear products including:
Prescription eyeglasses
Sunglasses
Contact lenses
Eyewear accessories
India is the company’s largest market. According to the Redseer Report, Lenskart is the largest seller of prescription eyeglasses by volume in India for FY 2025.
The company has expanded globally to Japan, Southeast Asia, and the Middle East, operating a total of 2,723 stores worldwide — including 2,067 in India and 656 internationally.
Lenskart’s omnichannel strategy blends online presence with retail stores and mobile applications, which have collectively crossed 100 million downloads.
A major strength is its centralised and technology-enabled supply chain, with manufacturing facilities in Bhiwadi (Rajasthan) and Gurugram (Haryana), and distribution hubs in Singapore and UAE. The Bhiwadi unit is also among the top two globally in prescription eyeglass manufacturing capacity.
In FY 2025, Lenskart reported revenues of ₹66,525.17 million and conducted over 16 million eye tests, positioning itself as a leading global eyewear service provider.
Promoter Holding
Promoters include:
Peyush Bansal
Neha Bansal
Amit Chaudhary
Sumeet Kapahi
Pre-issue promoter holding: 19.85%
Post-issue promoter holding: 17.52%
→ Reflecting equity dilution due to the IPO.
Key Financial Indicators
RoCE: 13.84%
RoNW: 4.84%
EBITDA Margin: 14.60%
These figures reflect stable operational performance while highlighting areas for future margin expansion
Strengths & Opportunities
Centralised supply chain with 75.37% inventory efficiency
Robotic lens edging capability producing 27 prescription eyeglasses per minute
Next-day delivery across 40 Indian cities
Wide product portfolio with 79,000 SKUs and 105 yearly collections
Extensive retail footprint with 2,067 stores in India and 656 globally
High brand traction with 29.52 million store visits in FY2025
Multi-brand portfolio including Lenskart, Owndays, and 22 curated sub-brands
Large technology team (532 members) boosting AI-enhanced operations
Risks & Threats
Raw materials cost ₹16,229.74 million, which is 24.52% of total FY2025 expenses
Heavy reliance on Chinese suppliers and Baofeng JV exposes supply chain risk
Production concentration in the Gurugram industrial cluster
Compliance risks with environmental, health, and safety laws
Telangana greenfield facility (₹15,000 million) faces approval, construction, and funding risks
Global operations across 14 countries expose the company to currency and regulatory risks
Ongoing FEMA investigation by Enforcement Directorate could impact reputation and operations
IPO Registrar & Lead Managers
Lead Managers:
Kotak Mahindra Capital Company Limited
Morgan Stanley India Company Private Limited
Avendus Capital Private Limited
Citigroup Global Markets India Private Limited
Axis Capital Limited
Intensive Fiscal Services Private Limited
Registrar:
MUFG Intime India Private Limited
Contact: +91-22-4918 6270
Email: lenskart.ipo@in.mpms.mufg.com
IPO Reservation Structure
IPO Reservation Structure
QIB: Not less than 75% of net offer
Retail: Not more than 10%
NII: Not more than 15%
