After dominating India’s eyewear market for over a decade, Lenskart is now stepping into the public market. Founded in 2010 by Peyush Bansal, Lenskart transformed how Indians purchase eyewear — shifting from traditional opticians to a modern, tech-driven, omni-channel experience.
Now, with its highly anticipated Lenskart IPO 2025, the company is all set to hit Dalal Street, opening for subscription on October 31, 2025.
But the crucial question remains — Is Lenskart IPO worth investing in, or should investors wait for a better opportunity?
Let’s decode it through facts, numbers, and practical insights.
📊 Lenskart IPO 2025 – Key Details
| Particulars | Details |
|---|---|
| IPO Open Date | October 31, 2025 |
| IPO Close Date | November 4, 2025 |
| Price Band | ₹382 – ₹402 per share |
| Face Value | ₹1 per share |
| Issue Size | ₹2,150 crore (Fresh Issue) + Offer for Sale (OFS) |
| Lot Size | 37 shares |
| Expected Listing Date | November 8, 2025 |
| Estimated Valuation | ₹69,700 crore (~US$8 billion) |
| Lead Managers | Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Axis Capital, ICICI Securities |
🏢 About Lenskart: Business Model and Growth
Lenskart operates on a hybrid (omni-channel) business model — combining online and offline operations to offer a seamless customer experience.
With over 2,500 stores across India and a growing presence in Singapore, UAE, and Saudi Arabia, Lenskart has become one of the most recognized names in the organized eyewear retail market.
Core strengths of its model include:
- In-house manufacturing to control costs
- AI-driven lens selection and 3D Try-On technology
- Affordable pricing with subscription-based loyalty (Lenskart Gold)
- Perfect synergy between app, website, and retail stores
Essentially, Lenskart isn’t just selling glasses — it’s building a long-term relationship ecosystem around vision care.
💹 Financial Performance Snapshot (FY25–FY26 Q1)
| Metric | FY25 | FY26 (Q1) |
|---|---|---|
| Revenue | ₹2,990 crore | ₹830 crore |
| Net Profit / (Loss) | ₹12 crore | ₹61.2 crore |
| EBITDA Margin | 8.5% | 10.2% |
| Net Worth | ₹3,874 crore | — |
Insight:
After years of aggressive expansion, Lenskart finally turned profitable in FY25–26. Improved margins and store efficiency indicate a more sustainable growth phase.
✅ Strengths (Positives)
- Strong Brand Recall: Dominates India’s organized eyewear retail segment.
- High Growth Potential: Rising middle-class demand for affordable eyewear.
- Omni-Channel Advantage: Integrated customer experience across all platforms.
- International Expansion: Rapidly growing in the Middle East and Southeast Asia.
- Technology Edge: Use of 3D Try-On and AI for personalization gives it a strong moat.
⚠️ Weaknesses & Risks
- High Valuation Risk:
Lenskart’s valuation near ₹69,700 crore translates to EV/Sales ≈ 10.1x and EV/EBITDA ≈ 68.7x, which is steep compared to Titan Eye+ and global peers. - Offer for Sale (OFS):
Existing investors like SoftBank Vision Fund and Kedaara Capital are partially exiting, hinting at profit booking. - Competitive Pressure:
The eyewear market is becoming crowded with brands like Titan Eye+, Vision Express, and new-age D2C startups. - Dependence on Fashion Trends:
Eyewear trends evolve fast; any mismatch in design or pricing can affect sales and inventory cycles.
💰 Lenskart IPO GMP (Grey Market Premium)
As of October 29, 2025,
- GMP: ₹25 – ₹30 per share
- Expected Listing Price: ₹430 – ₹440 per share
This reflects a modest 7–9% expected premium, indicating neutral-to-positive market sentiment.
In short, the IPO is attractively subscribed, but not overly hyped.
🧮 Should You Apply for Lenskart IPO?
Based on 10+ years of market experience and observation of similar consumer IPOs, here’s my balanced view:
For Long-Term Investors:
Yes — if you believe in Lenskart’s business model, tech innovation, and growth trajectory. The brand has significant potential to scale both domestically and globally.
For Short-Term Investors:
Be cautious — the IPO is priced aggressively, and the presence of a large OFS could lead to volatility post-listing.
Summary:
Strong brand, promising business, but valuation is expensive. Entry is good for long-term wealth creation, not for short-term listing gains.
🧭 Money Blasters Verdict
Lenskart IPO 2025 is a growth story wrapped in high expectations.
The fundamentals are improving, the brand is powerful, but the valuation demands patience.
Long-term investors can consider partial allocation; traders should wait for post-listing stability.
📚 External Reference Links
- Moneycontrol – Lenskart IPO price band and details
- Reuters – Lenskart eyes $8 billion valuation
- Business Standard – Profitability improves in FY26 Q1
- Outlook Business – Lenskart turns profitable
🧾 Conclusion
Lenskart’s IPO is not just another public offering — it’s a symbol of how Indian startups are evolving into mature, profitable, and global businesses.
The company’s market dominance, advanced technology, and profitability turnaround make it a promising long-term play.
However, given its premium valuation, investors must enter with realistic expectations and a long-term horizon.
✍️ Author Note
This article is written by Abhishek Chouhan, a finance blogger with over 10 years of experience in blogging and the financial markets. He is the founder of MoneyBlasters.com, where he shares research-backed articles and educational insights on investing and personal finance.
⚠️ Disclaimer
This content is for educational purposes only. It should not be construed as financial or investment advice. Please consult your financial advisor before making any investment decisions.