Full Article History & IPO Filing (Draft Red Herring Prospectus - DRHP)
| Timeline Event | Key Details |
| July 29, 2025 | IPO Filing: Lenskart Solutions Ltd. files its Draft Red Herring Prospectus (DRHP) with SEBI. |
| Early October 2025 | SEBI Approval: The company receives final observation and approval from the Securities and Exchange Board of India (SEBI) for its IPO. |
| October 2025 | Pre-IPO Placement: Reports indicate Lenskart is finalizing a $\text{₹}430$ crore pre-IPO placement with investors like DMart's Radhakishan Damani and SBI Mutual Fund. |
| Late October 2025 | Expected Price Band Announcement: The company is likely to announce the official price band. |
| Early/Mid-November 2025 | Targeted IPO Launch: The public issue is expected to launch, making it one of the largest new-age company listings of the year. |
IPO Filling Highlights
Total IPO Size (Expected): $\text{₹}7,500$ - $\text{₹}8,000$ crore (approx. $\$850$ - $\$900$ million).
Fresh Issue: $\text{₹}2,150$ crore. The proceeds are planned for:
Setting up new Company-Owned Company-Operated (CoCo) stores in India (approx. $\text{₹}272$ crore).
Meeting leasing, rental, and operational expenses for existing stores (approx. $\text{₹}591$ crore).
Investment in technology, cloud infrastructure, and potential acquisitions.
Offer for Sale (OFS): Up to $132.3$ million equity shares to be sold by existing shareholders, including founders (Peyush Bansal, Neha Bansal, Amit Chaudhary, Sumeet Kapahi) and institutional investors (SoftBank, Temasek, Kedaara Capital, Alpha Wave Global).
Book Running Lead Managers: Kotak Mahindra, Morgan Stanley, Citi, Avendus Capital, and others.
Targeted Valuation: The company is reportedly eyeing a valuation of approximately $\text{₹}70,000$ - $\text{₹}75,000$ crore (around $\$9$ billion).
Revenue and Profit Data (Consolidated)
Lenskart demonstrated a significant financial turnaround, achieving profitability in the last fiscal year ahead of its public offering.
| Particulars (in ₹ crore) | FY2025 (Ended March 31, 2025) | FY2024 (Ended March 31, 2024) |
| Revenue from Operations | $\text{₹}6,652$ - $\text{₹}7,009$ | $\text{₹}5,428$ - $\text{₹}5,610$ |
| Net Profit / (Loss) After Tax (PAT) | $\text{₹}297$ (Profit) | $\text{₹}(10)$ (Loss) |
| Year-on-Year Revenue Growth | $\sim22\%$ - $25\%$ | - |
| EBITDA (in $\text{₹}$ crore) | $\text{₹}971$ | $\text{₹}672$ |
| Earnings Per Share (EPS) | $\text{₹}1.77$ | $\text{₹}(0.11)$ |
| Return on Net Worth (RoNW) | $4.84\%$ | $\text{₹}(0.31)\%$ |
Note: There are minor variations in reported figures across sources (e.g., $\text{₹}6,652$ crore vs. $\text{₹}7,009$ crore for FY25 revenue), but the trend of strong growth and profit turnaround is consistent.
Conclusion
Lenskart's IPO is a major event for the Indian consumer-tech sector. The company's successful financial turnaround, switching from a small loss in FY24 to a substantial $\text{₹}297$ crore profit in FY25, provides a strong base for its public debut.
Key takeaways:
Profitability Achieved: The shift to profitability in FY25, coupled with a $22\%+$ revenue growth, addresses a major concern often faced by new-age company IPOs.
Market Leadership & Scale: As India's largest and Asia's second-largest organized eyewear retailer (by B2C volumes), Lenskart benefits from an omnichannel model, an integrated supply chain, and a large global footprint of over 2,700 stores.
Global Ambition: Significant revenue is now driven by international operations (over $40\%$ in FY25), following strategic acquisitions like Owndays in Japan.
Issue Size: The total IPO size of $\text{₹}7,500$ - $\text{₹}8,000$ crore, driven primarily by the Offer-for-Sale component, offers a large exit opportunity for early investors and founders.
The IPO is positioned to capitalize on growing investor appetite for profitable, digitally-led businesses and is expected to be a test of market sentiment for the next wave of Indian unicorn listings.