Omnichannel eyewear company Lenskart Solutions Ltd has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for its initial public offering (IPO). The proposed IPO includes a fresh issue of equity shares aggregating up to Rs 2,150 crore and an offer for sale (OFS) of up to 132.2 million shares by existing shareholders.
The DRHP lists Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi as the promoter-selling shareholders. Institutional investors participating in the OFS include SVF II Lightbulb (Cayman), Schroders Capital Private Equity Asia Mauritius, PI Opportunities Fund – II, Macritchie Investments, Kedaara Capital Fund II, and Alpha Wave Ventures.
Proposed Use of IPO Proceeds
Lenskart plans to utilise the net proceeds from the fresh issue for:
1) Setting up new Company-owned and Company-operated (CoCo) stores in India (Rs 272.6 crore)
2) Lease/rent/license-related payments for CoCo stores (Rs 591.4 crore)
3) Investment in technology and cloud infrastructure (Rs 213.37 crore)
4) Brand marketing and business promotion (Rs 320 crore)
5) Inorganic acquisitions and general corporate purposes
6) MUFG Intime India (formerly Link Intime) is the registrar to the issue. The IPO is being managed by Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services as book-running lead managers (BRLMs).
Lenskart Financial Performance in FY25
According to the DRHP, Lenskart’s revenue from operations stood at Rs 6,652.5 crore in FY25, marking a 22.5 per cent increase from Rs 5,427.7 crore in FY24.
Net profit for the fiscal was Rs 295.6 crore, compared to a net loss of Rs 17.46 crore in FY24
EBITDA (excluding other income) rose 44.5 per cent to Rs 971 crore, from Rs 672 crore in the previous year
Lenskart Overview
Founded in 2010, Lenskart Solutions operates across the eyewear value chain, including design, manufacturing, branding, and retail. The company primarily sells prescription glasses, sunglasses, contact lenses, and related accessories. India remains its largest market, though it has expanded into Japan, Southeast Asia, and the Middle East.
