India’s eyewear market witnessed one of its biggest moments of the year as Lenskart Solutions Ltd. made its stock market debut, capturing the attention of investors across Dalal Street. The company, known for its omnichannel retail model that combines e-commerce with a strong offline presence, went public in one of the most anticipated IPOs of 2025.
Founded in 2008 by Peyush Bansal, who rose to public fame through Shark Tank India, Lenskart has built a powerful brand identity by offering affordable eyewear with convenience and technology at its core. Its journey from a small online eyewear startup to a global player with over 2,800 stores has been nothing short of remarkable. The IPO was seen as both a test of investor confidence in India’s consumer-tech space and a reflection of how maturing startups are now seeking public capital to fund their next phase of growth.
Lenskart’s public issue opened on October 31 and closed on November 4, 2025, attracting enormous attention from both institutional and retail investors. The ₹7,278 crore issue was a mix of fresh shares worth ₹2,150 crore and an offer for sale (OFS) of ₹5,128 crore by existing investors, including private equity giants like TPG and SoftBank. The price band was set between ₹382 and ₹402 per share, with the final allotment taking place on November 6.
Shares were credited to investors’ demat accounts on November 7, and the stock began trading on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on November 10. Axis Capital, Kotak Mahindra Capital, and Morgan Stanley served as the book-running lead managers for the issue, while MUFG Intime India acted as the registrar.
The IPO’s strong anchor investor book, worth ₹2,189 crore, included major global funds such as Fidelity and the Abu Dhabi Investment Authority, giving confidence to the market about long-term institutional support. The enthusiasm was evident in the subscription numbers: the issue was oversubscribed 28.27 times overall. Qualified Institutional Buyers (QIBs) drove the frenzy with 45.12 times subscription, while Non-Institutional Investors (NIIs) subscribed 32.8 times and retail investors 28.5 times. The early days of subscription were driven largely by retail enthusiasm, but by the final day, institutional interest dominated the scene.
However, the excitement started to cool just before listing as the grey market premium (GMP), which had earlier touched ₹120, fell sharply to ₹15 by November 7. This decline hinted at a muted listing, and the prediction proved accurate. When Lenskart finally debuted on November 10, it opened at ₹390 on the BSE, a 3% discount to the issue price, and at ₹395 on the NSE. The stock saw an initial fall of around 11% during the day but managed to recover by the close, ending marginally higher at ₹403.30 on the BSE and ₹404.55 on the NSE.
The muted listing was a reflection of investor caution amid broader market volatility and concerns about stretched valuations in consumer-tech IPOs. Lenskart’s market capitalisation stood at around ₹70,000 crore on debut, giving it one of the highest valuations among Indian retail brands. While the listing did not mirror the euphoria seen in earlier tech IPOs like Zomato or Nykaa, the recovery by the end of the first trading day indicated that long-term investors were willing to look past the short-term volatility. As of November 11, the stock traded flat around ₹405, showing early signs of stability.
Lenskart’s strong fundamentals are rooted in its vertically integrated business model. The company designs its products in-house, manufactures a large portion of them in its own facilities, and sells directly to customers through both digital platforms and physical stores. As of June 2025, it operated 2,806 stores globally, with 2,137 in India and 669 in international markets like Singapore and Dubai. The brand enjoys a 35% share in India’s organised eyewear market, which itself is expanding rapidly at around 20% annually. Its product range covers eyeglasses, sunglasses, and contact lenses, with eyeglasses contributing about 60% of total sales.
Financially, Lenskart has shown strong growth in recent years. The company’s revenue rose 25% year-on-year to ₹8,193 crore in FY25, up from ₹6,554 crore in FY24. It also posted a turnaround in profitability, reporting a net profit of ₹297 crore in FY25 compared to a loss of ₹10 crore the previous year. Its EBITDA more than tripled to ₹450 crore, and its return on net worth improved from -1% to 8%. The company’s debt-to-equity ratio dropped to 0.4, reflecting a stronger balance sheet. Despite these positives, analysts have pointed out that Lenskart’s valuation multiples are very high, with a price-to-earnings (P/E) ratio of around 238x based on FY25 earnings.
The proceeds from the fresh issue are being used to expand Lenskart’s presence both in India and abroad. Around ₹1,200 crore has been allocated for setting up 500 new company-owned stores in Tier-2 and Tier-3 cities, while ₹500 crore will be used for manufacturing and supply chain upgrades, including ten new facilities. Another ₹300 crore is directed toward improving technology and digital platforms, focusing on app upgrades and AI-driven personalisation tools. The remaining funds will support international expansion in Southeast Asia and the Middle East, as well as general corporate purposes.
While the company’s growth prospects appear strong, concerns remain about its high capital expenditure and dependence on imported materials, especially from China. Lenskart has been working to localise production through its facilities in India, but global supply chain fluctuations continue to be a challenge. Analysts have also pointed out that the eyewear segment, though growing, remains highly competitive, with major rivals like Titan Eye+ and Vision Express investing heavily in expanding their footprints.
Market reactions to the IPO have been divided. Supporters of the company argue that Lenskart’s unique mix of online convenience, strong branding, and offline accessibility gives it an edge in a fragmented industry. Brokerages such as Kotak Institutional Equities maintain a positive view, predicting a potential 15–20% upside to ₹470 in the next two years as margins improve from 12% in FY25 to 18% by FY27. On the other hand, Ambit Capital issued a rare pre-listing “Sell” rating, setting a target price of ₹337, nearly 16% below the issue price, citing low return on capital employed (9%) and a cash flow profile that may not turn positive until FY28.
