Lenskart Solutions Ltd. IPO comes with a face value of ₹2 per share and a total book-built issue size of about ₹7,278.02 crores. The issue includes a fresh issue worth ₹2,150 crores and an Offer for Sale (OFS) of up to 12,756,257 shares. The Lenskart IPO opens for subscription on October 31, 2025, and closes on November 4, 2025. The allotment is expected to be finalised on November 5, 2025, with a tentative listing date of November 7, 2025, on both the BSE and NSE.
The Lenskart IPO price band is fixed between ₹382 and ₹402 per share, forming the core basis for the Lenskart IPO analysis regarding valuation and investor interest. The minimum investment amount required by a retail investor is ₹14,874 (37 shares, based on the upper price band). The public issue is one of the largest retail sector IPOs in 2025 and allots at least 75% for QIBs, up to 15% for non-institutional investors, and up to 10% for retail investors.
Lenskart IPO Details
Presented in this section is a comprehensive view of the Lenskart IPO review, covering the Lenskart IPO share price, total issue value, lot size, and other listing information.
| IPO opening date | October 31, 2025 |
| IPO closing date | November 4, 2025 |
| Face value | ₹2 per equity share |
| Price band | ₹382 to ₹402 per share |
| Issue price | ₹402 per share |
| IPO lot size | 37 Shares |
| Sale type | Fresh Capital-cum-Offer for Sale |
| Fresh issue | 53,482,587 shares (aggregating up to ₹2,150.00 Cr) |
| Offer for sale | 127,562,573 shares (aggregating up to ₹5,128.02 Cr) |
| Issue type | Bookbuilding IPO |
| Listing at | BSE, NSE |
| Total issue size | 181,045,160 shares (aggregating up to ₹7,278.02 Cr) |
| Employee discount | ₹19.00 |
| Minimum investment | ₹14,874 |
| Retail discount | Undisclosed |
Lenskart IPO Timeline
Below is a schedule of important Lenskart IPO details in India, including the subscription window, allotment, refund initiation, and expected listing on exchanges.
| IPO open date | 31 October 2025 |
| IPO close date | 04 November 2025 |
| Provisional allotment | 06 November 2025 |
| Refund processing | 07 November 2025 |
| Transfer of shares into demat | 07 November 2025 |
| IPO listing | 10 November 2025 |
| Discontinuation date for UPI request validation | 04 November, 2025 (5 PM) |
Lenskart Grey Market Premium (GMP Today)
The Lenskart Solutions IPO GMP today (October 27, 2025) is ₹105. With the upper price band of ₹402.00, the estimated listing price is ₹507 (₹402 + ₹105), suggesting an expected gain of 26.12%.
| Date | GMP (₹) | Estimated listing price (at ₹402) | Estimated listing gain |
| 27-Oct-2025 | ₹105 | ₹493 | 26.12% |
| 26-Oct-2025 | ₹75 | ₹477 | 18.66% |
Note: Grey Market Premium (GMP) figures are obtained from the unregulated grey market and can change quickly based on investor demand, subscription levels, and overall market sentiment.
Lenskart IPO Reservation
The table below breaks down the Lenskart IPO share allocation across different class of investors:
| Investor category | Shares offered |
| Qualified institutional buyers (QIB) | Not less than 75% of the Net Offer |
| NII (HNI) shares offered | Not more than 15% of the Offer |
| Retail shares offered (RII) | Not more than 10% of the Offer |
Lenskart IPO Core Performance Indicators
Lenskart’s key financial ratios, providing insights into its profitability, return metrics, and more have been given below:
| Indicator | FY23 | FY24 | FY25 |
| EPS (Basic) (₹) | (0.43) | (0.11) | 1.77 |
| RoNW (%) | (1.25)% | (0.31)% | 4.84% |
| RoE (%) | (1.25)% | (0.31)% | 4.84% |
| NAV per share (₹) | 33.54 | 34.29 | 36.34 |
| Debt to equity ratio | 0.165 | 0.086 | 0.056 |
| PAT Margin (%) | (1.68)% | (0.19)% | 4.47% |
| EBITDA (in ₹ lakhs) | 25,970.9 | 67,209.1 | 97,105.6 |
| RoCE (%) | (0.48)% | 5.08% | 13.84% |
Lenskart IPO Financials
The following data provides a brief for the company’s financial performance, presenting its revenue, profit, and total assets for FY23, FY24, and FY25.
| (in ₹ lakhs) | 2023 | 2024 | 2025 |
| Revenue from Operations | 378,802.8 | 542,770.3 | 665,251.7 |
| Total Assets | 952,828.0 | 953,102.1 | 1,047,101.9 |
| Profit After Tax | (6,375.7) | (1,015.4) | 29,734.0 |
Lenskart IPO Lot Size
Here’s a detailed breakdown of the Lenskart IPO lot size and the respective investment values applicable to different investor types, including retail and HNI applicants.
| Application | Lots | Shares | Amount (in ₹) |
| Retail (Min) | 1 | 37 | 14,874 |
| Retail (Max) | 13 | 481 | 1,93,362 |
| S-HNI (Min) | 14 | 518 | 2,08,236 |
| S-HNI (Max) | 67 | 2,479 | 9,96,558 |
| B-HNI (Min) | 68 | 2,516 | 10,11,432 |
Lenskart IPO Promoter Holding
Discussed here is the promoter shareholding pattern before and after the Lenskart IPO, reflecting the change in ownership due to the public issue:
| Percentage | |
| Promoter Holding Pre-Issue | 19.85% |
| Promoter Holding Post-Issue | 17.52% |
Lenskart IPO Anchor Investors Details
As part of the pre-IPO process, anchor investors receive allocations before the issue opens. The table that follows lists the bidding date and allocation details for the Lenskart IPO anchor investors.
| Bid date | October 30, 2025 |
| Shares offered | Undisclosed |
| Anchor portion size (In Cr.) | Undisclosed |
Lenskart IPO Prospectus
The Lenskart IPO prospectus provides complete documentation of the public issue, including official submissions and company disclosures.
About Lenskart
Lenskart was founded in 2008 originally known as ‘Valyoo Technologies Private Limited’. It is headquartered in Gurugram, Haryana. The company specialises in designing, manufacturing, and retailing eyewear including eyeglasses, sunglasses, and contact lenses. Lenskart operates an omnichannel model with over 2500 stores across 500+ cities in India and a strong online presence, offering innovative services like home eye check-ups and AI-driven frame recommendations. Peyush Bansal is the Chairman, Managing Director, and CEO. The company focuses on in-house manufacturing with advanced automation and quality control, aiming to make vision correction accessible and affordable. Lenskart is recognised for transforming the eyewear retail experience in India by combining technology, quality, and convenience.
| Book running lead managers | Kotak Mahindra Capital Company LimitedMorgan Stanley India Company Private LimitedAvendus Capital Private LimitedCitigroup Global Markets India Private LimitedAxis Capital LimitedIntensive Fiscal Services Private Limited |
| Registrar of the issue | MUFG Intime India Private Limited (Formerly Link Intime India Private Limited) |
Objectives of the Lenskart IPO
The capital raised from the Lenskart IPO will be used for the following purposes:
| Objects of the issue | Allocation (₹ in Crores) |
| Capital expenditure towards set-up of new CoCo stores in India | 272.62 |
| Expenditure for lease/rent/license agreements for CoCo stores in India | 591.44 |
| Investing in technology and cloud infrastructure | 213.38 |
| Brand marketing and business promotion expenses | 320.06 |
| Unidentified inorganic acquisitions and general corporate purposes | NA |
Strength Of Lenskart IPO
Lenskart’s benefits lies in its major strengths as outline below:
- Centralised supply chain and automated manufacturing: The company’s centralized supply chain enables consistent quality at scale, lower raw material and manufacturing costs, and fast product delivery. The Bhiwadi facility is 75% automated as of June 30, 2025.
- In-house frame and lens engineering and manufacturing capabilities: Lenskart commenced in-house frame manufacturing in 2017 (via its joint venture) and since 2021 in its owned Indian facilities. In the three months ended June 30, 2025, it manufactured 1.87 million frames and 1.31 million lenses in-house.
- Customer-focused product design: The company focuses on new product development, launching 105 new collections across its markets during FY25, supported by a 109-member design and merchandising team.
- Lenskart brand and portfolio of owned sub-brands: The brand appeals across various price points and was recognized as “India’s Most Trusted Eyewear Brand of 2025” by TRA Research.
- Technology-first approach: Technology is central to operations, with investments in customized AI tools and automation across customer experience, supply chain, retail store operations, and eye-testing.
- Omnichannel retail platform: The company operates an extensive omnichannel network, including mobile applications, websites, and 2,806 physical stores globally (2,137 in India) as of June 30, 2025.
- Track record of financial growth: The company has demonstrated consistent revenue growth, with a CAGR of 32.52% from FY23 to FY25. It also improved its EBITDA (excluding other income and exceptional item) margin from 6.86% in FY23 to 14.60% in FY25.
Risk of Lenskart IPO
While Lenskart IPO offers strong fundamentals, certain operational and regulatory challenges exist which includes:
- Reliance on raw material supply: The cost of raw materials is a significant expense. Any delays, interruptions, or price fluctuations in the supply of raw materials could adversely affect the business.
- Dependence on manufacturing in PRC: The company manufactures some frames in, and imports raw materials from, the People’s Republic of China, including through a Joint Venture. Any supply chain disruption from this region could harm the business.
- Manufacturing capacity utilisation: An inability to maintain or improve capacity utilisation levels at the manufacturing facilities could have an adverse effect on financial results.
- Directorate of enforcement inquiry: The Directorate of Enforcement, Gurugram, has requested information and documents under the Foreign Exchange Management Act, 1999. While the company has provided the documents, there is no assurance that no regulatory actions will be initiated in the future.
- Environmental, health, and safety laws: The manufacturing facilities are subject to EHS laws that impose significant compliance costs and potential liabilities for non-compliance.
- Manufacturing facility disruptions: The business is exposed to risks of slowdowns, breakdowns, or shutdowns at its manufacturing facilities.
- Geographic concentration risk: Reliance on manufacturing facilities located in the Gurugram industrial cluster (Bhiwadi and Gurugram) exposes the business to production and logistics concentration risks.
- Delays in new facility: The company has entered into an MOU to set up a new greenfield manufacturing facility in Hyderabad and may encounter delays in its planning, construction, and commercialization.
- Retail network expansion: The performance of the retail store network is critical. The company may not be able to expand as expected, or current store locations may become less attractive as demographic patterns change.
- Managing future growth: The company’s historical performance may not be indicative of future growth, and any failure to manage growth or implement strategies effectively could adversely affect the business.
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Lenskart IPO FAQs
The Lenskart IPO is a mainboard issue worth ₹7,278.02 crore, consisting of a ₹2,150 crore fresh issue and an Offer for Sale of ₹5,128.02 crore. The IPO has a face value of ₹2 per share and aims to fund expansion, technology investments, and marketing initiatives.
Investors can apply for the Lenskart IPO via Zerodha by logging into Console, navigating to the IPO section, selecting “Lenskart Solutions Ltd,” entering bid details, and authorising payment through UPI before the deadline on November 4, 2025.
The Lenskart IPO will open for subscription on October 31, 2025, and remain open until November 4, 2025. Investors can subscribe during this window through any supported broker or online trading platform.
The Lenskart IPO lot size is 37 shares per lot. Retail investors can apply for a minimum of 1 lot (₹14,874) and up to 13 lots (₹1,93,362) based on the upper price band of ₹402 per share.
To apply for the Lenskart IPO, you need to log into your trading account or brokerage platform, select the IPO from the list, enter your bid quantity (minimum 37 shares per lot), and authorize payment through UPI or net banking within the subscription window from October 31 to November 4, 2025. Monitor allotment updates after the closing date.
The Lenskart IPO allotment is expected to be finalised on November 6, 2025. Refunds will begin on November 7, and shares are likely to be credited to demat accounts by the same date.
The Lenskart IPO listing is tentatively scheduled for November 10, 2025, on both the BSE and NSE, following completion of allotment, refund, and demat transfer procedures.
