Eyewear retailer Lenskart Solutions Limited is commanding a valuation of $10 billion after its share price touched Rs 510 apiece in the unlisted market, just weeks ahead of its planned initial public offering (IPO), people familiar with the matter told Moneycontrol.
A grey market is where the shares of companies trade before they are officially listed on the stock exchanges.
Lenskart, which was valued at $5 billion in 2024, is likely to hold on to its latest grey market valuation and list on the Indian bourses with a valuation of around $8-10 billion, as per sources.
“The company is expected to file its red herring prospectus (RHP) in the week of October 22 and plans to list on the stock exchanges no later than November 12,” one of the persons cited above said.
Lenskart did not immediately reply to Moneycontrol’s queries.
What is driving the conviction around Lenskart?
The company reported a net profit of Rs 297.3 crore in FY25, compared to a loss of Rs 10.2 crore in FY24.
Revenue also surged 23 percent YoY to Rs 6,652.5 crore, with a CAGR of 33 percent over the last two years. Gross margins improved by over 500 basis points to around 69 percent, driven by operating efficiencies and scale.
What is Lenskart’s offline footprint?
The company, in its draft red herring prospectus (DRHP), said it has 2,723 stores of which 2,067 are in India and 656 are overseas, fuelled by the acquisitions it has made in Japan and Europe.
About 60 percent of Lenskart’s revenues come from India and the remaining comes from regions outside, underscoring the company’s diversification to other geographies.
The eyewear retailer said it plans to add 450 stores in the current financial year, FY26, to grow its presence.
Lenskart’s IPO details:
The company, which received regulatory approvals earlier this month for its IPO, will raise Rs 2,150 crore in fresh proceeds, along with an Offer for Sale (OFS) of up to 13.2 crore shares by existing investors and promoters – totalling to an IPO of around Rs 8,000 crore.
Of the Rs 2,150 crore in fresh proceeds, Rs 272.6 crore will go towards 620 new company-owned company-operated (CoCo) stores in India by FY29, while Rs 591.4 crore has been earmarked for lease deposits for its existing CoCo outlets.
The company will also invest Rs 213.4 crore in technology and cloud infrastructure, with plans to enhance AI-led fulfillment and robotic lens labs.
According to the company, robotic lens labs, centralized supply chain, and growing AI-led fulfillment operations have allowed it to enable Next Day Delivery in 40 cities.
A sum of Rs 320 crore has been set aside towards brand marketing and business promotion.
Founded in 2008, is backed by marquee global investors including SoftBank, ADIA, Temasek, KKR, Alpha Wave, TPG, and Kedaara Capital.
Lenskart now joins a growing list of Indian startups including Meesho, PhysicsWallah and Groww that are gearing up for public market debut amid improved investor sentiment.
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