Lenskart to raise Rs 2,150 crore in fresh issue via IPO; 13.2 crore shares to change hands in OFS

SoftBank-backed Lenskart files IPO papers with SEBI with fresh issue size at Rs 2,150 crore

Omnichannel eyewear brand Lenskart, which is backed by marquee investors like SoftBank, Premji Invest, Temasek, and the Abu Dhabi Investment Authority (ADIA), has filed draft papers with the SEBI to raise funds via initial public offering.

The IPO will comprise of fresh issuance of shares worth Rs 2,150 crore, and an offer-for-sale of 13.2 crore equity shares by existing shareholders.

Investors like SoftBank-backed SVF II Lightbulb (Cayman) Limited, Premji Invest-backed PI Opportunities Fund II, ­­­ Temasek-affiliated Macritchie Investments, Kedaara Capital Fund II, Alpha Wave Ventures LP, and Schroders Capital Private Equity Asia Mauritius, will be the selling shareholders in the offer-for-sale (OFS).

Individual shareholders and promoters – Peyush Bansal (2 crore shares), Neha Bansal (57.4 lakh), Amit Chaudhary (28.7 lakh), and Sumeet Kapahi (28.7 lakh) – will also be offloading shares in the OFS.

Promoters hold 19.96 percent stake in the company, and the remainder 80.04 percent shares are owned by public shareholders including above-mentioned investors.

The eyewear retailer plans to utilise Rs 272.6 crore towards setting up new CoCo stores in India – Lenskart will set up 620 stores by FY29. Another Rs 591.4 crore will go towards lease and rent agreements for its already operational CoCo stores. The firm is also investing Rs 213.4 crore in technology and cloud infrastructure, and Rs 320 crore in brand marketing and business promotion.

On the financial front, Lenskart has posted a profit of Rs 297.3 crore in the fiscal 2025, compared to a loss of Rs 10.2 crore in the previous financial year. Revenue from operations in FY25 stood at Rs 6,652.5 crore, growing almost 23 percent over Rs 5,427.7 crore in the previous fiscal.

Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, Intensive, and Avendus Capital are appointed as the book running lead managers for managing the Lenskart IPO.

Founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi, Lenskart has grown into India’s largest omni-channel eyewear brand, with an online presence as well as more than 2,000 physical stores.

The company entered the unicorn club in 2019 and is backed by marquee investors such as SoftBank, Temasek, Abu Dhabi Investment Authority (ADIA), Alpha Wave Global, KKR, Kedaara Capital and TPG.

Lenskart has joined a growing list of startups, including Meesho, PhysicsWallah, Pine Labs, Urban Company, Wakefit, Groww, and Shadowfax, among others, that have filed DRHPs this year.

The company clocked a robust 33% Revenue CAGR over last 2 years, reaching Rs 6,524 Cr in FY25 with 60% contribution from India and the remaining from international markets. Lenskart has a high gross margin of 69% with around 500 bps expansion over last two years, the DRHP showed.