Lenskart set to raise Rs.8,000 crore through IPO; files documents with SEBI

Lenskart set to raise Rs.8,000 crore through IPO; files documents with SEBI

The final size will depend on valuations at the time of listing

Lenskart Solutions is getting set for one of the largest consumer-tech listings of the year. It has filed the documents with the Securities and Exchange Board of India (SEBI), with an initial public offering (IPO) expected to raise between Rs.7,500 crore and Rs.8,000 crore.

The company plans to use the proceeds for expansion, technology upgrades, and marketing, fueled by strong financial performance with increased revenue and profitability.

Lenskart filed its draft red herring prospectus (DRHP) with the market regulator and the IPO consists of Rs 2,150 crore of fresh issue of shares and an offer for sale (OFS) of up to 13.23 crore shares by existing investors and promoters. A pre-IPO placement of up to Rs.430 crore has also been proposed, which could reduce the fresh issue size.

The amount will be used for the expansion of Company Owned Company Operated (COCO) stores in India (Rs.272.62 crore), lease-related payments (Rs.591.44 crore), technology and cloud infrastructure (Rs.213.38 crore), and brand marketing (Rs.320.06 crore). The balance would be allocated for inorganic acquisitions and general corporate purposes.

As of 31 March 2025, Lenskart operated 2,723 stores globally, including 2,067 in India and 656 overseas.

The company sold 27.2 million eyewear units in FY 2025, up from 21.2 million in FY 2024 and 15.9 million in FY 2023. Its annual transacting customer accounts rose from 7.7 million in FY 2023 to 12.4 million in FY 2025, while its paid membership program, Lenskart Gold, reached 6.77 million members in India.

In 2024, the company swung from losses to profitability. In FY2 2025, it had a revenue of Rs.6,653 crore, up from Rs.5,428 crore a year ago. The net profit rose more than fivefold during the same period (from Rs.59 crore to Rs.297 crore), driven by operating leverage and higher repeat purchases.

Lenskart’s apps have seen more than 100 million cumulative downloads, while its websites drew 105 million visitors in FY 2025. On average, new customers purchased 3.62 pairs of glasses within two years.

Meanwhile, one of its promoters, Sumeet Kapahi, who also heads global sourcing at the company, has been unable to find his B.Com (Hons) degree or marksheets from the University of Delhi. He has emailed, written letters and even applied through the university’s online portal but has been awaiting a response.

Until then, Lenskart and its bankers have relied on the certificates he submitted for the IPO filing. It is said that in such a scenario, Lenskart’s DRHP could be a specific risk.