Omnichannel eyewear retailer Lenskart has reportedly received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering, setting the stage for one of the biggest listings of the year.
The Gurugram-based company, which filed its draft red herring prospectus in July, plans to raise Rs 2,150 crore in fresh capital and offer 13.23 crore shares through an offer for sale by existing shareholders. According to a report by a common publication, the total IPO size is estimated to be between Rs 7,500 crore and Rs 8,000 crore, or roughly USD 850 to 900 million.
Among the shareholders selling stakes are SoftBank, Temasek, Premji Invest, Kedaara Capital, Alpha Wave Global, and Schroders Capital, along with Lenskart’s founders Peyush Bansal, Neha Bansal, Sumeet Kapahi, and Amit Chaudhary. SoftBank is expected to sell the largest portion of its holdings, while CEO Peyush Bansal will sell around 2.05 crore shares.
The IPO will be managed by Kotak Mahindra Capital, Morgan Stanley, Citi, Avendus Capital, and Intensive Fiscal Services. Lenskart is expected to file its updated prospectus soon, with a target of listing by mid-November, as per sources familiar with the development.
According to the Lenskart’s draft prospectus, funds from the fresh issue will be used to open new company-owned stores, meet rental and leasing expenses, enhance technology and brand marketing, and support potential acquisitions. Around Rs 272 crore will be allocated for store expansion, while Rs 591 crore will go toward rent and related costs for its existing network of more than 2,700 outlets.
Lenskart achieved profitability in FY25, posting a net profit of Rs 297 crore compared to a loss of Rs 10 crore in FY24. Revenue increased by 22 percent year-on-year to Rs 6,653 crore, driven by a growing online customer base and expansion of retail operations.
So far, the company has raised over USD 1.8 billion from global investors including SoftBank and the Abu Dhabi Investment Authority, which currently holds a 12.45 percent stake in Lenskart.
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