Lenskart Solutions IPO

About Lenskart Solutions IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to TBA equity shares of face value of ₹2 each aggregating up to ₹2,150 crores. The offer for sale portion up to 13,22,88,941 equity shares of face value of ₹2 each aggregating up to ₹ TBA crores. The total number of shares and aggregate amount are yet to be finalised.

The IPO opens on TBA and closes on TBA. The price band of the IPO is TBA. The listing date is TBA. The credit of shares to the demat account will take place on TBA. The allotment date is TBA. The initiation of refunds will take place on TBA.

Lenskart Solutions Limited strives to provide Eyewear for All and make quality eyeglasses accessible and affordable across their markets of operation. According to the Redseer Report, their total addressable market in India, South-East Asia, Japan, the Middle East, and other international markets is expected to grow to approximately ₹3,60,100 crores by the financial year 2030. In line with their goal of making quality eyewear accessible and affordable, they have established a presence across multiple channels, centred around their mobile applications and websites. As of 31 March 2025, their mobile applications had more than 100 million cumulative app downloads, and their web traffic for the financial year 2025 was 104.97 million annual visitors globally.

Objectives of Lenskart Solutions IPO

• Capital expenditure towards the set-up of new CoCo stores in India.
  
• Expenditure for lease/rent/licence agreement-related payments for our CoCo stores operated by the company in India.
  
• Investing in technology and cloud infrastructure.
  
• Brand marketing and business promotion expenses for enhancing brand awareness.
  
• Unidentified inorganic acquisitions and general corporate purposes.
  

Industry Outlook

India is one of the fastest-growing retail markets, driven by urbanisation, rising disposable incomes, and a technology-proficient young population. The eyewear market in India is projected to expand at approximately 13% CAGR, reaching ₹1,48,300 crores (approximately US$1,720 crores) by the financial year 2030. Prescription eyeglasses dominate with approximately 73% of market value. The rising global prevalence of refractive errors is driven by evolving lifestyles, coupled with an ageing population. Organised retail channels, driven by efficient supply chains and improved consumer experience, are projected to account for approximately 31% of India's eyewear market by the financial year 2030.

Company Information

Lenskart Solutions Limited believes that clear vision is fundamental to the personal development and well-being of an individual, and their aim is to build tech-enabled supply and distribution solutions that improve access to affordable and quality 'Eyewear for All'.

They are a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products. They primarily sell prescription eyeglasses, sunglasses, and other products such as contact lenses and eyewear accessories. India is their largest market, and according to the Redseer Report, they are the largest seller of prescription eyeglasses in terms of volumes sold in India in the financial year 2025. Leveraging their experience and capabilities in India, they have expanded into select international markets including Japan, Southeast Asia and the Middle East. They are India's largest, and in Asia, are amongst the two largest, organised retailers of prescription eyeglasses in terms of B2C eyeglasses sales volumes during the financial year 2025, according to the Redseer Report.

Strengths of Lenskart Solutions IPO

• Centralised supply chain and manufacturing processes.
  
• Frame and lens engineering and manufacturing capabilities.
  
• Direct-to-consumer model.
  
• Customer-focused product design capabilities.
  
• Lenskart brand and portfolio of owned sub-brands.
  
• Technology-first approach to customer experience and operational efficiency.
  
• Omnichannel retail network.
  
• Culture and values.
  
• Category leadership, scale, and track record of revenue and EBITDA growth.
  

Risks of Lenskart Solutions IPO

• Delays, interruptions or reduction in the supply of raw materials to manufacture their prescription eyeglasses or fluctuations in the prices of their raw materials.
  
• Slowdowns, breakdowns or shutdowns at any of their manufacturing facilities.
  
• Dependent on third-party contractual labour for several aspects of their manufacturing activities.
  
• Errors or inaccuracies in eye examinations conducted by their vision care professionals.
  
• Medical advancements in the eyecare industry may adversely affect the demand for their eyewear products.
  
• Any failure to retain their Lenskart Gold members in India could lead to a decline in the sales of their products.
  
• Inability to identify market trends and meet evolving customer demands.
  
• Any disruptions in the availability of, or fluctuations in the price of, electricity and water at their manufacturing facilities.
  
• Technology failures or interruptions in the availability of their online channel, operations at their manufacturing facilities, their point-of-sale systems or their network infrastructure.
  
• Reliance upon the services of third-party data hosting facilities and other third-party technology service providers for their business and operations.
  

Anchor Investor Bidding Date: TBA

Registrar: MUFG Intime India Private Limited Book Running Lead Managers: Kotak Mahindra Capital Company Limited Morgan Stanley India Company Private Limited Avendus Capital Private Limited Citigroup Global Markets India Private Limited Axis Capital Limited Intensive Fiscal Services Private Limited

Business Model

The company earns its revenue through designing, manufacturing, branding and retailing of eyewear products. They primarily sell prescription eyeglasses, sunglasses, and other products such as contact lenses and eyewear accessories.

Company Growth Trajectory

Lenskart Solutions Limited commenced their operations in India as an online business in 2010 and opened their first retail store in New Delhi in 2013. Since then, they have scaled through both the online and offline channels and have established a presence through their retail stores, websites, mobile applications, and other channels.

Lenskart Solutions Limited's revenue from operations was ₹6,652.52 crores for the financial year 2025, growing at a CAGR of 32.52% from ₹3,788.03 crores in the financial year 2023. Their total income was ₹7,009.28 crores for the financial year 2025, having grown from ₹3,927.97 crores for the financial year 2023. Their EBITDA excluding other income for the financial year 2025 was ₹971.06 crores, representing an EBITDA excluding other income margin of 14.60%. Their restated profit/(loss) before tax for the financial year 2025 was ₹385.36 crores. Further, their restated profit/(loss) for the year for the financial year 2025 was ₹297.34 crores.

They acquired Dealskart Online Services Private Limited ("Dealskart") on 31 December 2024. On a proforma basis, their revenue from operations amounted to ₹6,524.01 crores for the financial year 2025, indicating a year-on-year growth of 22.55% from ₹5,323.44 crores during the financial year 2024, and a year-on-year growth of 44.75% from ₹3,677.63 crores during the financial year 2023. On a proforma basis, their EBITDA excluding other income for the financial year 2025 amounted to ₹1,115.69 crores, representing an EBITDA excluding other income margin of 17.10%.

Company Market Position

During the financial year 2025, in India, 9.94 million customer accounts transacted with them, and they sold 22.91 million units of eyewear. As of 31 March 2025, they have 2,067 stores in India, of which 1,757 were owned by them and 310 were franchisee-owned. During the financial year 2025, their India segment total revenue as per Ind AS 108 amounted to ₹4,060.47 crores and their India segment results pre-depreciation and amortisation amounted to ₹489.48 crores, reflecting an India segment total revenue as per Ind AS 108 CAGR of 30.29% and an India segment results pre-depreciation and amortisation CAGR of 111.67% between financial years 2023 and 2025. They are India's largest and fastest-growing eyewear company in terms of revenue from operations for the financial years 2025, 2024 and 2023, according to the Redseer Report.

How to check allotment status of Lenskart Solutions IPO?

1. Visit the Registrar's Website To check the IPO allotment status for Lenskart Solutions Limited IPO, visit the official website of MUFG Intime India Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
• Choose 'Lenskart Solutions Limited' in the next dropdown
• Enter your application number
• Enter your PAN
• Click 'Search'

Your Lenskart Solutions Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Lenskart Solutions Limited IPO allotment status.

Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
• PAN

Then click 'Submit'. Your Lenskart Solutions IPO bid and allotment details will be displayed.

How to apply for Lenskart Solutions IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.