| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹382 to ₹402 | 181 | 31th Oct, 2025 –04th Nov, 2025 | ₹720.8 Cr |
Lenskart Solutions Ltd
Lenskart Solutions Ltd. is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding, and retailing eyewear products. To build tech-enabled supply and distribution solutions that improve access to affordable, high-quality Eyewear for all, they primarily sell prescription eyeglasses, sunglasses, and other products, such as contact lenses and eyewear accessories. Leveraging its experience and capabilities in India, Lenskart has expanded into select international markets, including Japan, Southeast Asia, and the Middle East. It is India’s largest and, in Asia, one of the 2nd-largest organised retailers of prescription eyeglasses in terms of B2C eyeglasses sales volumes during FY25. As of June 30, 2025, their mobile applications had over 10 crore cumulative downloads, and they operated their business through 2,806 stores globally (2,137 in India and 669 internationally). Lenskart provides remote optometry services across 266 stores in Japan and recently introduced them in Thailand. The company’s brand architecture consists of Lenskart and Owndays brands and 23 other curated sub-brands, each designed to serve specific customer use cases. They offer products across a wide range of price points and age categories, catering to the requirements of an entire household. During the three months ended June 30, 2025, and in FY25, they launched 42 and 105 new in-house-designed and engineered collections globally, respectively. In FY25, Lenskart was awarded India’s Most Trusted Eyewear Brand of 2025 by TRA Research. Lenskart owns and operates centralized manufacturing facilities in India (Bhiwadi, Rajasthan and Gurugram, Haryana), Singapore, and the United Arab Emirates. It also operates a facility in China for manufacturing frames through a joint venture with Baofeng Framekart Technology Ltd. In terms of manufacturing capacity for FY25, its Bhiwadi facility in India is amongst the top two vertically integrated centralized manufacturing facilities for prescription eyeglasses globally.
Objective of the Lenskart Solutions Ltd IPO
The net proceeds from the fresh issue will be used towards the following purposes:
- Capital expenditure towards set-up of new CoCo stores in India;
- Expenditure for lease/rent/license agreements related payments for our CoCo stores operated by our Company in India;
- Investing in technology and cloud infrastructure;
- Brand marketing and business promotion expenses for enhancing brand awareness; and
- Unidentified inorganic acquisitions and general corporate purposes.
Rationale To Lenskart Solutions Ltd IPO
In-house manufacturing capabilities and a differentiated product portfolio underpinning growth
The company has strategically developed in-house capabilities for frame manufacturing, enabling significant advancements in materials, processes, and design. This vertical integration allows the organization to tailor styles to evolving customer trends and preferences while maintaining tighter control over quality and cost. Manufacturing operations began in 2017 through Baofeng Framekart Technology Limited, a joint venture in the People’s Republic of China. Subsequent facilities were established in Gurugram, Haryana, in 2021, followed by Bhiwadi, Rajasthan. These facilities support the production of a diverse range of frame designs and materials, all developed internally. The company’s proprietary mould design and frame manufacturing capabilities have accelerated the launch of new collections, incorporating innovative features, improving quality, and reducing production costs. The success of products like the Lenskart AIR series exemplifies the company’s ability to combine lightweight design with durability and affordability. Additionally, the company manufactures complex lens types in-house, including progressive, bifocal, and, selectively, single vision lenses. This approach facilitates innovation in lens materials, coatings, and processes, resulting in enhanced product quality, shorter lead times, and greater cost efficiency than third-party sourcing. The organization continues to invest in lens research and development to address diverse customer needs across global markets, strengthening its commitment to product excellence and operational agility.
Integrated D2C framework enhancing cost efficiency, product innovation, and execution scalability
The company operates a direct-to-consumer model that streamlines the traditional prescription eyeglasses supply chain by eliminating multiple layers of intermediaries. This approach enables the organization to offer products at affordable prices with next-day delivery, while maintaining complete control over quality and reducing manufacturing lead times. In FY25, the company ranked third among leading large organized retailers globally in the manufacture of prescription eyeglasses, according to Redseer. Traditionally, the eyewear supply chain involves several intermediaries from manufacturers to importers or brand owners, wholesalers, distributors, and finally retailers before reaching the end customer. In contrast, the company’s earlier D2C model consolidated these roles by sourcing frames and lenses from select manufacturers through long-term partnerships and serving as the sole point of contact for both suppliers and customers. The organization is now transitioning to a manufacturer-to-consumer model, leveraging its in-house capabilities to produce both frames and lenses. This evolution further enhances operational efficiency, product innovation, and customer responsiveness by integrating manufacturing and retail under one roof. Additionally, the company has also cultivated comprehensive design and merchandising capabilities, encompassing in-house designs, structural configurations, and proprietary frame moulds. These resources support its in-house frame manufacturing operations and empower greater design innovation tailored to customer preferences, ultimately driving increased purchasing frequency. In FY25, the company significantly expanded its new product development efforts, launching 105 in-house-designed and engineered collections across its markets, up from a previously limited number of annual releases. Overall, these capabilities position the company as a fully integrated eyewear player with superior control over cost, design, and customer experience, driving sustainable growth and long-term competitive advantage.
Valuation of Lenskart Solutions Ltd IPO
Lenskart Solutions Ltd. is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding, and retailing eyewear products. India is its largest market, and is the largest seller of prescription eyeglasses by volume in FY25. Leveraging its experience and capabilities in India, Lenskart has expanded into select international markets, including Japan, Southeast Asia, and the Middle East. It is India’s largest and, in Asia, amongst the two largest organized retailers of prescription eyeglasses in terms of B2C eyeglasses sales volumes during FY25. To provide a satisfactory customer experience, Lenskart has strategically chosen to centralize and control the entire prescription eyeglasses supply chain, comprising lens manufacturing, lens edging, lens design, frame design, frame manufacturing, and delivery. The company also aims to increase penetration in existing markets, enter new markets and geographies, and expand customer access through new initiatives. On the financial front, the company has demonstrated healthy topline growth of 32.5% CAGR between FY23 and FY25, driven by store expansion and digital penetration; however, profitability remains modest. Although the company’s in-house manufacturing transition and focus on innovation enhance long-term scalability, near-term profitability pressures from store expansion, international investments, and marketing costs remain a concern. Additionally, intense competition from both organized and emerging online players could constrain margin expansion. At the upper end of the price band, the issue is valued at a P/E of 227x based on FY25 earnings, which seems expensive relative to fundamentals, a low profitability base, and execution risks in scaling international operations, warranting a cautious stance despite strong growth prospects. We, thus, recommend a “Avoid” rating for this issue.
What is the Lenskart Solutions Ltd IPO?
The initial public offer (IPO) of Lenskart Solutions Ltd offers an early investment opportunity in Lenskart Solutions Ltd . A stock market investor can buy Lenskart Solutions Ltd IPO shares by applying in IPO before All Lenskart Solutions Ltd shares get listed at the stock exchanges. An investor could invest in Lenskart Solutions Ltd IPO for short term listing gain or a long term.
How to apply for the Lenskart Solutions Ltd IPO through StoxBox?
To apply for the Lenskart Solutions Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Lenskart Solutions Ltd IPO open?
Lenskart Solutions Ltd IPO is opening on 31th Oct 2025. Apply Now
What is the lot size of the Lenskart Solutions Ltd IPO?
The Lot Size of Lenskart Solutions Ltd IPO is 181 equity shares. Login to your account now.
When is the Lenskart Solutions Ltd allotment date?
The allotment Date for Lenskart Solutions Ltd IPO is 06th Nov 2025. Login to your account now.
When is the Lenskart Solutions Ltd IPO listing date?
The listing Date for Lenskart Solutions Ltd IPO is 10th Nov 2025. Login to your account now
What is the minimum investment required for the Lenskart Solutions Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,874. Login to your account now
What is the maximum investment allowed for the Lenskart Solutions Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,93,362. Login to your account now
What are the risks associated with investing in the Lenskart Solutions Ltd IPO?
- The company relies on third-party suppliers for key raw materials such as lenses, frames, and packaging, which exposes the company to supply chain disruptions, input cost volatility, and quality inconsistencies. Any delay or vendor price escalation could impact production schedules, product availability, and margins, thereby affecting overall profitability.
- Manufacturing operations and sourcing of raw materials from China expose the company to geopolitical, regulatory, and trade-related risks. Any disruption in supply or logistics in the region could adversely affect production continuity, potentially impacting business operations, financial.
- The company’s inability to maintain optimal capacity utilization across its manufacturing facilities could lead to operational inefficiencies, higher per-unit costs, and underutilization of resources, thereby adversely impacting profitability, financial performance, and cash flows.
When will the Lenskart Solutions Ltd IPO shares be credited to my Demat account?
The Lenskart Solutions Ltd IPO be credited to the account on allotment date which is 06th Nov 2025. Login to your account now
Where can I find the Lenskart Solutions Ltd IPO prospectus?
The prospectus of Lenskart Solutions Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
