Lenskart IPO: Price Band Set At INR 382-402

Omnichannel eyewear retailer LensKart has set a price band of INR 382 to INR 402 for its initial public offering (IPO), which is set to open on Friday (October 31).

At the upper end of the price band, the IPO will value the company at INR 69,726 Cr (about $8 Bn).

In terms of financial metrics, the company’s price to earnings ratio (P/E ratio) at INR 402 price stands at 228.41 on the basis of its diluted earnings per share for FY25. At the lower end of the price band, the P/E ratio stands at 217.05.

The anchor bidding for Lenskart’s IPO will take place on Thursday (October 30), while the issue will close on November 4.

The IPO comprises a fresh issue of up to INR 2,150 Cr and an OFS component of 12.76 Cr shares. Notably, the company has trimmed the size of the OFS component from 13.23 Cr shares earlier, as promoter Neha Bansal reduced the number of shares she is offloading. 

Shrikanta Damani bought Lenskart’s shares worth INR 90 Cr from Neha Bansal on October 23, as per the company’s RHP

Promoters and cofounders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, along with institutional investors such as SVF II Lightbulb (SoftBank), Schroders, PI Opportunities, Macritchie Investments, Kedaara Capital, and Alpha Wave Ventures, will offload shares through the OFS. 

Overall, the IPO size will be INR 7,278 Cr (about $827.4 Mn) at the upper end of the price band.

Founded in 2010, Lenskart is an omnichannel eyewear brand which operates in India, Singapore, Spain, the UAE, and Japan. Besides its website and mobile app, the company generates sales through its strong offline footprint.

The company operates 2,723 stores globally, with 2,067 in India and 656 in international markets like Southeast Asia, the Middle East, and Japan. It intends to add 620 more stores by FY29. 

Lenskart plans to use the IPO proceeds to expand its physical retail presence by setting up new company-owned, company-operated stores across India. It will also use the capital for payments pertaining to rental or licence agreements for these stores, brand marketing, tech infrastructure and general corporate purposes.

On the financial front, Lenskart posted a net profit of INR 61.2 Cr in Q1 FY26 as against a loss of INR 11 Cr in the year-ago period. Operating revenue zoomed 25% to INR 1,894.5 Cr from INR 1,520.4 Cr in Q1 FY25.