Lenskart IPO opens today: Should you subscribe? Check GMP, price band & what analysts say
Eyewear retailer Lenskart Solutions has opened its initial public offering (IPO) on Friday, aiming to raise Rs 2,150 crore through a fresh issue of shares, while promoters and existing investors will sell 12.75 crore shares via an offer for sale (OFS).The IPO will remain open till November 4 and the company is set to hit Dalal Street on November 10. Shares will be alloted to investors on November 6.Lenskart plans to utilise proceeds from the fresh issue towards setting up new company-operated, company-owned (CoCo) stores, expenditure on lease and rental agreements for these outlets, and investments in technology, cloud infrastructure, and brand marketing. The company has also earmarked funds for potential inorganic acquisitions and general corporate purposes.
Lenskart IPO price band
It has a price band of Rs 382–Rs 402 per share, and is seeking a valuation of over Rs 69,700 crore on the upper end.
Lenskart IPO GMP
The entity’s grey market premium stood at Rs 70 per share, according to ET. This indicates that the company’s shares might list around Rs 472, a premium of 17.41%.
Should you subscribe? Here’s what analysts say
SBI Securities has advised investors to “Subscribe for long term”, pointing to Lenskart’s strong business model and its leadership in a market that has major space to grow. The brokerage said listing gains may be limited, but the company’s integrated supply chain, better profitability metrics, and strong brand strength support its long-term growth.Ventura Securities has also given a “Subscribe” recommendation, describing Lenskart as a growth-led business. It cited the company’s technology-focused strategy, AI-driven customer engagement, and a store payback period of under one year, adding that profitability is expected to strengthen as the business expands into additional regions.Nirmal Bang, according to ET, acknowledged that the IPO appears expensive at first, but the valuation holds up when compared with modern retail peers such as Trent and Metro. The brokerage maintained a Subscribe (long-term) stance, referring to Lenskart’s brand strength, premium product mix, and international expansion plans.The company’s market debut follows a strong response in the anchor book. On Thursday, Lenskart garnered bids worth around Rs 68,000 crore from anchor investors, people familiar with the matter told PTI. The bid amount was nearly 10 times the total issue size of Rs 7,278 crore and close to 20 times the Rs 3,268-crore anchor allocation. Ahead of the IPO, SBI Mutual Fund invested Rs 100 crore, while Avenue Supermarts (DMart) founder Radhakishan Damani invested around Rs 90 crore.About the entity: Founded in 2008, Lenskart began as an online platform in 2010 and opened its first physical store in 2013 in New Delhi. It now operates an omni-channel model, offering prescription eyewear, sunglasses, and contact lenses across metro, tier-1, and tier-2 cities, and has expanded internationally to Southeast Asia and the Middle East.Network: The company designs, manufactures, brands, and retails eyewear through facilities in Bhiwadi and Gurugram, supported by regional hubs in Singapore and the UAE. Lenskart added 847 stores since FY23, taking its network to 2,806 outlets as of June 2025, 2,137 in India and 669 overseas.Financial figures: According to ET, the company’s revenue surged over 32% annually to Rs 6,652.5 crore, while EBITDA rose 93.4% to Rs 971.1 crore, with margins improving to 14.6% in FY25 from 6.9% in FY23. Lenskart posted a net profit of Rs 297.3 crore in FY25, compared to a net loss of Rs 63.8 crore in FY23, though the profit was aided by one-off gains.Market share: Lenskart holds an estimated 4–6% market share in India’s eyewear market, but faces competition in a sector that remains 77% unorganised, according to Redseer, placing the company at a combination of a large opportunity and a highly fragmented market. According to Redseer, Lenskart was the largest seller of prescription eyeglasses in India by volume in FY25.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
