Lenskart Files Draft Papers for INR 2,150 Cr IPO The eyewear retailer will use IPO proceeds for new store openings, lease and license payments, technology and cloud upgrades, marketing, potential acquisitions, and general corporate expenses to expand operations and strengthen its presence across India.
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Omni-channel eyewear retailer Lenskart Solutions Limited has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India for an initial public offering estimated at INR 2,150 crore. The proposed offer will include a fresh issue of equity shares worth up to INR 21,500 million and an offer for sale of up to 132,288,941 equity shares by existing shareholders.
The selling shareholders include company promoters Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi, along with investors such as SVF II Lightbulb (Cayman) Limited, Schroders Capital Private Equity Asia Mauritius Limited, PI Opportunities Fund II, Macritchie Investments Pte. Ltd., Kedaara Capital Fund II LLP and Alpha Wave Ventures LP. The company has also indicated the possibility of a pre-IPO placement of up to INR 430 crore, which, if undertaken, will reduce the size of the fresh issue.
The eyewear retailer plans to utilise the net proceeds from the IPO for multiple purposes. These include capital expenditure for opening new company-operated company-owned stores across India, payments for leases and licenses for these stores, investments in technology and cloud infrastructure, marketing and promotional activities, potential acquisitions, and general corporate expenses.
Founded in 2008, Lenskart began as an online business in 2010 and opened its first retail outlet in New Delhi in 2013. The company operates in designing, manufacturing, branding and retailing eyewear, and today manages one of the largest eyewear retail networks in the country. It has a presence in metropolitan cities as well as tier I and tier II locations and has expanded operations to Southeast Asia and the Middle East.
The company owns manufacturing facilities for frames and prescription lenses in Bhiwadi, Rajasthan, and Gurugram, Haryana, supported by regional units in Singapore and the United Arab Emirates. Its brand portfolio caters to different market segments through premium labels like John Jacobs and Owndays, as well as more affordable collections under Lenskart Air, Vincent Chase, Hustlr and Hooper Kids.
Recently, the company agreed to acquire the remaining 80 percent stake in Stellio Ventures S.L., the owner of the "Meller" eyewear brand, for INR 4,063.93 million. The Meller products are sold primarily online, and the brand operates a retail store in Barcelona, Spain.
In the financial year 2025, Lenskart launched 105 new in-house designed eyewear collections globally and sold 27.2 million eyewear units to 12.41 million customer accounts in India and overseas. About 45 percent of its revenue in India came from customers who interacted with the brand digitally within 90 days before making a purchase.
Lenskart operates 2,723 stores, including 2,067 in India and 656 in international markets.
According to its DRHP, around 1.3 billion people in India, Japan, Southeast Asia and the Middle East are affected by refractive errors, with the proportion in India rising from 43 percent in FY20 to 53 percent in FY25. The figure is expected to reach 62 percent by FY30.
Kotak Mahindra Capital Company, Morgan Stanley India, Avendus Capital, Citigroup Global Markets India, Axis Capital and Intensive Fiscal Services are the book-running lead managers for the IPO.
