Lens retailer Lenskart submits Draft Red Herring Prospectus to SEBI in preparation for Initial Public Offering; Peyush and Neha Bansal planning to dispose of their shares
In a significant move for the Indian eyewear industry, Lenskart Solutions Ltd, an omnichannel eyewear retailer based in Gurugram, has filed a draft red herring prospectus (DRHP) to launch an Initial Public Offering (IPO).
The company aims to raise approximately Rs 2,150 crore ($250 million) through a fresh issue of shares, with existing shareholders offering up to 13.2 crore shares through an offer for sale (OFS). This move comes as Lenskart continues to expand its business and strengthen its position in the competitive eyewear market.
Key Investors Participating in the Secondary Sale
Prominent institutional investors such as SoftBank, Temasek, Schroders Capital, PI Opportunities Fund, Kedaara Capital, and Alpha Wave will participate in the secondary sale. Notably, these investors collectively hold significant stakes in Lenskart. The Abu Dhabi Investment Authority, PI Opportunities Fund, and Temasek hold 12.45%, 5.13%, and 4.86% stakes, respectively.
Founders and Management Team Also Participating
Founders and key members of the management team are also participating in the OFS. CEO Peyush Bansal will sell 2.05 crore shares, while co-founders Neha Bansal and Amit Chaudhary will divest 57.3 lakh and 28.6 lakh shares, respectively. Sumeet Kapahi, an early member of the founding team, is set to sell 28.6 lakh shares.
Use of Fresh Capital
The fresh capital raised will be used for expanding Lenskart's company-operated (CoCo) retail footprint across India, upgrading technology infrastructure, investing in brand marketing and cloud systems, covering rental and licensing costs, and for general corporate purposes.
Financial Performance
Lenskart reported a 22.5% year-on-year revenue growth in FY25, with revenue from operations rising to Rs 6,652 crore. The company also recorded a net profit of Rs 297 crore, marking a sharp turnaround from a loss of Rs 10 crore in the previous year.
According to market intelligence firm Redseer, Lenskart's average prices for frames and lenses in India during FY25 were 35-40% lower than industry averages.
IPO Syndicate
The IPO is being managed by a syndicate of investment banks, including Kotak Mahindra Capital, Citigroup, Avendus Capital, Axis Capital, Morgan Stanley, and Intensive Fiscal Services. SoftBank, the largest external shareholder with a 15.04% stake, is the largest institutional seller, offering 2.55 crore shares.
Lenskart converted into a public limited entity in late May 2025. The total issue size is expected to range between $900 million and $1 billion. Interestingly, Lenskart chose to forgo the confidential filing route offered by SEBI, opting instead for a traditional DRHP approach.
As of March 31, 2025, Lenskart operated 2,067 stores in India and 656 stores in international markets, totaling 2,723 stores globally. With this IPO, Lenskart is set to further strengthen its position in the eyewear market and continue its growth trajectory.
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