Lenskart Solutions Ltd’s initial public offering (IPO) has garnered a robust response from investors, achieving an overall subscription rate of 1.13 times. The highest demand came from qualified institutional buyers (QIBs), who subscribed at a rate of 1.42 times, followed by retail investors at 1.31 times. The non-institutional investors (NIIs) category saw a more subdued response, registering a subscription rate of 0.41 times, while the employee quota was subscribed 1.10 times.
The public issue, amounting to ₹7,278 crore, consists of a fresh issue worth ₹2,150 crore, with the remainder coming from an offer-for-sale of 12.75 crore equity shares. The IPO will conclude on November 4, 2025, with the stock expected to list on the NSE and BSE on November 10, 2025.
Among the selling shareholders are Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, along with investors such as SVF II Lightbulb (Cayman) Ltd, Schroders Capital Private Equity Asia Mauritius Ltd, PI Opportunities Fund II, Macritchie Investments Pte. Ltd., Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP. The price band for the shares is set between ₹382 and ₹402 per share, and investors can apply for a minimum of 37 shares.
Lenskart intends to use the proceeds from the IPO for various strategic initiatives, including capital expenditures for establishing new company-operated locations, business promotions, and general corporate purposes. The book running lead managers for the issue are Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Avendus Capital Private Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited, and Intensive Fiscal Services Private Limited.
In advance of the public offer, Lenskart successfully raised ₹3,268 crore from anchor investors by allocating approximately 8.13 crore shares at ₹402 each. Roughly 2.87 crore equity shares went to 21 domestic mutual funds via 59 schemes. Notable participants in the anchor book included major mutual funds such as SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, and Kotak Mutual Fund, alongside well-known insurance companies like SBI Life Insurance and HDFC Life Insurance.
While many brokerages have expressed positive sentiments, recommending long-term subscriptions, analysts have also highlighted risks such as supply-chain dependencies, the competitive landscape within organized eyewear retail, and the necessity for Lenskart to maintain profitability amid its growth trajectory.
Published on October 31, 2025.
