Lenskart IPO Details
DRHP : https://www.sebi.gov.in/filings/public-issues/aug-2025/lenskart-solutions-limited-drhp_95763.html
About Company
Lenskart Solutions Limited (formerly Valyoo Technologies Private Limited) is a technology-driven eyewear company incorporated on May 19, 2008, in New Delhi, India. It specializes in integrated operations spanning designing, manufacturing, branding, and retailing of eyewear products, including prescription eyeglasses, sunglasses, contact lenses, and accessories. The company primarily operates in India, where it is the largest seller of prescription eyeglasses by volume in FY2025 (according to the Redseer Report). It has expanded internationally to Japan, Southeast Asia (Singapore, Thailand, Malaysia, Vietnam, Indonesia, Philippines), the Middle East (UAE, Saudi Arabia), Taiwan, Hong Kong, and Australia.
Lenskart commenced as an online business in 2010 and opened its first retail store in 2013. As of March 31, 2025, it operates 2,723 stores globally (2,067 in India, 656 internationally), with over 100 million cumulative mobile app downloads. In FY2025, it served 9.94 million customer accounts in India and 2.47 million internationally, selling 27.2 million eyewear units. The company emphasizes affordability, quality, and accessibility through centralized manufacturing (e.g., Bhiwadi facility, among the top two globally by capacity), omnichannel retail, and tech innovations like remote optometry and virtual try-ons.
Key highlights :
- Revenue from operations in FY2025: Rs 6,652.52 crore (growth of 22.57% from FY2024).
- Focus on ‘Eyewear for All’ to address refractive errors affecting ~53% of India’s population (FY2025, per Redseer Report).
- Promoters: Peyush Bansal, Neha Bansal, Amit Chaudhary, Sumeet Kapahi.
- Registered Office: Plot No. 151, Okhla Industrial Estate, Phase III, New Delhi – 110020.
- Corporate Office: Ground Floor, Vipul Tech Square, Golf Course Road, Sector 43, Gurugram – 122009.
KEY PERFORMANCE INDICATORS
| KPI | Value | Formula / Basis |
|---|---|---|
| ROE (Return on Equity) | 5.06% | ₹295.59 Cr (PAT attributable to owners) ÷ Avg Equity ₹5,874.01 Cr |
| ROCE (Restated) | 13.84% | Based on restated financials |
| ROCE (Proforma) | 13.79% | Based on proforma financials |
| Debt to Equity Ratio | 0.056 | ₹345.94 Cr (Total Debt) ÷ ₹6,206.17 Cr (Total Equity) |
| PAT Margin | 4.47% | ₹297.34 Cr (PAT) ÷ ₹6,652.52 Cr (Revenue from Operations) |
| EBITDA Margin | 14.66% | ₹975.50 Cr (EBITDA) ÷ ₹6,652.52 Cr (Revenue from Operations) |
Income Statements :
| Item | Amount (₹ in Crores) |
|---|---|
| Revenue from Operations | 6,524.01 |
| EBITDA (excluding other income) | 1,115.69 |
| EBITDA Margin | 17.10% |
| Profit Before Tax | 385.36 |
| Net Profit (Restated) | 297.34 |
| Net Cash Flow from Operations | 1,230.63 |
Balance Sheet :
| Item | Amount (₹ in Crores) |
|---|---|
| Equity Share Capital | 154.34 |
| Instruments (Equity Nature) | 1,670.97 |
| Other Equity | 5,506.73 |
| Net Worth | 6,108.30 |
| Total Borrowings (Debt) | 345.94 |
| Debt to Equity Ratio | 0.056 |
| Lease Liabilities | 562.16 |
Purpose of the IPO
The IPO comprises a Fresh Issue of up to Rs 2,150 crore and an Offer for Sale of up to 132,288,941 Equity Shares. Net Proceeds from the Fresh Issue will be used for:
- Funding inorganic growth through unidentified acquisitions and investments: Rs 430 crore.
- Augmenting capital base to meet future capital requirements for expansion: Rs 1,720 crore.
- General corporate purposes (subject to applicable limits).
The company may undertake a Pre-IPO Placement of up to Rs 430 crore, reducing the Fresh Issue size accordingly. Proceeds from the Offer for Sale will go to Selling Shareholders.
Promoter Detail & Their Holding
Peyush Bansal (41 years, Chairman, MD, CEO):
MS in Industrial Engineering from McMaster University
Founded Lenskart. Holding (pre-Offer, diluted): 8.88% (6,85,23,310 Equity Shares post-bonus in FY2025).
Neha Bansal (43 years), Executive Director, Global Head of Merchandising):
B.Com from Delhi University. Co-founder, oversees merchandising.
Holding: 8.90% (6,86,64,390 Equity Shares).
Amit Chaudhary (39 years, Executive Director, Global Head of Expansion):
BE from Delhi University. Co-founder, handles expansion.
Holding: 1.06% (81,49,470 Equity Shares).
Sumeet Kapahi (60 years, Global Head of Sourcing):
B.Com (Hons) from Delhi University. Co-founder, manages sourcing.
Holding: 1.00% (77,54,000 Equity Shares).
Aggregate Promoter holding pre-Offer (diluted): 19.84%.
IPO Reservation & Quota
| Investor Category | Allocation Rule | Sub-division / Notes |
|---|---|---|
| QIB Portion (Qualified Institutional Buyers) | Not less than 75% of Net Offer | – Up to 60% for Anchor Investors- 1/3rd of Anchor reserved for Domestic Mutual Funds |
| Non-Institutional Portion (NII / HNI) | Not more than 15% of Net Offer | – 1/3rd reserved for bids ₹2 lakh – ₹10 lakh– 2/3rd reserved for bids above ₹10 lakh– Unsubscribed portions adjustable between these |
| Retail Portion | Not more than 10% of Net Offer | – No further split mentioned |
IPO Details, Lot Size
- Type: 100% Book Built Offer (Fresh Issue + Offer for Sale).
Registrar Details
- Registrar: MUFG Intime India Private Limited (formerly Link Intime India Private Limited).
- Contact Person: Shanti Gopalkrishnan.
- Email: lenskart.ipo@in.mpms.mufg.com.
- Telephone: +91 81081 14949.
- Website: www.in.mpms.mufg.com.
- SEBI Registration: INR000004058.
Lead Manager
Book Running Lead Managers (BRLMs):
- Kotak Mahindra Capital Company Limited
- Morgan Stanley India Company Private Limited
- Avendus Capital Private Limited
- Citigroup Global Markets India Private Limited
- Axis Capital Limited
- Intensive Fiscal Services Private Limited
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