Eyewear retailer Lenskart has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), according to people familiar with the matter. With this clearance, the company will file its updated prospectus in the coming weeks and is now targeting a mid-November listing, one of the sources revealed.
Earlier in July, Lenskart had filed its draft red herring prospectus with SEBI. Through the issue, the company plans to raise ₹2,150 crore in fresh capital. In addition to the primary portion, existing shareholders—including founders Peyush Bansal, Neha Bansal, Sumeet Kapahi, and Amit Chaudhary, along with investors such as SoftBank, Premji Invest, Temasek, Kedaara Capital, and Alpha Wave Global—will collectively sell 132.3 million shares via the offer-for-sale (OFS) component.
Consequently, when combined with secondary sales, the total IPO size is expected to reach ₹7,500–8,000 crore ($850–900 million), as reported earlier. This would make it one of the largest public offerings of the year, following the listings of Tata Capital and LG Electronics.
To facilitate the process, Kotak Mahindra, Morgan Stanley, Citi, Avendus Capital, and Intensive Fiscal Services are serving as merchant bankers for the IPO.
Furthermore, the Gurugram-based company’s public issue marks the largest among several new-age firms preparing IPOs this year. While Groww, Meesho, PhonePe, and PhysicsWallah are also lining up sizable listings, unlike Lenskart, these companies have opted for SEBI’s confidential filing process.
Financially, Lenskart turned profitable in FY25, recording a net profit of ₹297 crore compared with a net loss of ₹10 crore in FY24. At the same time, its revenue rose 22% to ₹6,625 crore from ₹5,428 crore in the previous year. Notably, the company also won the Startup of the Year award at the ET Startup Awards 2024.
In terms of fund allocation, Lenskart plans to use about ₹272 crore of fresh capital to establish new stores in India, while ₹591 crore will go toward leasing, rentals, and other expenses for its existing 2,700-plus stores. Additionally, the company has earmarked an undisclosed portion of proceeds for acquisitions, signaling its intent to expand aggressively.
