Lenskart, led by Peyush Bansal, gets SEBI nod for IPO: Sources

Lenskart, a well-known omnichannel eyewear retailer based in Gurugram, has recently received the green light from the Securities and Exchange Board of India (SEBI) for its much-anticipated initial public offering (IPO). This approval sets the stage for one of the significant listings of the year. Lenskart, following the submission of its draft red herring prospectus (DRHP) back in July, aims to secure Rs 2,150 crore in fresh capital and facilitate the sale of 13.23 crore shares through an offer for sale (OFS) by existing shareholders. Reports suggest that the overall size of the IPO could range from Rs 7,500-8,000 crore ($850-900 million).

A spectrum of shareholders, including SoftBank, Temasek, Premji Invest, Kedaara Capital, Alpha Wave Global, Schroders Capital, and Lenskart’s founders Peyush Bansal, Neha Bansal, Sumeet Kapahi, and Amit Chaudhary, are set to sell shares through this IPO. SoftBank is anticipated to divest the most substantial portion of its holdings, while CEO Peyush Bansal plans to sell around 2.05 crore shares.

The IPO process will be spearheaded by Kotak Mahindra Capital, Morgan Stanley, Citi, Avendus Capital, and Intensive Fiscal Services. Lenskart is on track to file its updated prospectus in the upcoming weeks with a targeted mid-November listing. The proceeds from the fresh capital raised in the IPO will be allocated towards various initiatives, such as establishing new company-owned stores, meeting leasing and rental obligations, improving technology and brand marketing efforts, and potentially funding acquisitions. Notably, approximately Rs 272 crore is earmarked for store expansion, while Rs 591 crore is allocated to cover rental and associated expenses for its extensive network of over 2,700 outlets.

In a remarkable turn of events, Lenskart achieved profitability in the financial year 2025, boasting a net profit of Rs 297 crore compared to a Rs 10 crore loss in the prior fiscal year. The company witnessed a 22% year-on-year increase in revenue, reaching Rs 6,653 crore, driven by the expansion of its retail footprint and the growing demand for their products and services. Throughout its journey, Lenskart has secured over $1.8 billion from various global investors, with notable stakeholders including SoftBank and the Abu Dhabi Investment Authority, which currently holds a 12.45% stake in the company.

Lenskart’s successful journey in the eyewear retail industry culminates in an exciting milestone with its upcoming IPO. The approval from SEBI marks a significant step forward for Lenskart, solidifying its position as a key player in the market. With ambitious plans for expansion and growth on the horizon, Lenskart’s IPO is poised to attract substantial interest from investors and industry watchers alike.