Lenskart’s IPO subscribed nearly 30 times

Omnichannel eyewear retailer Lenskart’s IPO drew strong interest from retail investors, despite valuation concerns, with the issue subscribed nearly 30 times.

The IPO was open for subscriptions from October 31 to November 4, with a price band of Rs 382–402 per equity share and  minimum investment of Rs 14,874 and in multiples thereafter.

According to its RHP, the Gurugram-based company plans to raise Rs 2,150 crore through a fresh issue and Rs 5,028 crore via an offer for sale (OFS), valuing the company at around Rs 70,000 crore ($8 billion). 

According to exchange data, Lenskart’s IPO was oversubscribed 28.26 times with the retail portion at 7.53x , QIBs (ex-anchors) at 40.35x, Non Institutional Investors (NIIs) at 18.2x and employee portion subscribed 4.96 times.

Lenskart’s grey market premium (GMP) stands at around Rs 58 per share, 14.4% above its issue price.

During the process of the Initial public offering (IPO), the Peyush Bansal-led company raised Rs 3,268 Cr from anchor investors.

Lenskart plans to use proceeds from the fresh issue to open new CoCo stores, cover lease and rental expenses, invest in technology and cloud infrastructure, boost brand marketing and promotions, and fund acquisitions and general corporate purposes.

Lenskart’s IPO is expected to yield about Rs 1,100 crore ($125 million) in exit proceeds for its founders. Early-stage investors, including Premji Invest and Schroders Capital, could earn returns of up to 17 times on their investments.

On the financial front, Lenskart’s revenue grew 22.6% year-on-year to Rs 6,653 crore in FY25 from Rs 5,428 crore in FY24, driving the firm from a Rs 10 crore loss in FY24 to a net profit of Rs 297 crore in the last fiscal year. 

In Q1 FY26, the SoftBank-backed company posted a profit of Rs 61 crore, compared with a loss of Rs 10.9 crore in Q1 FY25, while its operating revenue rose 25% year-on-year to Rs 1,894.4 crore.