BENGALURU: Lenskart Solutions is gearing up for one of the largest consumer-tech listings of the year, with its initial public offering (IPO) expected to raise between Rs 7,500 crore and Rs 8,000 crore, people aware of the matter said. The final size will depend on valuations at the time of listing.The company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on Tuesday. The IPO consists of a fresh issue of shares worth Rs 2,150 crore and an offer for sale (OFS) of up to 13.23 crore shares by existing investors and promoters. A pre-IPO placement of up to Rs 430 crore has also been proposed, which could reduce the fresh issue size.Proceeds from the fresh issue will be used for the expansion of company-owned (CoCo) stores in India (Rs 272.62 crore), lease-related payments (Rs 591.44 crore), technology and cloud infrastructure (Rs 213.38 crore), and brand marketing (Rs 320.06 crore). The remainder will be allocated for inorganic acquisitions and general corporate purposes.As of March 31, 2025, Lenskart operated 2,723 stores globally, including 2,067 in India and 656 overseas. The company sold 27.2 million eyewear units in FY25, up from 21.2 million in FY24 and 15.9 million in FY23. Annual transacting customer accounts rose from 7.7 million in FY23 to 12.4 million in FY25, while its paid membership program, Lenskart Gold, reached 6.77 million members in India.Financially, the company swung from losses to profitability in FY24. In FY25, Lenskart reported revenue of Rs 6,653 crore, up from Rs 5,428 crore a year ago. Net profit rose more than fivefold during the same period, from Rs 59 crore to Rs 297 crore, driven by operating leverage and higher repeat purchases. Lenskart’s apps have seen more than 100 million cumulative downloads, while its websites drew 105 million visitors in FY25. New customers, on average, purchased 3.62 pairs of glasses within two years, the filing revealed.
The case of the missing degree
Buried in Lenskart’s DRHP is an oddly specific risk: one of its promoters, Sumeet Kapahi, who also heads global sourcing at the company, can’t find his B.Com (Hons) degree or marksheets from the University of Delhi. He has emailed, written letters, and even applied through the university’s online portal, but is still waiting for a response. Until then, Lenskart and its bankers have relied on the certificates he submitted for the IPO filing. The company admits there’s no guarantee the university will ever send the documents, making this one of the more unusual disclosures in a multi‑thousand‑crore IPO draft.
