Lenskart Solutions IPO Opens for Subscription: Key Highlights and Subscription Status

Lenskart Solutions IPO GMP, Subscription Status Live Updates:Lenskart Solutions IPO opened for subscription today (October 31). The investors can bid for the IPO in a range of Rs 382 to Rs 402 per equity share. The company will mop up a sum of Rs 7,278.02 crore from the primary markets. The issue is a combination of 5.35 crore fresh shares amounting to Rs 2,150 crore and an offer for sale of 12.76 crore shares aggregating to Rs 5,128.02 crore. Lenskart Solutions will close the IPO subscription on November 04. The allotment for the Lenskart Solutions IPO is expected to be finalised on November 06. The issue is estimated to be listed on BSE and NSE on November 10, as per the tentative schedule. Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services are the book-running lead managers for the IPO, and MUFG Intime India is working as the registrar of the issue. Lenskart Solutions is a technology-focused eyewear company involved in the design, manufacturing, branding, and retail of prescription eyeglasses, sunglasses, contact lenses, and accessories. Operating under a direct-to-consumer model, the company offers a broad range of eyewear under its own brands and sub-brands, catering to all age groups and price segments. In FY25, 105 new collections were launched, including collaborations with well-known brands and personalities. As of March 2025, Lenskart operated 2,723 stores globally—2,067 in India and 656 overseas—with 1,757 owned and 310 franchised stores in India. The anchor list features major domestic mutual funds like SBI Mutual Fund, HDFC Mutual Fund, and ICICI Prudential, along with global giants such as GIC, BlackRock, Goldman Sachs, and T Rowe Price. The IPO is being managed by major investment banks such as Kotak Mahindra Capital, Morgan Stanley, Citigroup, Avendus Capital, and Axis Capital MUFG Intime India is the registrar for the issue. The stock will list on both the NSE and BSE on November 10. The company operates 2,806 stores across India and overseas, serving nearly 12 million customers. Out of this, 2,137 stores are in India, while the rest are spread across Southeast Asia, Japan, and the Middle East. Lenskart Solutions Limited’s IPO saw full subscription on the very first day, with total bids reaching 1.13x as of 5:00 PM on October 31, 2025. The Qualified Institutional Buyers (QIB) category led with 1.42x subscription, while Retail investors followed closely at 1.31x. The Non-Institutional Investor (NII) segment stood at 0.41x—with sub-categories at 0.30x (₹10L+) and 0.63x (₹2L–₹10L). The Employee portion was subscribed 1.10x. Lenskart Solutions Ltd, the tech-driven eyewear brand led by Peyush Bansal, has opened its Rs 7,000-crore IPO for subscription from October 31 to November 4. The issue includes a fresh issue worth Rs 2,150 crore and an offer for sale of up to Rs 5,128 crore. Choice Broking has rated the IPO as “Subscribe for Long Term,” citing the company’s strong growth trajectory, expanding omnichannel network, and leadership in a largely unorganised eyewear market. LSL was awarded “India’s Most Trusted Eyewear Brand of 2025” by TRA Research in FY25. The company’s centralized prescription eyeglasses supply chain and manufacturing allows to manage the supply chain operations and address customer demand for each store location. This drives the core proposition of providing better accessibility to quality eyewear products at affordable prices to a large number of customers, by enabling faster delivery for a large selection of SKUs and thereby eyewear as a ‘fast fashion’ category. They operate a direct-to-consumer model that eliminates multiple layers of intermediaries in the traditional prescription eyeglasses supply chain, enabling to deliver products to customers at an affordable cost and with next day delivery. The company will continue to expand and diversify the brand portfolio and product offerings to address evolving customer needs and enhance customer engagement. Lenskart Solutions IPO has been fully subscribed on Day 1. The total subscription so far is 1.04x. The QIB portion has been subscribed 1.39x NIIs have been subscribed 0.29x The subscription in the retail category has also exceeded 1x at 1.10 times and the subscription in employee category is at 0.94x The IPO is being managed by major investment banks such as Kotak Mahindra Capital, Morgan Stanley, Citigroup, Avendus Capital, and Axis Capital. MUFG Intime India is the registrar for the issue. The stock will list on both the NSE and BSE on November 10. As of 2:00 PM, the Lenskart IPO saw an overall subscription of 0.62 times on the first day of bidding. The retail investor portion was fully subscribed within just a few hours of opening. The qualified institutional buyers (QIB) segment was subscribed 0.68 times, while the non-institutional investor (NII) portion stood at 0.25 times, with the sub-category of bids above Rs 10 lakh at 0.17 times and those between Rs 2 lakh and Rs 10 lakh at 0.43 times. Meanwhile, the employee category saw a subscription of 0.86 times. Lenskart currently operates 2,806 stores across India and overseas, serving nearly 12 million customers. Out of this, 2,137 stores are in India, while the rest are spread across Southeast Asia, Japan, and the Middle East. Interestingly, international operations contribute about 40% of total revenue, and those markets have higher margins (75%) compared to 63% in India, mainly due to premium pricing and higher spending per customer. The funds raised from the fresh issue will be directed toward several business needs, including: - Expanding company-owned retail stores (CoCo). - Meeting lease and rental costs of retail outlets. - Investing in technology and cloud upgrades. - Spending on brand marketing and visibility. - Supporting strategic acquisitions and general corporate purposes. For FY25, Lenskart reported a revenue of Rs 7,009 crore and an EBITDA (earnings before interest, tax, depreciation, and amortisation) of Rs 971 crore, giving it a margin of around 14%. The company’s profit after tax (PAT) stood at Rs 297 crore, marking a turnaround from losses in earlier years. Its net worth as of March 31, 2025, stood at Rs 6,176 crore, while total borrowings fell to Rs 335 crore. However, a part of the profit came from a one-time accounting gain of about Rs 167 crore related to the Owndays (Japan) acquisition. Excluding this, the company’s pre-tax margins fall below 1.5%. The Lenskart IPO, which opened for subscription at 10 AM today, saw a slow start in early trade. After two hours into bidding on Day 1 so far, the issue was subscribed 0.18 times overall. The retail investor portion was subscribed 0.72 times, while bids from non-institutional investors (NIIs) stood at 0.16 times, as of now. The qualified institutional buyers (QIB) category has not received any bids yet. Before the IPO opened to the public, Lenskart raised Rs 3,268 crore from 147 anchor investors. The anchor list features major domestic mutual funds like SBI Mutual Fund, HDFC Mutual Fund, and ICICI Prudential, along with global giants such as GIC, BlackRock, Goldman Sachs, and T Rowe Price. Several private equity and strategic investors are using the IPO to partially exit their holdings. The list includes global investors such as SoftBank, Kedaara Capital, Temasek, TPG, KKR, Premji Invest, and ChrysCapital. Meanwhile, founders Peyush Bansal, Neha Bansal, Sumeet Kapahi, and Amit Chaudhary will continue to hold a significant stake in the company after the listing. The company has set a price band of Rs 382–Rs 402 per share, with a face value of Rs 2. Investors can apply for a minimum of 37 shares (one lot), which would require about Rs 14,874 at the upper price limit. With a total issue size of nearly Rs 7,278 crore, this is among the largest IPOs of the year. The Lenskart IPO comprises two parts - a fresh issue of Rs 2,150 crore and an offer for sale (OFS) worth Rs 5,128 crore by existing shareholders and promoters. The basis of allotment is likely to be finalised on November 6, while listing on the NSE and BSE is expected on November 10. Also Read:Lenskart IPO opens today: From GMP, valuation to issue details, check 6 critical factors before you subscribe Lenskart sources part of its raw materials and eyewear frames from China, where it also runs a manufacturing joint venture - Boafeng Framekart Technology - in which it holds a 51% stake. Formed in 2018, this JV produces and sells spectacle lenses, frames, and accessories. However, any disruption in the supply of raw materials or finished goods from China due to external factors could impact the company’s operations. “Given its strong growth potential but high valuation and profitability risks, this offering is best suited for investors with a higher risk appetite and a long-term investment horizon. Thus we assign a “Subscribe for Long Term” rating for this issue,” said Choice Broking in its IPO note. The company sources some of its raw materials and frames from China, where it also operates a manufacturing facility via Boafeng Framekart Technology Ltd (JV – company holds 51% stake). The JV was incorporated in 2018 and is engaged in the production and sale of spectacle lenses, frames and accessories. The supply of raw materials and finished goods from suppliers in China may be disrupted due to factors outside of the control of the company and thus, could adversely affect its operations. "On the valuation, at the upper end of the price band, the issue represents a market cap of Rs 70,000 crore. At a 10x Sales multiple, valuations are stretched from a medium-term perspective. No doubt the business model is fairly strong; the company has made solid on-ground progress. However, at the current price, it is ideal for those looking at long-term plays in the retail eyewear manufacturing to consumer platform. Going forward, the key metrics to track will be the ability of the business to scale its profitability in line with its international peers," according to Sunny Agrawal, Head of Fundamental Research at SBI Securities. "At the upper band of Rs 402, the IPO is valued at FY25 Sales and EBITDA multiples of 10.1x and 68.7x, respectively, based on post-issue capital. Valuation of Lenskart seems to be stretched, and hence, listing gain is likely to be muted. However, looking at the robust business model, the company is well placed to encash on the fast-growing domestic organised underpenetrated eyeglasses market," said SBI Securities in an IPO note. Lenskart Solutions has allotted 8,13,02,412 equity shares to 147 anchor investors ahead of the IPO offering, comprising marquee domestic and global institutional investors. The company raised Rs 3,268.36 crore at the upper end of the price band at Rs 402 per equity share. Lenskart IPO aims to raise Rs 7,278 crore through a combination of a fresh issue and an offer for sale (OFS). The fresh issue comprises 53.5 million shares worth Rs 2,150 crore, while the OFS includes 127.6 million shares valued at Rs 5,128 crore, allowing existing investors to partially offload their holdings. The bidding will be open from October 31 to November 4, with the allotment date set for November 6 and the listing scheduled for November 10 on both the BSE and NSE. Lenskart is the largest organised eyewear retailer in India and is ranked among the top two in Asia for prescription eyeglasses in terms of B2C eyeglasses sales volumes during the FY25, according to the Redseer Report. Furthermore, Lenskart holds the number one position in India and Singapore in terms of B2C revenue from operations amongst leading large organised retailers of prescription eyeglasses in FY25. “Given its strong growth potential but high valuation and profitability risks, this offering is best suited for investors with a higher risk appetite and a long-term investment horizon. Thus we assign a “Subscribe for Long Term” rating for this issue,” said Choice Broking in its IPO note. SBI Securities, in its IPO note on Lenskart, said, “As per the historical track record, the company has consistently improved its reported EBITDA margin (7.0% in FY23 to 14.7% in FY25) and incremental improvement will be keenly tracked by the investors. We recommend investors to ‘Subscribe’ to the IPO for long term at the cut-off price.” The GMP, or grey market premium, has shown volatility in recent days. It touched a high of Rs 120, hinting at a potential 27–29% listing gain over the issue price. However, it later dropped to Rs 48 on October 30. Lenskart has set its IPO price band at Rs 382–402 per share, with a lot size of 37 shares. For retail investors, the minimum investment at the upper end comes to Rs 14,874.