Lenskart files DRHP with SEBI to launch IPO; Peyush and Neha Bansal to sell shares

Lenskart Solutions Ltd, the omnichannel eyewear retailer headquartered in Gurugram, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch IPO.

The company aims to raise Rs 2,150 crore (approximately $250 million) via a fresh issue of shares, while existing shareholders will offload up to 13.2 crore shares through an offer for sale (OFS), according to the DRHP. The total issue size is expected to range between $900 million and $1 billion.

Prominent institutional investors, including SoftBank, Temasek, Schroders Capital, PI Opportunities Fund, Kedaara Capital, and Alpha Wave, will participate in the secondary sale. SoftBank is the largest institutional seller, offering 2.55 crore shares. Other major sales include 1.91 crore shares by Schroders Capital, 87 lakh shares by PI Opportunities Fund, and 78.5 lakh shares by Temasek. Kedaara Capital and Alpha Wave will divest 73.6 lakh and 66.6 lakh shares, respectively.

Founders and key members of the management team are also participating in the OFS. CEO Peyush Bansal will sell 2.05 crore shares, while co-founders Neha Bansal and Amit Chaudhary will divest 57.3 lakh and 28.6 lakh shares, respectively. Sumeet Kapahi, an early member of the founding team, is set to sell 28.6 lakh shares.

The fresh capital will be deployed towards expanding Lenskart’s company-operated (CoCo) retail footprint across India, upgrading technology infrastructure, investing in brand marketing and cloud systems, and covering rental and licensing costs. Funds will also be allocated for general corporate purposes.

As of March 31, 2025, Lenskart operated 2,723 stores globally, of which 2,067 were in India and 656 in international markets. The company reported a 22.5% year-on-year revenue growth in FY25, with revenue from operations rising to Rs 6,652 crore from Rs 5,428 crore in FY24. Net profit for FY25 stood at Rs 297 crore, marking a sharp turnaround from a loss of Rs 10 crore in the previous year.

According to market intelligence firm Redseer, Lenskart’s average prices for frames and lenses in India during FY25 were 35-40% lower than industry averages, highlighting the brand’s value-driven positioning.

SoftBank remains Lenskart’s largest external shareholder with a 15.04% stake, followed by Abu Dhabi Investment Authority (12.45%), PI Opportunities Fund (5.13%), and Temasek (4.86%). Among the founders, Peyush Bansal and Neha Bansal hold 10.28% and 7.74%, respectively.

The IPO is being managed by a syndicate of investment banks, including Kotak Mahindra Capital, Citigroup, Avendus Capital, Axis Capital, Morgan Stanley, and Intensive Fiscal Services.

Notably, Lenskart chose to forgo the confidential filing route offered by SEBI, opting instead for a traditional DRHP approach. The company converted into a public limited entity in late May 2025.