Peyush Bansal-led eyewear giant Lenskart receives SEBI approval to launch IPO: Report

Omnichannel eyewear retailer Lenskart has reportedly received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering, paving the way for one of the year’s largest listings.

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The Gurugram-based company, which filed its draft red herring prospectus (DRHP) in July, plans to raise 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. 

The total IPO size is expected to be in the range of Rs 7,500-8,000 crore ($850-900 million), according to the Economic Times report..

Among those selling shares are SoftBank, Temasek, Premji Invest, Kedaara Capital, Alpha Wave Global, and Schroders Capital, along with founders Peyush Bansal, Neha Bansal, Sumeet Kapahi, and Amit Chaudhary. SoftBank is expected to offload the largest portion of its holdings, while CEO Peyush Bansal will sell about 2.05 crore shares.

The IPO will be managed by Kotak Mahindra Capital, Morgan Stanley, Citi, Avendus Capital, and Intensive Fiscal Services. Lenskart is likely to file its updated prospectus in the coming weeks and is targeting a mid-November listing, sources said.

According to the DRHP, proceeds from the fresh issue will be directed towards setting up new company-owned stores, meeting leasing and rental obligations, enhancing technology and brand marketing, and funding potential acquisitions. About Rs 272 crore will be used for store expansion, and Rs 591 crore will go toward rental and related expenses for its existing network of over 2,700 outlets.

Lenskart turned profitable in FY25, reporting a net profit of Rs 297 crore against a loss of Rs 10 crore in FY24. Revenue rose 22% year-on-year to Rs 6,653 crore, supported by expanding retail operations and growing online demand.

The company has raised over $1.8 billion from global investors including SoftBank and the Abu Dhabi Investment Authority, which holds a 12.45% stake.