Lenskart Solutions Ltd

Lenskart Solutions Ltd is into the design, manufacturing, and marketing of a range of eyewear. This includes spectacles, sunglasses, contact lenses, and eyewear accessories. It follows a direct to consumer (D2C) model and sells under its own brands and sub-brands. It has a total of 2,723 stores globally; which include 2,067 in India and 656 stores overseas. In India 1,757 stores are owned stores, while the other 310 are under franchisee model. The fresh funds in the IPO will be used for capex for COCO stores, license fees, lease rentals, improving the technology stack, investing in cloud infrastructure, and for branding. 

The IPO is a combination of a fresh issue and an offer for sale (OFS) by the promoters and other early investors. The issue is being lead-managed by Kotak Mahindra Capital, Morgan Stanley India, Avendus Capital, Citigroup Global markets, Axis Capital, and Intensive Fiscal Services; while MUFG Intime India Private Ltd will be the registrars to the IPO. The company has been promoted by Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi. Post the IPO, the promoter stake will be diluted from 19.85% to 17.52%.  

Highlights of the IPO Issue

Here are the key highlights of the public issue of Lenskart Solutions Ltd. 

1. The IPO of will be open from October 31st, 2025 to November 04th, 2025. It has a face value of ₹2 per share and IPO price band is set in range of ₹382 to ₹402 per share.
2. The IPO of Lenskart Solutions Ltd will be a combination of a fresh issue and an offer for sale of shares by the promoters of the company.
3. The fresh portion comprises the issue of 5,34,82,587 shares (534.83 lakh shares), which at the upper price band of ₹402 per share translates into ₹2,150 crore.
4. The OFS of the IPO comprises the sale of 12,75,62,573 shares (1,275.63 lakh shares), which at the upper price band of ₹402 per share translates into ₹5,128.02 crore.
5. The overall IPO will comprise of a fresh issue and OFS of 18,10,45,160 shares (1,810.45 lakh shares) worth ₹7,278.02 crore at the upper band price of ₹402 per share. 

The IPO of Lenskart Solutions Ltd will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Lenskart Solutions Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Lenskart Solutions Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 37 shares) 

Financial Highlights

The table captures the key financials of Lenskart Solutions Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

While the sales growth is robust, the bottom line saw a turn around to net profits only in the latest year and hence previous years data is not comparable. This is a long gestation business and hence many of the investments are likely to be front-loaded. That is something to be kept in mind while comparing with previous years. 

Valuation Metrics

At the current issue price of ₹402 per share, the valuation of the company is at a P/E ratio of 228.4X in terms of latest year EPS of ₹1.76. However, even this was a turnaround year, so we would need sustainable EPS to gauge valuations better. In reality, that IPO of Lenskart Solutions Ltd will be more of a bet on the growth of organized eyecare in India and the prospects of the omni-channel model pursued by the company.  

Lenskart Solutions has some distinct positioning advantages. Firstly, it is an integrated player that virtually controls the supply chain giving it better control over the market. Also, the company has a strong domestic as well as global franchise; an it is already the largest player in the organised eyewear market in India. Thirdly, the omnichannel approach of the company allows them to effectively tap the digitally savvy as well as the walk-in customer. Traction on valuation will be visible once we have more time series data on EPS and ROE, but for now, the IPO will have to be a bet on the full-stack and omnichannel future. 

A Brief on the Anchor Allocation

The anchor issue of Lenskart Solutions Ltd saw a strong response on 30th October 2025 with 44.90% of the IPO size absorbed by anchors. Out of 18,10,63,669 shares (1,810.64 lakh shares) on offer in the IPO, anchors picked up 8,13,02,412 shares (813.02 lakh shares) accounting for 44.90% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹402 per share. This includes the face value of ₹2 per share plus a share premium of ₹400 per share. The anchor bidding process opened and closed on 30th October 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Lenskart Solutions Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 30th October 2025, Lenskart Solutions Ltd allotted 8,13,02,412 shares to 147 anchor investors. The allocation was done at the upper IPO price band of ₹402 per share which resulted in overall anchor allocation of ₹3,268.36 crore. The anchors have already absorbed 44.90% of the total issue size of ₹7,278.76 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹941.33 crores, or, 28.80% of the overall anchor allocation of shares in Lenskart Solutions Ltd done on October 30, 2025. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251030-63&attachedId=1441eb48-724f-459a-bf58-1a5fb7ef4f15 

Out of the 8,13,02,412 shares allocated to the anchors in the IPO, there were a total of 2,87,33,849 shares allocated to mutual funds registered with SEBI. The allocation was made to 59 mutual fund schemes across 21 AMCs. Mutual funds accounted for 35.34% of the total anchor allocation of the IPO. Global FPIs, AIFs, and insurance companies were very active in participating in the anchor allocation of Lenskart Solutions Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 04th November 2025, the basis of allotment will be finalized on 06th November 2025 and the refunds will be initiated on 07th November 2025. In addition, the demat credits are expected to also happen on 07th November 2025 and the stock will list on 10th November 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 07th November 2025 under ISIN (INE956O01016). 

IPO Subscription Status On Day-1

As of 5.15 pm on 31st October 2025, out of the 997.61 lakh shares on offer in the IPO (excluding anchor portion), Lenskart Solutions Ltd saw bids for 1,123.21 lakh shares. This implies an overall subscription of 1.13X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Lenskart Solutions Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to November 04, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.30 pm on 03rd November 2025, out of the 997.61 lakh shares on offer in the IPO (excluding anchor portion), Lenskart Solutions Ltd saw bids for 2,011.09 lakh shares. This implies an overall subscription of 2.02X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Lenskart Solutions Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to November 04, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-3

As of 7.05 pm on 04th November 2025, out of the 997.61 lakh shares on offer in the IPO (excluding anchor portion), Lenskart Solutions Ltd saw bids for 28,188.46 lakh shares. This implies an overall subscription of 28.26X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Lenskart Solutions Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO of Lenskart Solutions Ltd was open up to November 04, 2025, and has closed for subscription as of the close of trading hours on November 04, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO, although a higher subscription is not an automatic guarantee of a strong listing of the IPO stock. 

About the Lenskart Solutions Ltd

The IPO of Lenskart Solutions Ltd opened on October 31st, 2025 and closed on November 04th, 2025. The overall IPO comprised entirely of a fresh issue and an offer for sale (OFS) of 18,10,63,669 shares (1,810.64 lakh shares) worth ₹7,278.76 crore at the upper price band of ₹402 per share. The allotment status will be finalized by end of day (EOD) of November 06, 2025. Here is how to check your allotment status for the IPO of Lenskart Solutions Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option
2. Under Issue Name – Select Lenskart Solutions Ltd   from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip OR 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Lenskart Solutions Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select LENSKART from the dropdown box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip AND 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Lenskart Solutions Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1. You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call.