Lenskart Solutions Pvt. Ltd. is seeking a valuation of up to $8 billion in an IPO that will potentially make its co-founder Peyush Bansal a billionaire.
India’s largest organised eyewear retailer will issue shares in a price band of ₹382-402 apiece to raise as much as ₹7,278 crore, as per the updated red-herring prospectus released on Monday. The IPO includes new shares worth ₹2,150 crore as well as an offer-for-sale of 12.76 crore shares by promoters.
That pegs the firm’s valuation at ₹69,500 crore (about $7.91 billion).
The IPO proceeds will be used for expansion—either organic (new stores) or inorganic (M&A deals)—as well as on technology, marketing and general corporate purposes.
The Lenskart IPO will be open for bids from 31 October to 4 November and anchor investors will submit bids on 30 October. The company has already received a vote of confidence from ace investor Radhakishan Damani.
Kotak Mahindra Capital Co., Axis Bank Ltd., Avendus Capital Pvt. Ltd. and local units of Citigroup Inc. and Morgan Stanley are advising on the offering.
Peyush Bansal Net Worth
To be sure, Lenskart’s IPO valuation is smaller than estimated earlier since the promoters are offloading fewer shares than planned — 13.22 crore in DRHP versus 12.76 crore in the RHP.
Previously, Bloomberg News reported that the company was targeting a valuation of $9 billion based on the IPO size. That would’ve valued Bansal’s stake in Lenskart at about $800 million after selling some shares in the IPO, according to the Bloomberg Billionaires Index. His net worth can cross $1 billion if Lenskart’s share price rises about 25% on debut.
Bansal can still become a billionaire, if the response to India’s IPOs so far this year is anything to go by.
IPOs in 2025
The Lenskart IPO comes at a time when India’s IPO market is poised to top last year’s record high of $20.5 billion—Indian companies have raised nearly $16 billion via IPOs so far this year, with up to $8 billion worth of offerings anticipated in the final quarter of 2025.
Lenskart can particularly take heart from the response that Urban Co. Ltd. saw for its own IPO a few weeks back. Shares of the rent-a-service firm surged on listing, so much so that it had a market capitalisation of $3 billion on debut.
That’s because Urban Company plugged a gap in India’s largely unorganised home-services sector, similar to what Lenskart has done in the eyewear space.
Lenskart is operating in a market projected to grow at a double-digit pace over the next five years. Analysts at Jefferies expect India’s eyewear demand to surge — driven by rising vision issues, deeper market penetration, and expanding health insurance.
“India is the myopia capital of the world, a lot of our people need glasses,” Bansal had told Bloomberg News in an interview in Mumbai. “If we can solve that, everything else—including scale, profit and rising market capitalisation—will follow.”
The Lenskart Story
Founded in 2008, Lenskart launched its online store in 2010 and opened its first offline store in 2013. Today, it’s the largest organised eyewear retailer in India, with international operations in Southeast Asia and the Middle East.
As of March, it operated 2,723 stores—across India and in markets such as the Middle East and Southeast Asia. Nearly 40% of its revenue now comes from outside India, underscoring its growing international footprint.
Lenskart now controls nearly every link in its value chain—from lens design and manufacturing to last-mile delivery. It employs 100s of ophthalmologists in Kolkata who provide remote eye consultations and is developing AI-based testing tools to reach smaller cities where eye care access remains limited.
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Its next big bet is smart eyewear. A 70-member team is working on integrating features such as UPI, AI tools, cameras, and headphones.
“It’s tempting to go all in,” Bansal said. “But timing matters.”