IPO Note : Lenskart Solutions Ltd by Asit C. Mehta Investment Intermediaries Ltd
Company Background
Lenskart Solutions Ltd. (LSL), established in 2008, is a technology-focused eyewear company involved in the design, manufacturing, branding, and retail of prescription eyeglasses, sunglasses, contact lenses, and accessories. India serves as its primary market and the company recorded the highest volume of prescription eyeglasses sold in India during FY 2025. It is 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 FY 2025, 105 new collections were launched, including collaborations with well-known brands and personalities. As of March 31, 2025, Lenskart operated 2,723 stores globally-2,067 in India and 656 overseas-with 1,757 owned and 310 franchised stores in India. Remote eye testing is offered through 136 optometrists at 168 stores across India and select international locations, including Japan and Thailand.
Issue Details
The issue size is Rs. 7,278.02 Cr. which comprises of Fresh Issue of upto Rs.2,150 Cr. and Offer for Sale of Equity Shares upto Rs.5,128 Cr.
Issue Objectives
The objects of the offer are as follows:
(i) Capital expenditure towards set-up of new CoCo stores in India;
(ii) Expenditure for lease/rent/license agreements related payments for CoCo stores operated by the Company in India;
(iii) Investing in technology and cloud infrastructure;
(iv) Brand marketing and business promotion expenses for enhancing brand awareness; and
(v) Unidentified inorganic acquisitions and general corporate purposes.
Outlook
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.
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