Lenskart Solutions Ltd. is set to launch its IPO today amid an online debate over its valuation that’s reflecting poorly in its grey market premium (GMP). Also in focus is co-founder Peyush Bansal, and his net worth after the IPO.
On offer in the Lenskart IPO are 18.10 crore shares—5.35 crore new and 12.75 crore via offer for sale—in a price range of ₹382-402 apiece to raise as much as ₹7,278 crore, according to the company’s red-herring prospectus. That pegs the company’s valuation at nearly ₹70,000 crore.
The lot size is set at 37 shares or multiples thereof, which translates to a minimum investment of ₹14,874 for retail investors.
Lenskart IPO Details At A Glance
The Lenskart IPO “is valued at FY25 EV/Sales and EV/EBITDA multiples of 10.1X and 68.7X, respectively, based on post-issue capital,” SBI Securities said in a note ahead of the IPO that opens today. “Lenskart valuations seems to be stretched and hence listing gains is likely to be muted.”
Against that backdrop, here are 10 key details investors should know — from grey market premium to valuation metrics — before they put their money in the Lenskart IPO that opens today:
1. Lenskart IPO price band: Lenskart has set its IPO price band at ₹382-402 per share. At the upper end, the total issue size is pegged at ₹7,278.02, making it among the largest consumer technology listings of 2025.
2. Fresh and OFS: The IPO comprises a fresh issue worth ₹2,150 crore and an offer for sale of about ₹5,128 crore — that’s roughly a total of 18.10 crore shares on offer. Proceeds from the fresh issue will be used to increase the number of company-owned stores, strengthen marketing, and enhance technology infrastructure.
3. IPO timeline and listing date: The Lenskart IPO opens for subscription on 31 October 2025 and closes on 4 November 2025. The allotment date is 6 November. The listing date is tentatively seen as 10 November.
4. Lenskart IPO GMP: Now this is where Lenskart IPO becomes interesting. The company, which until the filing of the red-herring prospectus enjoyed a grey market premium of ₹108 impying a 27% listing-day gain, has seen its GMP moderate to ₹70-80 amid a debate over its valuation.
To be sure, the grey market premium is a signal, not a guarantee. It reflects what traders are willing to pay for an IPO-bound stock in the unofficial market—it doesn’t guarantee listing-day gains. The GMP can swing dramatically as it’s detached from fundamentals of a stock.
5. Lenskart IPO valuation: In FY25, Lenskart reported ₹6,652 crore in revenue and ₹297 crore in net profit—a first since the company was loss-making in FY24. At the upper end of the price band of ₹382-402, Lenskart IPO valuation is seen at 10.1X EV/Sales and 68.7X EV/EBITDA. The forward price-to-earnings ratio is 205X — meaning that the company expects its investors to pay ₹205 for every rupee earned. That seems expensive.
6. Peyush Bansal and his net worth: Founder CEO Peyush Bansal — known as a Shark on TV — will sell about 2.05 crore shares worth nearly ₹824 crore at ₹402 apiece. Post-IPO his stake will fall to 8.74%. Existing investors, including private-equity funds, are also offloading shares in the IPO.
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7: Use of IPO proceeds: Lenskart plans to use IPO proceeds for expansion — organic (new stores) and inorganic (acquisitons) — as well as for marketing and technology upgrades.
8. Key risks to Lenskart IPO: Analysts say that high valuations can limit short-term listing gains for the company. Scaling profitability in an industry that will only get more organised and hence competitive is a challenge.
9. GMP vis-a-vis IPO price: The ₹382-402 price band and 10-20% GMP reflects healthy investor appetite but also caution over valuations. Analysts suggest the stock for the longer term. Investors looking to make quick buck on listing day should avoid.
10. Anchor book: Lenskart allocated 8.13 crore shares to anchor investors to raise about ₹3,268.36 crore, leaving about 10 crore shares for the actual IPO. For anchor investors 50% of the shares are locked in for 30 days and the remaining 50% for 90 days post allotment.
