Lenskart Solutions IPO: Check IPO Date, Lot Size, Price & Details

Overview

Lenskart Solutions Ltd. is a technology-led eyewear retailer with an integrated business model encompassing the design, manufacturing, branding, and distribution of prescription eyeglasses, sunglasses, contact lenses, and accessories. Operating on a direct-to-consumer (B2C) model, the company manages its entire value chain – from product design to delivery – ensuring consistency in quality, pricing, and customer experience. India remains its largest market, where Lenskart is the leading organised eyewear retailer by sales volume in FY2025. Leveraging its domestic success, the company has expanded internationally into Southeast Asia, Japan, and the Middle East, building a strong and scalable presence across key Asian markets.

Lenskart’s omnichannel strategy forms the backbone of its business, integrating a strong digital ecosystem with an extensive offline footprint. As of June 30, 2025, the company operated 2,806 stores globally, up from 2,723 in FY2025 and 1,959 in FY2023. This includes 2,137 stores in India (928 in metropolitan cities, 491 in tier-1, and 718 in tier-2 and beyond) and 669 stores across international markets, led by Japan (272), Southeast Asia (258), the Middle East (39), and other regions (100). Of the total network, 2,311 stores were company-owned (CoCo), while 495 operated under franchise or joint-venture formats, underscoring its hybrid expansion strategy.

The company’s brand architecture spans a diverse mix of owned and acquired labels such as John Jacobs, Vincent Chase, Lenskart Air, Hustlr, Hooper, and Owndays, enabling it to cater to a wide customer base across price points and style preferences. The majority of Lenskart’s transaction value lies in the ₹2,000-₹10,000 range, positioning it firmly in the mass-affordable to mid-premium eyewear segment.

Lenskart’s vertically integrated operations are supported by highly automated manufacturing facilities in Bhiwadi (Rajasthan) and Gurugram (Haryana), complemented by regional hubs in Singapore and the UAE. The Bhiwadi facility, among the world’s top two by capacity, operates with over 75% automation and robotic surfacing technology, enabling precision manufacturing, strict quality control, and next-day delivery in select markets.

The 2022 acquisition of Owndays significantly strengthened Lenskart’s footprint in Japan and Southeast Asia, positioning it among Asia’s top two organised B2C eyewear retailers. Backed by over 100 design professionals and nearly 500 technology specialists, Lenskart continues to innovate in product design and AI-driven personalisation.

Through its integrated model, omnichannel presence, and disciplined expansion, Lenskart has established itself as a leading player in India’s eyewear market and an emerging regional brand in Asia’s optical retail landscape.

IPO Details

Objective of the Issue:

• Expansion of retail footprint through the setup of new Company-Owned Company-Operated (CoCo) stores across key markets in India.
• Funding lease, rent, and licence-related obligations for existing and upcoming CoCo outlets to strengthen the offline presence.
• Investment in technology and cloud infrastructure to enhance operational efficiency and support scalable digital growth.
• Allocation towards brand marketing and promotional initiatives aimed at deepening customer engagement and improving brand visibility.
• General Corporate Purpose

Key Strengths

• Centralised Supply Chain and Manufacturing Excellence
  Lenskart’s fully centralised supply chain and manufacturing setup enable efficient large-scale production of prescription eyewear with consistent quality, faster delivery, and competitive pricing. Its AI-enabled robotic systems ensure micron-level precision, while in-house control over design, sourcing, and assembly helps lower costs and maintain quality. This model supports rapid fulfilment – including next-day delivery across multiple cities – and powers a “fast-fashion” approach with a broad, frequently refreshed product range. By simplifying retail operations at the store level, Lenskart achieves scalability, accessibility, and superior customer experience.
• In-house Frame and Lens Manufacturing Capabilities
  Lenskart’s in-house frame and lens manufacturing capabilities strengthen product quality, cost control, and innovation. With dedicated facilities in Gurugram and Bhiwadi and a joint venture in China, the company designs and produces a wide range of eyewear using advanced moulding and material technologies. This vertical integration enables faster product launches, enhanced customisation, and better responsiveness to fashion trends. In-house production of complex lenses and continuous R&D efforts allow Lenskart to innovate in coatings, materials, and durability, ensuring superior quality and affordability across its product portfolio.
• Direct-to-Consumer Model
  Lenskart’s direct-to-consumer model removes traditional intermediaries, enabling competitive pricing, faster delivery, and full control over quality. This integrated approach connects manufacturing, logistics, and retail directly to the end customer, reducing lead times and enhancing efficiency across operations. With next-day delivery in key cities and a seamless omni-channel experience, the company ensures accessibility and value for customers. According to the Redseer Report, Lenskart ranked as the third-largest manufacturer of prescription eyeglasses globally in FY2025 among major organised eyewear retailers.

Key Risks

• Dependence on Raw Material Supply and Pricing
  Raw materials constitute a significant portion of Lenskart’s total expenses – 25.45% in the three months ended June 30, 2025, and 24.52% in FY2025. Any delay, disruption, or price fluctuation in the supply of lenses, frames, or packaging materials could adversely impact margins and cash flows. While Lenskart maintains long-term supply contracts for select inputs, a majority of purchases are made on a spot-order basis, exposing the company to cost volatility, supply constraints, and potential production delays.
• Capacity Utilisation at Manufacturing Facilities
  Lenskart’s operating performance is closely linked to optimal utilisation of its manufacturing facilities. Any sustained decline in capacity utilisation could impact operating efficiency, margins, and cash flows. For FY2025, overall utilisation across facilities stood at 47.93%, compared with 45.91% in FY2024 and 47.17% in FY2023. Utilisation at the Singapore facility improved to 54.4% (FY2025) from 42.7% in FY2024, while the Dubai facility remained modest at 22.2%. Lower utilisation levels could result in under-absorption of fixed costs, affecting profitability and returns on manufacturing investments.
• Regulatory Proceedings under FEMA
  The Directorate of Enforcement (ED), Gurugram, has initiated an inquiry under the Foreign Exchange Management Act, 1999 (FEMA), regarding procedural delays in Lenskart’s filings on the IDPMS and EPDMS portals related to import-export transactions. The company and its promoter have cooperated by providing all requested information, and the matter remains pending. While penalties for such delays have historically been nominal, any further notices, prolonged inquiry, or non-compliance could lead to additional scrutiny, financial penalties, reputational impact, or potential delays in securing regulatory approvals and overseas investment permissions from the ED.

Financial Snapshot

KPI comparison with Industry Peers

There are no listed companies in India or globally that operate with a business model similar to that of the company.

Conclusion

Lenskart has established itself as a leading player in India’s organised eyewear market. The company’s success is driven by its strong omnichannel presence, which seamlessly integrates online and offline customer experiences, along with its technology-driven operations that enhance efficiency and personalisation. Over the years, Lenskart has built a powerful brand identity through quality products, innovative designs, and a growing retail footprint across major metros as well as Tier-2 and Tier-3 cities. This robust combination of scale, brand strength, and customer reach positions the company well for future growth. Given its strong fundamentals and market leadership, the IPO appears attractive for investors looking to benefit from listing gains.