Lenskart IPO: Should you apply?

Summary: Lenskart, a reputed brand in the eyewear retailer space, will open its IPO on October 31, 2025. Despite enjoying a significant market share, it grapples with poor profit and return margins. Let’s check whether its IPO is worth subscribing to. Lenskart Solutions, a well-known eyewear retailer, is set to open its IPO (initial public offering) on October 31, 2025 and will close on November 4, 2025. Of the total issue size of Rs 7,278 crore, the company aims to raise Rs 2,150 crore through a fresh issue, while the remaining Rs 5,128 crore will be raised through an offer for sale (OFS). Below is a breakdown of Lenskart’s business, financials, strengths, risks and valuation to help you make an informed investing decision. What the company does Lenskart is a technology-led, direct-to-consumer eyewear company with integrated operations across design, manufacturing, branding and retail. It offers prescription glasses, sunglasses, contact lenses and accessories through its own brands, catering to varied price points and age groups. The company is India’s largest seller of prescription eyeglasses by volume and among Asia’s top two organised players. Beyond India, it has expanded to Japan, Southeast Asia and the Middle East. With a 109-member design team, Lenskart launched over 100 in-house collections in FY25, including celebrity collaborations. Lenskart IPO details Total IPO size (Rs cr) 7,278 Offer for sale (Rs cr) 5,128 Fresh issue (Rs cr) 2,150 Price band (Rs) 382-402 Subscription dates October 31-November 4, 2025 Purpose of issue To fund capex, invest in technology and brand marketing Post-IPO M-cap (Rs cr) 69,741 Net worth (Rs cr) 8,473 Promoter holding (%) 17.7 Price/earnings ratio (P/E) 188.7 Price/book ratio (P/B) 8.2 Financial history Key financials 2Y CAGR (%) FY25 FY24 FY23 Revenue (Rs cr) 32.5 6,653 5,428 3,788 EBIT (Rs cr) - 174 0 -158 PAT (Rs cr) - 297 -10 -64 Net worth (Rs cr) 5.6 6,099 5,649 5,474 Total debt (Rs cr) 4.4 2,573 2,176 2,358 EBIT is earnings before interest and tax PAT is profit after tax Ratios Key ratios 3Y average (%) FY25 FY24 FY23 ROE (%) 1.2 5.1 -0.2 -1.2 ROCE (%) 0 2.1