Lenskart IPO: Who’s Making Big Money from India’s Eyewear Unicorn Listing

If you’re wondering how much money is actually being made when a startup goes public, then the upcoming IPO of Lenskart Solutions Ltd is a textbook case. With a price band set at ₹382 to ₹402 per share, the valuation is staggering — around ₹69,676 crore at the upper end. Early-stage founders and investors are poised to cash in bigtime. Let’s unpack who’s walking away with what — and why this matters for India’s consumer tech scene.

The Big Picture: Lenskart’s IPO Set-Up

The Lenskart IPO opens for subscription on October 31, 2025, with anchor investor bidding on October 30. The issue closes on November 4, allotment happens November 6, refunds/share credits on November 7, and listing on November 10. 
The company has fixed its price band at ₹382-402 per share. At the upper end, that implies a valuation around ₹69,676 crore. 
The offering is a mix of a fresh issue (capital to the company) and an offer-for-sale (OFS) where promoters/early investors sell existing shares.

Founder Gains: Massive Upside for the Bansals

Let’s start with the founding duo.

• Peyush Bansal, Co-founder, CEO, Chairman & MD, holds 17.32 crore shares, acquired at ~₹18.6 per share (about a 10.28% stake). At ₹402, his holding is valued at ~₹6,964 crore — a ~20× gain from his earlier valuation of ~₹323 crore.
• Neha Bansal, Co-founder & Executive Director (Global Head – Merchandising), owns 12.83 crore shares, cost ~₹7.6/share. Value at upper band ~₹5,157 crore, up ~5,200 % from ~₹98 crore.

These are headline returns — and they underscore how early-bet founding stakes can create outsized wealth when a growth story works.

Early Investor Windfalls: From VC to Private Equity

Here’s a snapshot of other early backers and what they stand to gain (all at the upper end of the band):

• Kedaara Capital Fund II LLP: Bought at ~₹75/share, holding 8.9 crore shares (4.8%), so value ~₹3,579 crore — return ~436%
• Alpha Wave Ventures LP: Bought ~₹105.9/share, 6.6 crore shares (3.9%); value ~₹2,660.6 crore – return ~279%
• PI Opportunities Fund II: Bought ~₹24.1/share, 8.6 crore shares (5.1%); value ~₹3,474.1 crore – return ~1,565%
• Other names: MacRitchie Investments Pte Ltd, Schroders Capital, Birdseye View Holdings II Pte, Bay Capital Holdings, etc.

What this tells us: For high-growth plays, early entry at low cost can mean massive multiples.

Why Investors Are Betting Big on Lenskart

So what’s fueling this confidence? A few key reasons:

• The eyewear market in India is huge and growing; Lenskart is positioning itself as a major organised player. 
• Lenskart runs a vertically integrated model — design, manufacture, retail — which helps control costs and quality.
• Strong recent performance: In FY25, Lenskart revenue of ~₹6,652.5 crore (up ~22.5% year-on-year) and net profit of ~₹297.34 crore (turnaround from a loss of ~₹10.15 crore in FY24). 
• Price band, listings and anchor investor interest hint at a major event — the company is targeting one of the largest IPOs of 2025. 

The Nuts & Bolts: IPO Structure and Terms

• Price band: ₹382-402 per share. 
• Lot size: 37 shares for retail investors (minimum investment ~₹14,874 at upper band).
• Offer split: According to filings, not less than 75% of net offer for qualified institutional buyers, up to 15% for NIIs (non-institutional investors), up to 10% for retail. 
• Use of proceeds (fresh issue portion): store expansions (CoCo stores), lease/rent/license expenses, technology/cloud infrastructure, marketing & promotion, acquisitions and general corporate purposes. 

Valuation & Returns: How Big Are the Gains?

At the upper price band of ₹402:

• Founders: Peyush Bansal’s stake valued nearly ₹7,000 crore; Neha Bansal’s ~₹5,157 crore.
• Early investors: Many are seeing multiples of ~200% to ~1,500%+ depending on entry price.
  These multiples reflect the upside when a company’s narrative, growth and listing combine — especially in a market favouring consumer tech.

Risks and Cautions: Not All Sunshine

Every growth story has caveats. For Lenskart:

• Dependency on raw materials: Raw material costs (~24.5% of expenses in FY25) and reliance on China imports pose supply risks. 
• Legal/operational risks: Tax/GST litigation, audit control issues (e.g., inventory management system lacking edit log) flagged.
• Market concentration: Heavy dependence on India (geographically) and own brands (brand risk). 
• Past losses: Though profitable in FY25, recent years saw losses — future profitability isn’t guaranteed. 

Why This IPO Matters for India’s Startup & Retail Landscape

The Lenskart listing isn’t just about one company. It’s a milestone for:

• Consumer-tech firms shifting toward public markets.
• Retail & omnichannel models gaining prominence in India’s growth story.
• Demonstrating how early-stage tech-led retailers can scale and monetize.
• Attracting large global investors (eg. SoftBank Group, Temasek Holdings) into Indian consumer plays. 

What to Watch Post-Listing

If you’re following this IPO (or similar ones), here are key things to monitor:

• Listing price vs IPO band (grey market premium indicated ~₹75 premium on ₹402 issue price → list around ~₹477). 
• Q2/Q3 FY26 performance: Maintaining revenue growth & margin improvements will matter.
• Store expansion execution: Opening new CoCo stores profitably within projected timelines.
• Supply-chain and margin control: Raw material cost inflation or supply disruption could hurt.
• Brand strength & customer retention: Can Lenskart sustain competitive edge vs local optical shops, international brands, e-commerce players?

The Bigger Question: Is It Worth It?

If you’re asking “Should I invest in the Lenskart IPO?”, here’s a simplified view:

• Pros: Strong growth story, credible backers, proven recent profitability, large market.
• Cons: Execution risk, valuation is aggressive (expectations high), competitive/budget pressures in eyewear retail.
  So if you believe in the eyewear growth wave and the company’s strategy, it’s compelling. But if you’re more risk-averse, you might wait and watch how post-listing plays out.

Read More: Adani Power Stock Split: What It Means for Investors in 2025

Conclusion

The Lenskart IPO is shaping up to be a landmark event in India’s consumer-tech and retail ecosystem. Founders and early investors are set to reap spectacular returns — from 200% to 5,000%+ in some cases — but these aren’t guaranteed forever. Execution, market conditions, supply-chain dynamics and brand strength will determine whether the magic continues post-listing. For investors, it’s a high-growth opportunity — but one that comes with real risks.

In many ways, Lenskart’s journey is like turning a pair of spectacles into a spectacle. The company went from affordable online eyewear to a massive omnichannel retail brand with global ambitions.