Lenskart files for ₹2,150 cr IPO, eyes 620 new stores by 2029 amid margin pressure
India's eyewear leader filed draft IPO papers in Aug 2025 to raise up to ₹2,150 crore, with ₹273 crore earmarked for capex toward ~620 new stores by March 2029. With 2,067 India stores, 2,723 globally, and 10% market share, Lenskart faces scrutiny as aggressive expansion outpaces demand.
What happened
Lenskart filed draft IPO papers (Aug 2025) to raise up to ₹2,150 crore, funding ~620 new stores by 2029. India's eyewear leader with 2,067 stores and 10% market
Key facts
- ₹2,150 crore fresh funds
- ₹273 crore capex
- 620 new stores by March 2029
- 2,067 stores in India
- 2,723 total stores
- 10% eyewear market share
- 40% revenue overseas
- 22.9 million units FY25
- ₹407 crore Meller acquisition
Why this matters
With 2,723 stores globally and clear category leadership, Lenskart's pre-IPO scale makes it the anchor consolidator in Indian eyewear and a benchmark for partnership or acquisition plays.
What to watch
- Same-store sales growth and per-store revenue in DRHP/RHP financials
- Gross and EBITDA margin trajectory across FY24-FY25
- Mix of fresh issue vs offer-for-sale (insider exit signal)
- Store breakeven timelines and capex-per-store disclosures
- Competitive moves from Titan Eyeplus, Specsmakers, and D2C entrants
- Anchor investor demand and grey-market premium pre-listing
- Lenskart finalizes IPO pricing and anchor allocation, balancing OFS (existing investor exit) vs fresh issue optics
- Accelerated store rollout in tier-2/3 cities to claim untapped demand before competitors
- Push higher-margin private-label frames and subscription/insurance-linked eyewear to defend margins
- Strategic messaging emphasizing global stores (Owndays SE Asia) to justify premium valuation