Lenskart is among the largest names to launch an IPO in the country, following two other billion-dollar listings this month.
Eyewear retailer Lenskart Solutions Ltd announced that its upcoming initial public offering (IPO) aims to raise up to $828 million (72.8 billion rupees), as India’s IPO market heats up.
Lenskart, backed by SoftBank Group, will offer its shares at a price between 383 and 402 rupees each, according to an advertisement. Anchor investors will be able to submit bids for the stock on October 30, and general subscriptions will be open to others from October 31 to November 4, according to the schedule.
The company was founded by Peyush Bansal, a judge on the Indian reality television business show “Shark Tank,”. Lenskart is among the largest names to launch an initial public offering in the country, following two other billion-dollar listings this month. The local market for initial public offerings is on pace for a record-breaking month and could see its best year yet in 2025.
Lenskart reported a profit of 297.34 crore rupees in the financial year 2025, following a loss in the previous fiscal year, with total income of 7,009.28 crore rupees.
In the coming two months, four more significant companies, such as Groww, Pine Labs, ICICI Prudential AMC, and boAt, are expected to raise almost 35,000 crore rupees as they capitalize on strong market sentiment, with the Nifty 50 reaching a record high.
Groww is an online brokerage platform with over 10 million active users. It plans to raise 7,000 crores through a public offering in early November.
Pine Labs is a digital payment company that is also part of the multi-thousand-crore share sale. Mutual fund major company ICICI Prudential AMC and electronics brand boAt are both planning to enter the market before the end of the year.
There is a new wave of companies planning public offerings after successful IPOs from LG Electronics India and Tata Capital. They both raised over Rs 27,000 crore in recent weeks. While LG Electronics‘ shares rose 50% on their debut, Tata Capital’s more subdued listing was a reminder to investors that not all strong market enthusiasm translates into immediate gains.
Lenskart plans to raise 21.5 billion rupees by issuing new shares, and existing shareholders will be selling up to 127.6 million shares, according to the ad.
So far this year, Indian companies have raised almost $16 billion through public offerings, compared to $21 billion raised last year, according to a report.
The company was founded in 2010. Lenskart is backed by investors such as Abu Dhabi Investment Authority, KKR & Co., and TPG Inc. In 2024, it secured $200 million from Temasek Holdings Pte and Fidelity Management & Research Co., valuing the company at $5 billion, according to Avendus, the company that helped arrange the deal. Fidelity has since then increased its internal estimate of the company’s valuation to $6.1 billion, based on disclosures from April.
The IPO is managed by Kotak Mahindra Capital Co., Axis Bank, Avendus Capital Pvt., Intensive Fiscal Services Pvt., and the Indian branches of Citigroup Inc. and Morgan Stanley.
The rush of IPOs is a key moment for India’s financial markets, as they show increased investor interest. The established and emerging companies are rushing to list through offerings as they want to capitalize on current market optimism to raise funds to expand and innovate. However, this rush of IPOs can also pose challenges, as valuations may become stretched, and investors might reconsider and differentiate between momentary and sustained growth. Ultimately, the next few months will test the resilience of both issuers and investors as they navigate an increasingly competitive landscape.