It was an energetic opening for Lenskart, the leading Indian online eyewear seller’s initial public offering (IPO) on Monday. The offering, which sold out in a matter of hours, raised a staggering ₹72.8 billion, or about $821 million. After a dicey start, Lenskart’s share price bounced back to end its opening day just above its offer price.
At first, Lenskart’s share price listed at ₹395, well under the IPO price of ₹402. The shares plunged as much as 11% intraday, tapping a low of ₹356.10. Nevertheless, the stock recovered strength and finally settled at ₹404.55. At this closing price, Lenskart became valued at an approximate ₹702 billion, or $8 billion.
In fiscal year 2025, Lenskart posted a whopping net profit of ₹2.97 billion, about $33 million. This stunning number interrupts the story of the company’s deteriorating financials. The company’s bottom line came in at ₹1.30 billion, or about $15 million. Lenskart’s revenue increased 23% YoY to ₹66.53 billion, over $750 million.
That’s an eye-popping 230 times its adjusted net profit, and about 10 times revenue. These lofty valuations, of course, arrive as Lenskart finds itself at the center of a swelling wave of Indian startups making their way to the IPO public markets.
Replying to the IPO-related pricing, Peyush Bansal, Vande Mataram’s CEO of Lenskart said He described it as “opportunely priced,” pointing to reception from institutional investors who filled the order books with positive sentiment. Bansal pointed out that the company was founded on something deeper than just achieving a certain valuation.
“We didn’t build Lenskart to reach a valuation.” – Peyush Bansal
The Lenskart IPO proceeds will be used to widen retail footprint. As part of this growth, they will be opening new stores and growing their supply chain and retail infrastructure. The company aims to leverage its vertically integrated model to effectively compete against both traditional optical chains and emerging direct-to-consumer brands.
Lenskart’s successful listing follows its acquisition of Owndays, which resulted in an accounting gain of ₹1.67 billion, approximately $19 million. This strategic acquisition heightens Lenskart’s tactical advantage in India’s highly competitive eyewear sector.
Lenskart has certainly begun to face very aggressive competition from brands such as Titan Eye+ and dozens of new players. It passionately advocates for what makes it different and places customers at the center of every decision. The company’s plans put them in a good position to meet the growing demand for eyewear in India. This confidence further highlights its impressive business model and proven strategy for growth.