When Lenskart Solutions lists on the stock exchanges next month, it won’t just be India’s eyewear giant going public — it will mark one of the biggest wealth-creation moments in the country’s consumer-tech story.
Lenskart Share Price in Unlisted Market
With Lenskart share price hovering around INR 510 per share in the unlisted market, the company’s founding team and early investors are set to realize extraordinary returns. If the IPO allotment price is finalized near these levels, Neha Bansal could see her investment multiply by over 67×, reaching approximately INR 292.6 crore. Co-founders Amit Chaudhary and Sumeet Kapahi are each poised to earn around INR 146.3 crore. Meanwhile, Peyush Bansal, Lenskart’s visionary founder and a well-known face from Shark Tank India, stands to gain an impressive INR 1,045 crore from his holdings.
In total, the Offer for Sale (OFS) portion — led by founders and marquee VCs — could fetch more than INR 5,000 crore at current pricing, marking one of the largest partial exits ever by Indian startup backers.
OFS – The Wealth Multiplier
As per the Draft Red Herring Prospectus (DRHP), the IPO includes both a Fresh Issue and an Offer for Sale (OFS), giving founders and investors a partial exit opportunity. If the upper IPO price band is fixed near current unlisted market price of INR 510 per share, the estimated gains look like this:
| Shareholder | Shares Offered (in cr) | Cost/Share (INR) | Investment Value (INR cr) | Current Value* (INR cr) | Gain Multiple (X) |
|---|---|---|---|---|---|
| Peyush Bansal | 2.05 | 18.6 | 38.1 | 1,044.9 | 27.4 |
| Neha Bansal | 0.57 | 7.6 | 4.4 | 292.6 | 67.1 |
| Amit Chaudhary | 0.29 | 8.16 | 2.3 | 146.3 | 62.5 |
| Sumeet Kapahi | 0.29 | 8.11 | 2.3 | 146.3 | 62.8 |
| SVF II Lightbulb (SoftBank) | 2.55 | 74.26 | 189.6 | 1,301.4 | 6.9 |
| Schroders PE Asia | 1.91 | 40.9 | 78.3 | 972.3 | 12.4 |
| PI Opportunities Fund-II | 0.87 | 24.14 | 21.0 | 444.4 | 21.1 |
| Macritchie Investments (Temasek) | 0.79 | 97.75 | 76.8 | 400.8 | 5.2 |
| Kedaara Capital Fund II LLP | 0.74 | 74.99 | 55.2 | 375.4 | 6.8 |
| Alpha Wave Ventures LP | 0.66 | 105.92 | 70.6 | 339.9 | 4.8 |
* Current value based at Unlisted Price of INR 510 per share
Three of the promoters – Neha Bansal, Amit Chaudhary, and Sumeet Kapahi – are expected to see exceptional returns of over 60× on their investments while Peyush Bansal’s partial exit stands at an impressive 27× of his cost. Peyush has the highest quantum of shares among selling shareholders and is set to net gains above INR 1,000 crore from the sale.
Among late-stage investors, SoftBank (SVF II Lightbulb) emerges as the biggest beneficiary, realizing around INR 1,301 crore from its stake. Institutional investors such as Temasek (Macritchie Investments) also enjoy substantial exits, with realized proceeds of approximately INR 400 crore, marking strong outcomes across both individual and institutional shareholders.
With Lenskart share price at nearly INR 510 per share, the total OFS portion could bring in INR 5,000–5,500 crore, though the final numbers will depend on the official price band in the RHP.
👓 Inside India’s Eyewear Powerhouse
Founded in 2010 by Peyush Bansal, Lenskart has evolved from a simple online portal into a technology-driven omnichannel retailer. As of 31 March 2025, it operated 2,723 stores globally — including 2,067 in India and 656 across markets such as Japan, Singapore, and the Middle East.
With over 100 million app downloads and 105 million annual web visitors, Lenskart has positioned itself as Asia’s second-largest organized eyewear retailer. Its manufacturing facilities in Bhiwadi (Rajasthan) and Manesar, Gurugram (Haryana) are among the top two globally integrated lens and frame plants, according to Redseer.
Lenskart’s use of AI-driven virtual try-ons, face-scanning tools, and remote optometry has created a powerful customer experience ecosystem, blending physical and digital retail seamlessly.
📈 Financial Performance: Profitable and Scaling
| FY | Revenue | Expenses | Net Income | Margin |
|---|---|---|---|---|
| 2023 | 3,788 | 4,025 | (63.8) | (1.7) |
| 2024 | 5,428 | 5,550 | (10.2) | (0.2) |
| 2025 | 6,653 | 6,619 | 297.3 | 4.5 |
After two years of small losses, Lenskart posted its first profit in FY25 — earning INR 297 crore at a 4.5% margin. The improvement reflects operational leverage from scale, a centralized supply chain, and efficiency gains following the Owndays acquisition in Japan and Southeast Asia.
How Leskart IPO Money Will Be Used
The fresh issue component is earmarked for growth and expansion — not for debt repayment — signaling a forward-looking investment phase.
| Purpose | Allocation (INR Cr) |
|---|---|
| New CoCo store setup | 272.62 |
| Lease & rental commitments | 591.44 |
| Technology & cloud infrastructure | 213.38 |
| Brand marketing & awareness | 320.06 |
| Acquisitions & general corporate purposes | Balance |
🏦 The Deal Team
A powerhouse of bankers is managing the issue:
- Kotak Mahindra Capital, Morgan Stanley, Avendus Capital, Citigroup, Axis Capital, and Intensive Fiscal Services serve as Book Running Lead Managers (BRLMs).
- MUFG Intime India is the Registrar to the Offer.
⚠️ Caution: Unlisted Market ≠ Price Discovery
While the INR 510 unlisted price forms the basis of current wealth estimates, it’s important to note that unlisted valuations don’t always reflect real IPO pricing. Past trends show a consistent pattern of grey market overvaluation — where IPO price bands end up being 15–70% lower than pre-listing quotes.
A recent example is Tata Capital, whose unlisted shares once traded near INR 1,100 but eventually priced its IPO at INR 326 per share — a nearly 70% discount to the grey market peak. Even after listing, the stock has seen muted movement, reinforcing how actual market discovery often resets inflated pre-IPO valuations.
Similarly, HDB Financial Services and Tata Technologies demonstrated how grey market euphoria often fails the valuation reality test:
- HDB Financial traded unlisted at INR 1,275 but listed with a price band of INR 700–740, leaving pre-IPO investors with 40% paper losses.
- Tata Technologies peaked near INR 1,100 in the grey market but priced its IPO at INR 500 — later correcting almost 46% from post-listing highs.
- Waaree Energies, too, saw its unlisted shares surge to INR 3,200 before listing at less than half that value.
These cases underline a hard truth: grey market prices are sentiment-driven, not fundamentals-driven.
The true price discovery for Lenskart will happen only when institutional demand, valuation discipline, and broader market sentiment intersect at the IPO book-build.
Final Words
Lenskart IPO marks a new phase for India’s consumer-tech ecosystem — where digital-first unicorns are now combining profitability, manufacturing depth, and global presence before going public. The company’s founders are turning early sweat equity into life-changing wealth, while global investors are validating India’s D2C model on the world stage.
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