Lenskart

Lenskart Breaks the Norm: Plans $1 Billion IPO with Public DRHP Filing, Snubs Confidential Route Taken by Startup Peers

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India’s eyewear giant takes a bold, transparent step toward public listing, challenging the secrecy trend followed by other startups like Swiggy and Meesho

New Delhi | June 26, 2025
India’s most recognized eyewear brand, Lenskart, co-founded and led by Peyush Bansal — the visionary entrepreneur and popular Shark Tank India judge — is preparing to file its Draft Red Herring Prospectus (DRHP) publicly with the Securities and Exchange Board of India (SEBI) in July 2025, according to a report by Moneycontrol.

This move marks a major departure from the strategy adopted by many modern Indian startups, including Swiggy, Groww, boAt, PhysicsWallah, and Meesho, who have chosen to file their IPO documents confidentially in recent months.

A Bold Public Debut Under Peyush Bansal’s Visionary Leadership

Peyush Bansal, known for his sharp business acumen and candid personality on Shark Tank India, has long been seen as a disruptor in India’s retail and e-commerce landscape. Under his leadership, Lenskart has transformed from an online eyewear seller into a global omnichannel D2C eyewear powerhouse with a presence in over 10 countries.

Bansal’s decision to opt for a public DRHP filing reflects his long-standing philosophy of building with trust and transparency. In an environment where startups often avoid early public scrutiny, Lenskart’s approach underscores its readiness to be held to global standards of accountability and investor communication.

Public vs Confidential DRHP: A Game-Changing Decision

The confidential filing route, introduced in India in 2022, allows companies to submit their draft IPO papers privately, giving them the flexibility to revise documents and withhold sensitive data until later stages. While this approach is intended to protect competitive information, it also delays investor insight.

In contrast, Lenskart’s public filing will make its entire DRHP immediately available for public review. This transparent approach not only signals maturity but also instills confidence among retail and institutional investors.

The Big Numbers: What Lenskart’s IPO Looks Like

Lenskart is reportedly targeting a $1 billion IPO at an estimated valuation of $10 billion, making it one of the largest public issues by a consumer tech company in India’s recent history.

To power this high-stakes listing, Lenskart has appointed a stellar lineup of investment bankers:

  • Kotak Mahindra Capital

  • Axis Capital

  • Citigroup (Citi)

  • Morgan Stanley

  • Avendus Capital

This consortium is expected to steer both the domestic and global investor outreach for the offering.

Financials: A Growth Story with Minor Hiccups

Despite its strong brand presence and expanding international footprint, Lenskart reported a loss of ₹10 crore in FY24, even though its revenues hit an impressive ₹5,427 crore. This shift into the red follows previous years of profitability and may raise some investor questions ahead of the IPO.

As of now, the company has not publicly disclosed its FY25 financials, but the upcoming DRHP will be expected to shed light on its current fiscal health, business model, risk outlook, and future growth plans.

What Makes This IPO So Significant?

Lenskart’s public filing decision is more than just a regulatory formality — it’s a strategic statement. In an ecosystem where most startups are treading cautiously, Lenskart is signaling that it’s IPO-ready in every sense — structurally, financially, and culturally.

Its move is being closely watched by market analysts, venture capitalists, and policy advisors alike as a barometer of public trust in India’s consumer tech sector. Moreover, the listing will serve as a case study for other Indian unicorns contemplating public listings amidst volatile market conditions.

 Industry Reactions

“Lenskart is not just opening its books; it’s opening a new chapter for startup IPOs in India. This level of transparency, especially from a D2C brand, is both rare and refreshing,” said a senior analyst at a leading domestic brokerage.

“Peyush Bansal has always been ahead of the curve — this is yet another example of his forward-thinking leadership,” remarked a venture capitalist who has followed Lenskart since its early days.

What’s Next?

With the DRHP expected to be publicly filed in July 2025, all eyes will be on the finer details:

  • Revenue breakdown by channel

  • International market growth strategy

  • Customer acquisition costs

  • Profitability timelines

  • Utilization of IPO proceeds

If Lenskart manages to strike the right balance between vision and valuation, this IPO could become a milestone moment in the history of Indian consumer IPOs.

Disclaimer

This news article is published by CreditSamadhaan.com for general informational purposes only. The content is based on publicly available information and industry reports. It does not constitute financial advice or a recommendation to buy, sell, or invest in any securities.

Readers are encouraged to do their own research or consult a registered financial advisor before making any investment decisions.

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