Lenskart IPO: As Peyush Bansal eyes billionaire status; what Shankar Sharma & other say

Lenskart Solutions IPO is set to be launched on Friday, October 31, 2025 as co-founder and CEO of the eyewear retailer Peyush Bansal is eyeing the 'billionaire' tag for himself. However, even after raising a handsome cash through offer-for-sale (OFS), Bansal would expect shares to rise further to make him a billionaire.

Lenskart Solutions is looking to raise a total of Rs 7,278 crore from its IPO, which includes a fresh share sale of Rs 2,150 crore and an offer-for-sale (OFS) of up to Rs 5,128.02 crore, consisting of 18.10 crore equity shares of the company. In this OFS, Bansal is offloading 2,04,88,978 equity shares, amounting to Rs 832.65 crore as of the price band of Rs 382-402 apiece.

As per the RHP of the company, Peyush Bansal owned 17,32,22,220 equity shares, or 10.28 per cent stake in the Lenskart Solutions of pre IPO basis. On a post issue basis, Bansal will continue to own 15,27,33,242 equity shares, or 8.78 per cent stake, in the company, amounting to Rs 6,139.88 crore. Overall, his stake in Lenskart shall fetch him Rs 6,963.53 crore.

However, to hit Rs 8,800 crore value, the stock needs to rise further. Bansal's other valuations have not been taken into account here. Founded in 2010, Lenskart counts Abu Dhabi Investment Authority, KKR & Co., and TPG among its backers. Ace Dalal Street investor Radhakishan Damani has invested Rs 90 crore in a pre-IPO round, while SBI Mutual Fund poured in Rs 100 crore.

Lenskart-chief Peyush Bansal will become the fourth 'Shark' from the entrepreneurship-based reality TV show Shark Tank India, after Eternal's Deepinder Goyal, Mamaearth's Ghazal Alagh and Emcure Pharma's Namita Thapar. Eternal has entered the Nifty50 pack, while Emcure has delivered decent returns to the investors. However, Mamaearth-parent Honasa Consumer has been a disappointment.

Peyush Bansal and Lenskart IPO has been on the radar on social media, where its 'astronomical' valuations are being questioned. Bansal's own acquisition of Rs 222 crore, which constituted 4.26 crore equity shares of Lenskart Solutions at a price of Rs 52 apiece in July 2025, is also attracting criticism and scrutiny from the netizens.

On other hand, Shankar Sharma has waded into the Lenskart IPO firestorm, calling out what he describes as an 'organised campaign' against the company, and questioning why it’s being villainized for a valuation others once got praised for.

“I have never bought any specs—I don't wear specs—but one thing is crystal clear from my lens: there is an organised campaign against Lenskart,” Sharma posted on X. "At 10 times Sales, it's a steal compared to P/ sales valuations of Paytm, Nykaa , Zomato, PB, Car Trade etc who IPOd at 25-50x their revenues ( with plenty of losses too)."  

Lenskart stands as one of the leading players in India’s organized eyewear market, having built a dominant position through its extensive presence across both online and offline channels. Its omnichannel retail model allows it to effectively reach a wide customer base, supported by a strong brand recall and growing store network across key urban and semi-urban regions, said Bajaj Broking.

In addition to its distribution strength, Lenskart leverages advanced technologies,, which enhances efficiency, reduces turnaround time, and supports large-scale customization. On the financial front, based on FY25 reported figures, the company is valued at a price-to-earnings (P/E) ratio of 227.1 times, an EV/Ebitda multiple of 73.2 times, and an EV/Sales multiple of 10.7 times," it added.

However, brokerage firms continue to remain positive on the issue, which values the company close to Rs 70,000 crore. Retail investors have a 10 per cent allocation in this IPO as it has turned profitable in FY25. Last heard, the company was commanding a grey market premium (GMP) of Rs 65-70 apiece, suggesting 16-17 per cent gains for the investors.

Nirmal Bang said that comparing the valuations with other retailers like Metro and Trent, Lenskart's valuations seem fair. Moreover, future expansion plans and growth prospects of Lenskart, provides cushion to the valuations and thus recommend ‘subscribe’ to the issue with long term view, said the brokerage firm.

We assign 'subscribe with caution' rating to this IPO as the company the largest seller of prescription eyeglasses in terms of volumes sold in India in FY25," said Marwadi Financial Services. "However, the IPO is richly priced and it will have to continue growing its business at high growth rate in order to justify its valuation which keeps us cautious from a long-term perspective"

"We recommend subscribing to the issue given Lenskart’s profitability recovery, 65 per cent penetration headroom in India’s 77.7 crore affected population, technology-led 10-month store payback, and sustainable competitive advantages offering compelling value creation in India’s fastest-growing eyewear retail sector, a high-risk, high-potential opportunity for long-term investors, said SMIFS.