Lenskart IPO: Peyushi Bansal to be 4th 'shark' to D-St waters; check reviews & GMP

Lenskart IPO: Peyush Bansal's flagship company Lenskart Solutions is all set to hit Dalal Street on Friday, October 31, when the new-age eyewear retail will be looking to raise a total of Rs 7,278 crore via its IPO, sold in the range of Rs 382-402 per share with lot size of 37 equity shares.

Lenskart-CEO and cofounder 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. It will be the fourth IPO from the 'Shark Tank India' famed entities. The Dalal Street ride for 'Indian Sharks' has been a mixed bag so far.

Deepinder Goyal's Eternal, formerly known as Zomato, made its stock market debut in July 2021. The company raised a total of Rs 9,375 crore via IPO by selling its shares of Rs 76 apiece. Despite some carnage in November 2021 onwards, the new age food delivery and quick commerce player has seen a stellar 385 per cent rally from its IPO price to hit Rs 386.40 in mid-October 2025.

The stock has not only rewarded the investors but has also turned profitable, thanks to strong operations and game changer moves like acquisition of Blinkit. Interestingly, renamed as Eternal and valued nearly Rs 3.2 lakh crore, the internet-based lifestyle solutions provider has become a Nifty50 constituent.

Namita Thapar, who is executive director of Emcure Pharmaceuticals, saw her company getting listed on Dalal Street in July 2024. The company sold its shares of Rs 1,008 apiece to raised more than Rs 1,952 crore at a valuation of more than 19,000 crore. The stock was seen around Rs 1,350 on Wednesday, up 34 per cent from its IPO price.

Owing to a lower domestic sales mix, we bake in a 150 bps qoq gross margin decline for Emcure in Q2FY26 to 60.3 per cent. We expect Emcure's overall Ebitda to grow 13 per cent YoY with Ebitda margins improving 30 bps YoY to 19.3 per cent, said Kotak Institutional Equities with a 'buy' rating and a target price of Rs 1,625. JM Financial has the same rating with a target price of Rs 1,740.

However, the stock market ride has not been so smooth for other sharks. Mamaearth-parent Honasa Consumer made its stock market debut two year ago in November 2023. The company raised a little more than Rs 1,700 crore by selling its shares of Rs 324 apiece, at a valuation little more than Rs 10,400 crore.

The stock is currently valued at Rs 272, down 16 per cent from its IPO price. The total market capitalization of the company has slipped below Rs 9,000 crore. It scaled an all-time low of Rs 190 in April 2025, but has rebounded 43 per cent from those levels. Antique Stock Broking has a 'hold' rating on it, while JM Financial has suggested an 'add' rating with target price of Rs 278-279.

Lenskart is India’s largest and amongst the top 2 players in Asia in the organized retailers of prescription eyeglasses in terms of B2C eyeglasses sales volumes. It has demonstrated significant growth over the years in both financial and operational metrics. It is broadening its presence in the rapidly expanding Indian eyewear market, said SBI Securities.

"The IPO is valued at FY25 EV/Sales and EV/EBITDA multiples of 10.1 times and 68.7 times, respectively. Valuation of Lenskart seems be stretched and hence listing gain is likely to be muted. However, looking at the robust business model, the company is well placed to encash on the fast-growing domestic organized underpenetrated eyeglasses market," it said with a 'subscribe' rating.

Ahead of its IPO, SBI Optimal Equity Fund (AIF) and SBI Emergent Fund (AIF), invested Rs 100 crore in Lenskart Solutions through a pre-IPO transaction at a transfer price of Rs 402 per equity share from promoter Neha Bansal. She also sold eyewear-retailer's stake worth Rs 90 crore at same price to Radhakishan Damani, founder of Avenue Supermarts (DMart).

"We recommend subscribing to the IPO given Lenskart’s profitability recovery, 65 per cent penetration headroom in India’s 777 million 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.

Lenskart turned profitable in the year ended on March 31, 2025 as it clocked a bottomline of Rs 297.34 crore with a revenue of Rs 7,009.29 crore. Its net profit stood at Rs 61.17 crore with a revenue of Rs 1,946.10 crore for the quarter ended on June 30, 2025. It saw a sharp correction in its grey market premium (GMP) to Rs 65-70 apiece from Rs 100-105 per share a day ago.

Lenskart's centralized prescription eyeglasses supply chain and manufacturing allows it to manage the supply chain operations and address customer demand for each store location. This drives the core proposition of providing better accessibility to quality eyewear products at affordable prices to a large number of customers, by enabling faster delivery, said Asit C Mehta Investment Interrmediates.

"They operate a direct-to-consumer model that eliminates multiple layers of intermediaries in the traditional prescription eyeglasses supply chain, enabling them to deliver products to customers at an affordable cost and with next day delivery. It will continue to expand and diversify the brand portfolio and product offerings to address evolving customer needs and enhance customer engagement," it added.