₹70,000 cr valuation: Lenskart’s promoter-led listing to test public appetite for new-age retail

Lenskart is eyeing a blockbuster debut on the public markets, targeting a valuation of nearly ₹70,000 crore as its IPO opens on October 31 and closes on November 4. The eyewear retailer, backed by SoftBank, is set to list on November 10. At the top end of the price band, the company would be valued at ₹69,676 crore ($7.9 billion), underlining investor belief in its tech-driven, omnichannel model.

Now India’s largest eyewear brand, Lenskart has 928 stores concentrated in metros and is expanding rapidly into Tier-II and Tier-III cities. Its global push spans the Middle East, Southeast Asia, and Japan, bolstering its international ambitions.

Investor faith has been steady and significant — ranging from DMart’s Radhakishan Damani investing ₹90 crore to Co-founder Peyush Bansal recently buying back shares worth ₹200 crore. The IPO also stands out as one of the few promoter-led listings in the digital-first space.

For Bansal, the listing marks a major milestone. Holding 17.3 crore shares — 10.3% of the company — bought at ₹18.6 each, his stake has ballooned from ₹322 crore to ₹6,964 crore, a 2,061% return. Co-founder Neha Bansal, who picked up 12.8 crore shares at just ₹7.6, has seen her holding grow from ₹98 crore to ₹5,156 crore — a 5,189% gain.

Together, the founders now hold less than SEBI’s 20% promoter lock-in threshold required for 18 months post listing. To meet the rule, institutional investors including Abu Dhabi Investment Authority (12.5%), SoftBank (15%), Kedaara Capital (6%), and Premji Invest (5.1%) have agreed to lock in part of their holdings — signalling regulatory alignment and long-term commitment.

With strong brand equity, efficient capital use, and expanding reach, Lenskart’s IPO is being viewed as a key litmus test for public appetite in India’s new-age consumer tech segment.