Lenskart eyes $7.9b valuation in planned IPO

Lenskart, India’s largest eyewear retailer, is targeting a valuation of about 695 billion rupees (US$7.9 billion) in its upcoming IPO.

The Gurgaon-based company has set an IPO price band of 382 to 402 rupees (US$4.55-4.79) per share, with the upper end expected to raise roughly 72.8 billion rupees (US$828 million).

The offering will open for public bids from October 31 to November 4, with anchor investors bidding on October 30.

Lenskart, which began as an online business in 2010, was last valued at US$6.1 billion in September, according to Tracxn.

The IPO includes new shares worth 21.5 billion rupees (US$256 million), while existing investors such as SoftBank, Temasek, and the company’s founders plan to sell around 128 million shares.

Lenskart operates 2,067 stores in India and 656 overseas, and its backers include SoftBank, Kedaara Capital Advisors, and Temasek.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

Lenskart’s 42% international revenue share justifies premium valuation despite India focus

A ₹695 billion valuation sits 30% above the $6.1 billion mark from September, which looks reasonable since FY24 put 42% of revenue outside India and cut losses by 85% 1.
Lenskart runs 2,067 stores in India and 656 abroad, yet 42% of FY24 revenue came from overseas 1; that gap implies higher sales per outlet in places like Singapore and the Middle East where it already operates 2.
IPO proceeds earmark ₹8 billion for retail growth that will focus on company-owned, company-operated (COCO) stores in India per Draft Red Herring Prospectus (DRHP)-era disclosures 3 4. Media coverage also said a 300–400 store push in Southeast Asia by 2025 is on deck 5.

Retail technology vendors should target Lenskart’s US tech center and Southeast Asian rollout

A new New York City tech center 2 opens the door for B2B vendors in Augmented Reality (AR) virtual try-on and facial analysis tools 2. Retail software that links online to store visits can reach over 7 million yearly customers 2.
The 300–400 store Southeast Asia rollout by 2025 will need spend on fit-outs and point-of-sale 5. Inventory systems and last-mile delivery also sit on that list.
Mall owners plus commercial real estate operators in tier-2 (mid-sized) Indian cities, as well as Southeast Asian hubs, should approach Lenskart early. Prime sites get reserved well ahead of a 2025 opening wave.