Lenskart’s IPO Marks a New Chapter for India’s Startup-to-Stock Market Journey

The buzz is at an all-time high over Lenskart's public debut as Peyush Bansal's eyewear giant prepares to step into Dalal Street on Friday, October 31. The IPO of the company, which is expected to raise around Rs 7,278 crore, has quickly been touted as one of the most talked-about listings in India's new-age retail space. Priced between Rs 382 and Rs 402 per share, the offer signals Lenskart's ambitions to cement its lead in a market that has just begun to show its true potential.

The story of how Lenskart went from being a startup to a market leader is one of both prescience and persistence. Over the years, the company has revolutionised the way Indians purchase eyeglasses, combining technology with accessibility and affordability. A strong omnichannel presence, combined with a vertically integrated supply chain, has enabled it to scale rapidly without compromising on quality or pricing. These operational efficiencies are now central to its investment narrative as it takes the next step into the public markets.

Incidentally, Bansal will be the fourth entrepreneur from Shark Tank India to have taken their company public, after Deepinder Goyal's Zomato (formerly Eternal), Namita Thapar's Emcure Pharmaceuticals, and Ghazal Alagh's Mamaearth. The fact that those preceding "Shark" listings have turned in such mixed performances underlines both the promise and volatility of India's fast-evolving startup IPO landscape. While Eternal's stock has soared over the last two years, others, such as Mamaearth, have been on a more uneven ride, reflecting the market's growing emphasis on profitability and long-term growth visibility.

Analysts remained divided on the valuation of Lenskart, which, some said, was at fairly high earnings multiples. Some gave a word of caution that the listing gains could be limited, while others saw long-term potential in the strong brand fundamentals and untapped market opportunity. India's eyewear segment remains largely under-penetrated, with millions underserved. The technology-driven approach, quick store payback cycle, and growing international presence present a compelling case for investors who believe in scalable retail innovation.

The company's financial turnaround in FY25 has also engendered confidence. While posting a profit of nearly Rs 300 crore on revenues exceeding Rs 7,000 crore, Lenskart has finally demonstrated the profitability that public investors seek in consumer-tech plays. Its efficient direct-to-consumer model, supported by in-house manufacturing and centralised supply chain systems, continues to drive faster deliveries and customer loyalty.

Interest has already been expressed by institutional investors in the form of pre-IPO placements, with marquee names such as SBI Funds and retail magnate Radhakishan Damani participating at the upper end of the price band. Such early confidence adds credibility to the company's market debut.

As Lenskart readies its listing, it is more than just another IPO; it represents a shift in India's entrepreneurial ecosystem. The country's startups are maturing, learning to balance growth with sustainability, and proving that innovation-driven companies can deliver value both socially and to shareholders. For investors, this is a test of conviction. For founders, it serves as a reminder that what truly matters is transparency and execution, not hype.

If the IPO materialises according to script, Lenskart might rewrite the rules not only for eyewear but also for how consumer-tech brands scale responsibly in the public markets.