Lenskart Skips Confidential Filing Route, Goes All-In with Public IPO Filing by July

Lenskart is making a bold move. Instead of filing its IPO quietly through SEBI’s confidential process, a path many startups prefer, the Indian eyewear giant plans to go fully public with its draft red herring prospectus (DRHP) in early July, according to sources speaking with Moneycontrol.

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This bucks the current trend among companies like Swiggy, Groww, and Meesho, which have leaned on SEBI’s confidential filings to keep business and financial details under wraps until the last moment. But not Lenskart. They’re opting for complete visibility from the outset.

And if you're wondering why? A source put it bluntly: “I am Peyush Bansal, why should I be confidential?” It’s a cheeky nod to Lenskart’s founder and Shark Tank India star, someone who’s not shy about the spotlight.

So Why Does This Matter?

Typically, companies go the confidential route to buy time and stay under the radar, especially while fine-tuning their numbers or strategy. That path also shields sensitive info from rivals. On the other hand, the public route puts everything out in the open immediately, leaving less room for tweaks but offering full transparency to potential investors.

By choosing this approach, Lenskart’s signaling something big: they’re confident. Confident in their financial health, brand appeal, and the story they’ll be telling to the markets.

What’s Coming in the DRHP

Lenskart is aiming to file its DRHP in the first half of July. They're reportedly planning a blockbuster IPO, raising around US$1 billion and chasing a US$10 billion valuation. That’s up from the earlier target of US$7–8 billion. It’s a massive leap.

To get there, they’ve lined up some serious banking powerhouses: Kotak Mahindra, Axis Capital, Citi, Morgan Stanley, and Avendus are on board to steer what could be one of India’s largest IPOs in recent years.

Launched in 2010 by Peyush and Neha Bansal, alongside Amit Chaudhary, Ramneek Khurana, and Sumeet Kapahi, Lenskart has grown into a global brand. It sells prescription glasses, sunglasses, and accessories across India, UAE, Singapore, and Japan.

The company has raised over US$1 billion from top-tier investors like SoftBank, Alpha Wave, ADIA, and ChrysCapital.

Revenue in FY24 stood at ₹5,427 crore, with net losses shrinking to just ₹10 crore. That improved profitability is helping drive the company’s upgraded valuation target.

Why Skip Confidential?

According to insiders, the move reflects Lenskart’s belief that its brand strength, market position, and revenue scale speak for themselves. Unlike food delivery or fintech, eyewear doesn't have a slew of direct new-age rivals. Its closest peer, Titan Eyeplus, is much smaller in comparison.

With improved margins and major banks backing the deal, Lenskart appears ready to face investor scrutiny head-on.

What Investors Should Watch For

With a public DRHP expected in early July, investors will gain a clear view of the company's financials, revenues, expenses, expansion strategies, and more.

Even with all this momentum, there are a few watch outs:

• Market timing: If global markets dip, IPO interest could follow.
• Competition: New players or cheaper brands could pose a threat.
• Execution: Scaling across countries while managing tech and logistics is no small feat.
• Profitability: Investors will expect a clear path from losses to strong, stable earnings.

The Big Picture

Lenskart’s choice to go public with its DRHP isn’t just a strategic twist; it’s a statement. They’re leaning into transparency and betting that their numbers, story, and vision will do the talking.

If all goes well, this IPO won’t just be big for Lenskart; it could open the floodgates for more tech-powered retail brands looking to win investor trust on India’s public markets.