Lenskart IPO Fever: ChrysCapital Bets Big on Market Debut

India’s eyewear giant Lenskart is set to make a splash in the public markets on November 10, and one of its biggest backers, ChrysCapital, is confidently standing behind it. The homegrown private equity firm, which invested $100 million in Lenskart in 2023, believes the IPO will mark a milestone for India’s consumer-tech success stories.

The IPO has already created strong investor buzz. On the final day of subscription, the Rs 7,278-crore issue drew bids for over 281 crore shares, oversubscribed by more than 28 times, according to NSE data. The Qualified Institutional Buyers (QIB) portion led the rush with 40.35 times subscription, followed by non-institutional investors at 18.23 times and retail investors at 7.53 times.

Lenskart’s targeted valuation of around Rs 70,000 crore ($7.97 billion) has sparked wide debate on social media, but investors appear unfazed. With strong growth, brand recall, and a dominant lead in the eyewear segment, the company’s fundamentals are driving confidence.

Founded by Peyush Bansal, Lenskart has expanded rapidly through both online and offline channels, reshaping how Indians buy eyewear. The company counts marquee investors such as SoftBank, Temasek, and ADIA, alongside ChrysCapital.

For ChrysCapital, the IPO marks more than just a financial event. The firm recently closed its record $2.2 billion fund — ChrysCapital X, the largest India-focused private equity fund to date. It also has other portfolio stars, including Intas Pharma, which is expected to explore a listing in the near future.

As the domestic IPO market witnesses an all-time high — with 14 mainboard issues raising over Rs 46,000 crore in October alone — Lenskart’s listing comes at a time when investor sentiment is running hot.

With the public debut just days away, all eyes are now on how the Peyush Bansal-led company performs when it steps onto the trading floor — a moment that could define the next chapter of India’s consumer retail evolution.