Lenskart or Tata Capital: Which is Going to Be the Next Big IPO in India?

Lenskart IPO: Tech-Focused Eyewear Company Files DRHP

Lenskart Solutions Limited, a tech-driven eyewear company, filed for DRHP in the last week of July 2025. The company is planning to raise ₹2,150 crores through a fresh issue and sell 13.22 crore shares through the offer for sale (OFS) route. The total issue size of the Lenskart IPO is estimated to be around ₹8,000 crores.

Lenskart Solutions Limited: About the Company

Founded in 2010, Lenskart opened its first physical store in Delhi in 2013 and gradually scaled in both online and offline networks. The company gained massive attention when its founder, Peyush Bansal, appeared on Shark Tank India. 

In FY25, the store count of the company reached 2,067 in India, with 99.4 lakhs customers transacted and almost 3 crore eyewear products being sold. Apart from India, the company has also expanded its footprint in Southeast Asia, Japan, and the Middle East markets.

From operations and design to manufacturing and selling of eyewear products, Lenkart has slowly made its mark across the entire value chain. Its product portfolio includes eyeglasses, sunglasses, contact lenses, and related eyewear accessories. As of March 31, 2025, its mobile applications had more than 10 crore downloads, and the yearly web traffic was also over 10 crore visitors globally.

Lenskart IPO: Objects of the Offer

While the money raised through the offer for sale component will directly go to the selling shareholders, the fresh issue proceeds will be used for growth and investment purposes.

• The fresh issue money will be used to fulfill the capital expenditure requirement to establish CoCo (Company-owned and Company-operated) stores in India.
• To pay for lease, rent, and license payments of the CoCO stores.
• To invest in technology, software, and cloud infrastructure.
• To spend on brand marketing and business promotion initiatives.
• For general corporate purposes and future acquisition activities.

Lenskart IPO: Financial and Operational Performance

Lenskart Solutions Limited had made a big turnaround from a loss of ₹10 crores in FY24 to a profit of ₹297 crores in FY25. The revenue from operations has almost doubled from ₹3,788 crores in FY23 to ₹6,652 crores in FY25. 

In terms of its operational performance, the total store count has increased from 1,959 in FY23 to 2,723 in FY25. This reflects rapid growth in retail presence across markets. Annual transacting customer (ATC) accounts rose from 77 lakhs in FY23 to 124 lakhs in FY25. This signals expanding customer engagement and market penetration.

Tata Capital IPO: NBFC Player is Going to Debut in the Market

Tata Capital Limited, an Upper Layer NBFC, filed for an updated DRHP in the first week of August 2025. The company is planning to raise funds through a fresh issue of 21 crore shares and an Offer for Sale (OFS) of 26.58 crore shares. The total issue size of the Tata Capital IPO is expected to be over ₹17,000 crores (total of 47.58 crore shares). 

This IPO is expected to hit the market before September 30, 2025 as it has an obligation under the RBI regulation to list its equity shares on the exchange within three years of identification as an NBFC upper layer. 

Tata Capital Limited: About the Company

A subsidiary of Tata Sons Private Limited and one of the leading financial companies of the Tata brand, it started the lending business in 2007. As of March 31, 2025, Tata Capital has served over 70 lakh customers with its comprehensive range of more than 25 lending products, which span across retail finance, SME finance, and corporate finance. 

It has a diverse customer base of salaried and self-employed individuals, entrepreneurs, SMEs, and corporates. The company also distributes third-party products such as insurance and credit cards, offers wealth management to HNIs, and acts as a sponsor and investment manager to PE (private equity) funds. 

As of March 31, 2025, Tata Capital is ranked as the third largest diversified NBFC in India with total gross loans of ₹2,26,553 crores and with the fastest CAGR growth of 37.3% over the last 2 years. It has an omnichannel distribution network with 1,496 branches across the country and over 2 crore downloads of its mobile applications in the financial year 2024-25. 

Tata Capital IPO: Objects of the Offer

The money raised through the offer for sale component will directly go to the selling shareholders. Tata Sons will sell up to 23 crore shares, while International Finance Corporation (IFC) will sell up to 3.58 crore shares. 

The fresh issue proceeds from the Tata Capital IPO will be used for increasing the Tier–I capital base to fulfill the future business requirements, including onward lending. 

Tata Capital IPO: Key Financials and Ratios

Tata Capital Limited’s net profit had increased from ₹3,150 crores in FY24 to ₹3,665 crores, a growth of 16%. The net interest income also grew by 57% from ₹6,798 crores in FY24 to ₹10,690 crores in FY25. 

GNPA (Gross Non-performing Assets) ratio rose slightly from 1.5% in FY24 to 1.9% in FY25, signalling the higher stressed assets and falling asset quality of the company. At the same time, ROA (Return on Assets) dropped to 1.8%, indicating that the company’s efficiency in generating profits from its assets has been reduced. 

Conclusion 

One leading the new-age D2C space, and the other with a strong legacy, Lenskart and Tata Capital are set to heat the primary market and are expected to attract massive investors’ interest. While Lenskart is still at the nascent stage and is trying to make its mark in the market, Tata Capital has a mature business model and faces a challenge to continuously evolve in front of other big as well as new fintech players.

While both have their pros and cons, applying for these IPOs is pretty simple with SMC Global Securities. Just open free Demat account today and stay updated with the upcoming IPOs. 

Disclaimer: This article is only for informational purposes and does not intend to advise or recommend any sort of investment or platform. 

About the Author: I am Sheetal Goel, working as a content writer at SMC Global Securities. I hold 5+ years of experience in financial research and writing. As an Economics graduate and MBA (Finance), I possess the right skills to craft valuable blogs and make finance easy for readers. 

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