India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Lenskart’s upcoming IPO marks India’s first major consumer-tech listing, positioning the eyewear disruptor as a vertically integrated D2C brand with around 75% share in organized retail and strong international traction.</li>
<li>While Lenskart’s 75% revenue surge and 275% EBITDA jump over two years highlight its operational strength, but the proposed valuation (70x EV/EBITDA) far exceeds global peers raises serious concerns.</li>
<li>Lenskart’s vertically integrated model, data-led omnichannel scale, and strong international playbook offer structural advantages. But the IPO’s frothy valuation and pre-IPO promoter stake sales warrant a cautious stance for investors.</li>
</ul>


Lenskart’s upcoming IPO marks India’s first major consumer-tech listing, positioning the eyewear disruptor as a vertically integrated D2C brand with around 75% share in organized retail and strong international traction.
While Lenskart’s 75% revenue surge and 275% EBITDA jump over two years highlight its operational strength, but the proposed valuation (70x EV/EBITDA) far exceeds global peers raises serious concerns.
Lenskart’s vertically integrated model, data-led omnichannel scale, and strong international playbook offer structural advantages. But the IPO’s frothy valuation and pre-IPO promoter stake sales warrant a cautious stance for investors.


Lenskart IPO: Fashioning Vision or Pricing Perfection?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions</a> is looking to raise about US$825m in its upcoming India IPO.</li>
<li>Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Lenskart Solutions is looking to raise about US$825m in its upcoming India IPO.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


Lenskart Solutions IPO - Is Pricey but Has a Strong Market Position

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Lenskart Solutions has filed RHP for IPO with a total offer size of up to INR 72.8B, offering 181M shares at a price band of INR 382-INR 402 per share.</li>
<li>This includes a fresh issue of INR 21.5B (~ 53.5M shares). The company intends to use the proceeds for new store capex, promotion, inorganic acquisition etc.</li>
<li>We recommend the investors to subscribe to the issue for expected listing gain. Lenskart has a long way ahead of itself in terms of attaining long term sustained growth trajectory.</li>
</ul>


Lenskart Solutions has filed RHP for IPO with a total offer size of up to INR 72.8B, offering 181M shares at a price band of INR 382-INR 402 per share.
This includes a fresh issue of INR 21.5B (~ 53.5M shares). The company intends to use the proceeds for new store capex, promotion, inorganic acquisition etc.
We recommend the investors to subscribe to the issue for expected listing gain. Lenskart has a long way ahead of itself in terms of attaining long term sustained growth trajectory.


Lenskart IPO: Growth Lens Will Help Rectify the Premium Valuation Myopia, Get Buying Kart Ready

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions (0370405Z IN)</a> is looking to list on the exchanges by selling 181.05m shares via a primary and secondary offering to raise US$829m at a valuation of US$7.95bn.</li>
<li>The price band has been set at INR 382-402/share, and the issue is likely to price at the top end of the range.</li>
<li>The stock will not get Fast Entry to global indices. Inclusion at regular rebalances will commence in June 2026 but flow will be small given the low float.</li>
</ul>



Lenskart Solutions (0370405Z IN) is looking to list on the exchanges by selling 181.05m shares via a primary and secondary offering to raise US$829m at a valuation of US$7.95bn.
The price band has been set at INR 382-402/share, and the issue is likely to price at the top end of the range.
The stock will not get Fast Entry to global indices. Inclusion at regular rebalances will commence in June 2026 but flow will be small given the low float.


Lenskart IPO: Earliest Index Inclusion in June

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Lenskart Solutions is looking to raise about US$1bn in its upcoming India IPO.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
In this note, we talk about the not-so-positive aspects of the deal.


Lenskart Solutions Pre-IPO - The Negatives - International Ops Largely Acquisition Driven

India

Lenskart is an Indian multinational eyewear company that designs, manufactures, distributes, and retails prescription and regular eyewear. It offers a wide range of products including eyeglasses, sunglasses, and contact lenses through its website, mobile app, and over 2,000 physical stores. The company operates on a vertically integrated, omnichannel business model, controlling the entire value chain from manufacturing to customer delivery. Lenskart Solutions Limited was founded in 2008 and is headquartered in Gurugram, India.

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Lenskart (LENSKART IN)

Lenskart IPO: Fashioning Vision or Pricing Perfection?

Lenskart's upcoming IPO as India's first major consumer-tech listing highlights its operational strength and international traction, but its...

Sudarshan Bhandari

Lenskart Solutions IPO - Is Pricey but Has a Strong Market Position

Lenskart Solutions is looking to raise about US$825m in its upcoming India IPO. In this note, we talk about the RHP updates and valautions.

Sumeet Singh

Lenskart IPO: Growth Lens Will Help Rectify the Premium Valuation Myopia, Get Buying Kart Ready

Lenskart Solutions files for IPO with offer size of up to INR 72.8B, including fresh issue for expansion and growth. Investors advised to...

Tina Banerjee

Lenskart IPO: Earliest Index Inclusion in June

The Lenskart IPO will raise US$829m and value the company at US$7.95bn. Float is lower than 15%. That means no Fast Entry and the earliest global...

Brian Freitas

Lenskart Solutions Pre-IPO - The Negatives - International Ops Largely Acquisition Driven

Lenskart Solutions is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lenskart IPO: Fashioning Vision or Pricing Perfection?

​Lenskart's upcoming IPO as India's first major consumer-tech listing highlights its operational strength and international traction, but its...

Sudarshan Bhandari

Lenskart Solutions IPO - Is Pricey but Has a Strong Market Position

Lenskart Solutions is looking to raise about US$825m in its upcoming India IPO. In this note, we talk about the RHP updates and valautions.

Sumeet Singh

Lenskart IPO: Growth Lens Will Help Rectify the Premium Valuation Myopia, Get Buying Kart Ready

​Lenskart Solutions files for IPO with offer size of up to INR 72.8B, including fresh issue for expansion and growth. Investors advised to...

Tina Banerjee

Lenskart IPO: Earliest Index Inclusion in June

The Lenskart IPO will raise US$829m and value the company at US$7.95bn. Float is lower than 15%. That means no Fast Entry and the earliest global...

Brian Freitas

Lenskart Solutions Pre-IPO - The Negatives - International Ops Largely Acquisition Driven

Lenskart Solutions is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Lenskart's upcoming IPO as India's first major consumer-tech listing highlights its operational strength and international traction, but its...

Lenskart Solutions files for IPO with offer size of up to INR 72.8B, including fresh issue for expansion and growth. Investors advised to...