Eyewear brand Lenskart is gearing up to hit Dalal Street by early November, looking to raise around ₹8,000 crore through the initial public offering (IPO) route.

The proposed share sale, comprising a combination of a fresh issue and an offer for sale (OFS) by existing shareholders, is expected to be the fourth-largest IPO of the year, following those of Tata Capital, HDB Financial Services, and LG Electronics.

“The company is expected to file its red herring prospectus (RHP) in the last week of October and plans to list on the stock exchanges by second week of November,” an industry source told Fortune India.

Lenskart, however, did not immediately respond to Fortune India’s queries.

India’s biggest eyewear retailer, Lenskart, filed its draft red herring prospectus (DRHP) with Sebi on July 29, 2025. The company received the regulator’s final observation on October 3, 2025.

The IPO includes fresh equity shares worth ₹2,150 crore and an offer-for-sale (OFS) of up to 13.2 crore shares by existing investors and promoters, amounting to around ₹8,000 crore. The company is yet to officially announce the price band and the exact issue size.

Under the OFS, Japanese investor SoftBank, Mumbai-based private equity firm Kedaara Capital, Singapore’s state-owned investor Temasek, Alpha Wave Ventures, and promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi plan to offload shares.

In 2024, Lenskart was valued at $5 billion after raising $200 million in secondary investment from Singapore’s Temasek and U.S.-based Fidelity. Lenskart was valued at $4.5 billion when it raised $500 million from the Abu Dhabi Investment Authority (ADIA) in 2023.

Founded in 2010 by Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi, Lenskart operates a total of 2,723 stores globally, including 2,067 in India and 656 overseas as of March 31, 2025. The company faces competition from players such as Titan Eyeplus, GKB Opticals, Lawrence & Mayo, Specsmakers Opticians, and several smaller unorganised retailers.

Lenskart, which sells proprietary brands like Vincent Chase and John Jacobs, among others, moved 27.2 million eyewear units across its markets in FY25.

India’s eyewear market remains significantly underpenetrated. Of the estimated 600 million Indians who need glasses, only around 200 million currently use them. Limited access to eye tests, lack of flexible testing options, and low awareness have constrained market growth. According to Redseer, unorganised channels accounted for 70% of prescription eyewear sales in FY25.

The company owns and operates manufacturing facilities in Bhiwadi, Rajasthan, and Gurugram, Haryana, along with plants in Singapore and the United Arab Emirates. Through its joint venture, Baofeng Framekart Technology Ltd, Lenskart also manufactures frames in China.

For FY25, Lenskart reported revenue from operations of ₹6,652 crore, up from ₹5,427 crore in FY24. The Peyush Bansal-led company posted a profit of ₹297 crore in FY25, reversing a loss of ₹10 crore in the previous fiscal year.