Lenskart Solutions listed at a discount of 1.74% to its issue price on MondayLenskart Solutions made muted market debut on Monday, listing with a discount of 3 per cent against the issue price of Rs 402. The stock began trading at Rs 390 — 2.98 per cent lower from the issue price on the BSE. Later, it sunk further by 11.52 per cent to Rs 355.70, before recovering to trade at Rs 403.80 — up 0.44 per cent. On the NSE, the shares listed at Rs 395 apiece, dropped 11.41 per cent to Rs 356.10 before rebounding to trade at Rs 404, up 0.5 per cent.
The Rs 7,278.76-crore IPO was subscribed 28 times within October 31-November 4 bidding window. The grey market premium (GMP), which had touched a high of Rs 108 on October 27, fell sharply in the following weeks to touch Rs 6.5 on November 8, according to investorgain. The GMP is the price at which an IPO is traded in an unofficial or unregulated grey market before it is officially listed at the stock exchange.
Lenskart is Indian eyewear firm that sells eyeglasses, sunglasses, and contact lenses through both online and offline stores. Priced in the range of Rs 382-Rs 402 per share, the company aimed at raising funds through a fresh issue of Rs 2,150 crore and an offer for sale of 12.75 crore shares.
In the pre-IPO funding round, SBI Mutual Fund invested Rs 100 crore in Lenskart, while Radhakishan Damani, founder of Avenue Supermarts (DMart), invested around Rs 90 crore. The company, one of India's largest omni-channel eyewear retailers, offers a wide range of prescription eyeglasses, sunglasses, and contact lenses through its online platform and retail network.
Lenskart proposes to use the proceeds from the IPO for strategic initiatives, including capital expenditure to set up new company-operated, company-owned (CoCo) stores in India, and payments under lease, rent, and licence agreements for these CoCo stores.
The offer got subscribed 28.26 times, with qualified institutional buyers (QIB) portion seeing a subscription of 40.35 times and retail investors bidding for 13.61 crore shares, as against 1.8 crore shares.
Shares of Lenskart Solutions limited, an eyewear retailer, made a tepid debut on bourses on Monday, getting listed at a discount of 2.98 per cent on the BSE and 1.74 per cent on the NSE.
The shares of the company opened at Rs 390 apiece on the BSE, and at Rs 395 a share on the NSE, compared to Rs 402, the upper band of the initial public offering (IPO).
The company’s public issue was subscribed 28.3 times, driven by strong demand from institutional investors (18.2x), Qualified Institutional Buyers (23.79x), and retail investors (7.5x). However, despite the robust response, concerns over the IPO’s high valuation seem to have dampened investor sentiment during its market debut.
The stock’s pre-open rate settled at ₹395, reflecting a discount to its issue price. It initially fell 11% at the opening but later recovered, now trading 2.5% lower.
Lenskart Solutions listed at a discount of 1.74% to its issue price on Monday, marking a subdued debut for India's biggest eyewear retailer amid concerns over stretched valuations. The stock opened at Rs 395 on the National Stock Exchange of India, lower than the issue price of Rs 402.
The eyewear unicorn, which clocked Rs 6,653 crore in revenue in 2024-25 (FY25) and turned profitable (Rs 297 crore) for the first time, is looking to raise Rs 2,150 crore through a fresh issue. But beyond the numbers, its draft red herring prospectus (DRHP) offers a lens into deeper trends shaping India’s $10-billion eyewear market: worsening eye health among children, limited access to prescription eyewear, and the high-stakes balancing act of building a global brand from India.
The Lenskart valuation of Rs 70,000 crore indicates a PE ratio of 230. Netizens pointed out that this was contrary to what the investors on 'Shark Tank', of which Lenskart CEO Peyush Bansal is a part. Many even compared it to the Paytm fiasco of 2021.
