Lenskart IPO Opens with Lukewarm Response
Mumbai: The much-awaited public issue of eyewear giant Lenskart Solutions opened on a quieter note as investors showed limited enthusiasm on Day 1. By the end of October 31, the issue was subscribed by only 4 percent, signaling a cautious start for one of India’s most hyped IPOs of 2025.
Despite the slow subscription, the grey market premium (GMP) moved slightly upward, hinting that some investors still see potential in the company’s long-term story.
An equity analyst at a Mumbai-based brokerage commented, “We expected a stronger debut, but the market seems to be skeptical about the valuation. Retail investors are watching how institutional bids move in the next two days.”
Issue Details and Financial Scope
Lenskart has fixed its IPO price band between ₹382 and ₹402 per share. At the upper end, the company aims to raise around ₹7,278 crore, including a fresh issue worth approximately ₹2,150 crore and an offer-for-sale by existing investors.
Ahead of the public issue, anchor investors already committed about ₹3,268 crore, showing partial confidence in the brand.
Lenskart’s IPO opened for subscription on October 31 and will close on November 4. The shares are expected to be listed on the BSE and NSE later this month.
Subscription Breakdown
According to data from Moneycontrol and NSE updates, the IPO received a muted response across all investor categories on the opening day.
- Overall Subscription: 0.13 times in the morning, 4% by the end of the day
- Retail Investors: Around 0.51 times subscribed
- Non-Institutional Investors: Subdued interest so far
- Grey Market Premium: Floating between ₹48 and ₹70, suggesting a potential 12% to 17% listing gain
Analysts say the GMP movement reflects speculative optimism rather than strong fundamental confidence.
Valuation Sparks Heated Debate Online
One of the main reasons behind the cautious investor sentiment is the valuation. Reports suggest that Lenskart is targeting a valuation close to ₹70,000 crore (about $8 billion).
This sparked a heated online debate among retail investors, many questioning whether such a valuation is justified given the company’s profitability levels.
“Eyewear is not a high-margin business like tech or fintech. At this valuation, Lenskart looks slightly overvalued,” said a Delhi-based retail investor on a stock discussion forum.
Prominent investor Shankar Sharma also weighed in on social media, saying, “People are acting as if Lenskart committed a sin by going public at this price. In reality, its valuation is lower than several past tech IPOs that had far less stable business models.”
Analyst Opinions and Market Sentiment
Several brokerage houses have issued mixed views on the IPO. While some praise Lenskart’s brand recognition, omnichannel presence, and future growth potential, others warn about stretched valuation and uncertain profitability.
According to a report by Mint, Lenskart’s revenue has grown steadily, but the company has not yet delivered consistent net profits that justify an $8 billion tag.
Market experts believe that the next two days will be crucial. If qualified institutional buyers (QIBs) show stronger participation, overall subscription could improve significantly before closing.
What Lies Ahead
Here are the key factors to watch in the coming days:
- Subscription Momentum: If institutional demand increases, it can boost investor confidence and lead to stronger listing gains.
- Grey Market Activity: A rising GMP could attract short-term traders hoping for quick returns on listing day.
- Financial Track Record: The company must demonstrate sustainable profitability in the coming quarters to justify its high valuation.
- Sector Impact: A successful listing could open doors for other consumer and lifestyle brands to enter the Indian stock market.
Analysts also note that India’s eyewear market is still under-penetrated, leaving room for long-term growth. Lenskart’s tech-driven retail approach and expanding global footprint give it a competitive edge, but profitability will remain the ultimate test.
Final Take
Lenskart’s IPO has started slower than expected, reflecting investor caution amid valuation concerns. The company’s brand strength and strong offline-online presence still make it a name to watch, but retail investors may want to wait before jumping in.
As one analyst summed it up, “The story is promising, the brand is solid, but the price needs to make sense. If Lenskart delivers on its growth promises, this could still be a blockbuster listing in hindsight.”
Whether it turns into the next big success story or just another overhyped IPO will be clear soon enough. For now, all eyes are on how the subscription figures move in the final two days.