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Mumbai: Lenskart Solutions Ltd., India’s leading omnichannel eyewear retailer, made its highly anticipated stock market debut today, listing at a discount on both the BSE and NSE, despite the Initial Public Offering (IPO) having been oversubscribed nearly 28 times.
The shares of the eyewear giant, which had an issue price of ₹402 per share (the upper end of the price band), opened at:
- ₹390 on the BSE, marking a discount of 2.98%.
- ₹395 on the NSE, reflecting a discount of 1.74%.
The muted listing came as a surprise to many, especially following the robust demand from investors across all categories during the subscription period (October 31 to November 4). Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) had led the charge, showing high confidence in the company’s business model.
📉 Valuation Concerns Dampen Debut
The subdued opening is widely attributed to concerns surrounding the company’s valuation. Analysts had pointed out that Lenskart’s pricing in the IPO was stretched when compared to established listed retail peers. The Grey Market Premium (GMP), which had soared to a high of over ₹100 earlier, also collapsed to almost zero just before the listing, signaling a sharp reduction in investor appetite for short-term listing gains.
At the listing ceremony, Lenskart CEO Peyush Bansal emphasized that the company’s focus remains on its long-term vision, stating that the IPO was about “giving eyesight to India,” not merely chasing valuation.
Following the initial dip, the stock witnessed high volatility. After plunging to an intra-day low, Lenskart shares staged a remarkable recovery, trading comfortably above the IPO issue price by midday, demonstrating the market’s underlying belief in its structural, long-term growth story. The recovery suggests that while short-term sentiment was impacted by valuation concerns, the strong business model—underpinned by its omnichannel presence, centralized manufacturing, and aggressive global expansion—continues to appeal to long-term investors.
The ₹7,278 crore public issue comprised a fresh issue of ₹2,150 crore and an Offer for Sale (OFS) by existing promoters and investors. The funds raised are earmarked for scaling up its store footprint across India and key international markets, along with investment in technology and manufacturing capabilities.
For investors who were allotted shares in the IPO, market experts advise a cautious approach, recommending monitoring the company’s performance in the coming quarters to see if it can justify its premium valuation through sustained profitability and margin expansion.
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