Lenskart Makes Stock Market Debut Amid Cautious Investor Sentiment
Indian eyewear giant Lenskart Solutions Ltd officially enters the stock market today, Monday, November 10, 2025, marking a significant milestone for the Peyush Bansal-led company. The much-anticipated initial public offering (IPO) will see Lenskart shares listed and admitted to dealings on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
According to an official BSE notice, Lenskart equity shares will be part of the 'B' Group of Securities and will participate in the Special Pre-open Session (SPOS) before becoming available for regular trading from 10:00 AM onwards.
Subscription Response and IPO Timeline
The public issue, which opened for subscription from October 31 to November 4, 2025, witnessed robust investor demand with total subscription reaching 28.26 times. The IPO allotment was finalized on November 6, 2025, setting the stage for today's market debut.
Lenskart raised a substantial ₹7,278.02 crore through this public offering, comprising a fresh issue of 5.35 crore equity shares worth ₹2,150 crore and an offer-for-sale (OFS) component of 12.76 crore shares amounting to ₹5,128.02 crore. The price band for the IPO was set at ₹382 to ₹402 per share.
Grey Market Signals Muted Listing
Ahead of the listing, market indicators suggest a subdued debut for Lenskart shares. The grey market premium (GMP) has significantly cooled off, currently standing at ₹10 per share. This indicates that Lenskart shares are trading at approximately ₹412 apiece in the unofficial market, representing a modest 2.5% premium over the issue price of ₹402.
Market experts and analysts anticipate a flat to muted listing performance, with initial trading likely to remain within a narrow range of ±5-10% from the issue price.
Expert Views on Valuation Concerns
Harshal Dasani, Business Head at INVasset PMS, expressed concerns about the company's valuation. "Despite the market buzz, the Lenskart IPO appears overhyped and overvalued. At the upper price band, Lenskart trades at an eye-watering 235–260× FY25 earnings and around 70× EV/EBITDA, far above even mature consumer-tech peers," he noted.
Ishan Tanna, Equity Research Analyst at Ashika Institutional Equity Research, echoed similar sentiments, stating that "Given the premium pricing, Lenskart IPO listing is likely to be subdued — possibly flat or within a narrow range of ±5–10%." However, he acknowledged the strong participation from marquee investors in the anchor book as a positive signal for long-term credibility.
Company Profile and Market Position
Lenskart Solutions operates as a tech-driven integrated eyewear company, designing and selling a wide range of eyewear products across multiple owned in-house brands and sub-brands. As of June 2025, the company operated 2,806 stores globally, with 2,137 stores in India and 669 stores internationally, offering collections across 22 brands and sub-brands.
The book running lead managers for the IPO include Axis Capital, Kotak Mahindra Financial, Morgan Stanley India, Avendus Capital, Citigroup Global, and Intensive Fiscal, with MUFG Intime India Pvt. Ltd. serving as the registrar.
While the company's rapid expansion and omnichannel model present significant growth potential, analysts caution that the current valuation already factors in substantial execution risk, making near-term performance dependent on earnings growth catching up with market expectations.
