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Lenskart IPO Opens Amid Valuation Debate: Should You Apply? Check GMP, Price, Recommendations
Lenskart IPO Opens Amid Valuation Debate: Should You Apply? Check GMP, Price, Recommendations
Lenskart IPO GMP Today, Lenskart IPO News: Eyewear retailer Lenskart Solutions opened its initial public offer (IPO) today, Friday, October 31. The price band of the Rs 7,278-crore IPO has been fixed in the range of Rs 382-Rs 402 apiece. On the first day of the IPO, its GMP has increased to 18.41% despite high valuation concerns.
Till 11:50 am on the first day of bidding on Friday, the IPO received a 0.16x subscription, garnering bids for 1,63,48,117 shares as against the 9,97,42,748 shares on offer. Its retail category has received a 0.68x subscription, while the NII (non-institutional investor) quota has received a 0.14x subscription.
A day before the IPO, Lenskart Solutions on Thursday garnered a blockbuster response from anchor investors, receiving bids of around Rs 68,000 crore. This is nearly 10 times the issue size of Rs 7,278 crore, and 20 times the anchor book size of more than Rs 3,200 crore.
Lenskart IPO: Opening, Closing, Allotment, Listing Dates
The IPO will be opened on October 31 and closed on November 4. Its allotment will be finalised on November 6, while the stock listing is scheduled to take place on November 10 on both BSE and NSE.
Lenskart IPO GMP Today
According to market observers, unlisted shares of Lenskart Solutions Ltd are currently trading at Rs 476 apiece in the grey market, a GMP of Rs 74 over the upper IPO price of Rs 402. It means a grey market premium (GMP) of 18.41%, indicating decent listing gains for investors.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium' indicates investors' readiness to pay more than the issue price.
Lenskart IPO: Brokerage Recommendations
Analysts point towards the high valuation of the company. SBI Securities said that at the upper end of the price band, Lenskart's valuation stands at 10.1 times its FY25 EV/Sales and 68.7 times EV/EBITDA on a post-issue basis. The IPO comes at a price-to-earnings (P/E) ratio of 230x.
The analysts at SBI Securities cautioned that the issue appears stretched on valuation, which may cap potential listing gains. However, they highlighted the company's strong business model and the significant growth opportunity in India's expanding eyewear market as key positives.
The brokerage also noted that profitability metrics will need close monitoring as the company continues to scale its operations. Lenskart's EBITDA margin has notably improved from 7% in FY23 to 14.7% in FY25, reflecting operational efficiency. Considering the company's long-term prospects, SBI Securities has recommended subscribing to the IPO for the long term at the cut-off price.
Brokerage firm SIMFS recommends subscribing to the IPO, highlighting the strong growth runway in India's eyewear market and Lenskart's tech-enabled business model. It pointed to the company's “vertically integrated manufacturing ecosystem" and profitability turnaround.
The firm noted that India's eyewear industry is “poised for exceptional growth… projected to reach Rs 1,483 billion by FY30, clocking a 13% CAGR." It emphasised Lenskart's scale advantages, saying the firm produces “30-40 million lenses and 25 million frames annually… eliminating 2.5-4x middlemen markups, enabling 70% gross margins."
SIMFS recommended that the IPO is a “high-risk, high-potential opportunity" given long-term growth tailwinds and Lenskart's execution track record.
Choice Broking emphasised the expensive valuation, noting that “at the upper end of its price band, LSL is valued at an EV/Sales of 9.9× (TTM basis), which appears significantly high." While acknowledging Lenskart's steady revenue growth and improving store economics, it highlighted that “profitability remains weak, with a positive PAT mainly driven by other income and lower expenses."
Choice Broking observed that around 40% of revenue now comes from international markets and referenced marquee investor interest, noting Radhakishan Damani's Rs 90-crore pre-IPO investment.
Given growth prospects but high valuation, the brokerage said the issue “is best suited for investors with a higher risk appetite and a long-term investment horizon," assigning a ‘Subscribe for Long Term' rating.
Nirmal Bang highlighted Lenskart's omnichannel strategy, centralised manufacturing, and technology leverage as core strengths, saying these enable the company “to remain cost competitive in the highly fragmented market" and “scale faster than the industry."
The brokerage noted strong financial momentum — revenues and EBITDA grew at a CAGR of 32.5% and 92.3% over FY23–25 — and said the company has “become PAT positive in FY25." However, it flagged valuations, saying, “At FY25 P/E of 235x and EV/EBITDA of 68x, issue prima facie looks expensive."
Still, when compared with other listed retailers like Metro and Trent, it said valuations “seem fair," and future expansion plans “provide cushion." Nirmal Bang recommended subscribing “with long-term view."
SBI MF Invests Rs 100 Crore In Lenskart
SBI Optimal Equity Fund (AIF) and SBI Emergent Fund (AIF), invested Rs 100 crore in eyewear retailer Lenskart Solutions Limited through a pre-IPO transaction at a transfer price of Rs 402 per equity share.
Last week, Billionaire investor Radhakishan Damani, founder of Avenue Supermarts (DMart), invested around Rs 90 crore in eyewear retailer Lenskart through a pre-IPO transaction.
Lenskart IPO Price Band and Size
The company has fixed the price band at Rs 382-402 per share for its IPO. At the upper end of the price band, Lenskart is seeking a valuation of around $7.91 billion (about Rs 72,700 crore).
The issue includes a fresh issue of shares worth Rs 2,150 crore, while the offer-for-sale (OFS) segment will see promoters and investors offloading more than 12.75 crore equity shares.
Key Selling Shareholders in the OFS
Along with founders and promoters (Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi), several major investors are participating in the OFS. These include SoftBank's SVF II Lightbulb (Cayman), Schroders Capital, PI Opportunities Fund, MacRitchie Investments, Kedaara Capital Fund, and Alpha Wave Ventures.
Notably, Schroders Capital Private Equity Asia (Mauritius) is set to make a complete exit, selling 1.9 crore shares, which represent a 1.13% stake in the company.
About Lenskart
Founded in 2010, Lenskart began as an online eyewear retailer and has since grown into one of India's leading omnichannel eyewear brands with both online and offline presence. The company was valued at $6.1 billion as of September 2025, according to Tracxn data cited by Reuters.
In June 2025, the company transitioned into a public limited entity — changing its name from Lenskart Solutions Private Limited to Lenskart Solutions Limited after an extraordinary general meeting held on May 30.
Lenskart IPO Lead Managers and Objective
The fresh issue will be used for business expansion, new investments, acquisitions and general corporate purposes.
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The IPO will be managed by a consortium of top investment bankers, while the registrar and book-running lead managers will be responsible for allotment and investor coordination.
With strong brand visibility, a robust online-offline model, and solid investor backing, the Lenskart IPO is expected to generate significant interest among both retail and institutional investors.
Source: News18
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