Lenskart IPO off to a promising start
India’s popular eyewear brand Lenskart Solutions Ltd is drawing major buzz in the markets. On Day 2, its IPO was subscribed 1.13 times, showing strong demand from both retail investors and institutions.
The IPO, open from October 31 to November 4, has a price band of ₹382–₹402 per share, valuing the company at around ₹69,700 crore at the top end. The enthusiasm around the issue reflects growing confidence in Lenskart’s expansion plans and profitability roadmap.
Grey Market Premium (GMP) points to a healthy debut
The Lenskart IPO GMP today stands at ₹85, suggesting an expected listing price near ₹487 per share, which is around 21% higher than the upper band of ₹402.
Over the past week, GMP trends have been moving up steadily — from ₹48 to as high as ₹108. Analysts say this indicates strong sentiment and a potential for a premium listing if momentum continues.
For context, GMP (Grey Market Premium) is the price investors are willing to pay above the issue price — a signal of listing-day expectations.
Strong subscription across investor categories
According to BSE data (as of 5 PM IST), the company received 11.23 crore bids against 9.97 crore shares on offer.
Here’s the breakdown:
- Retail investors: 1.31x subscribed
- Non-Institutional Investors (NIIs): 41% subscribed
- Qualified Institutional Buyers (QIBs): 1.42x subscribed
- Employees: 1.10x subscribed
This response underscores confidence in Lenskart’s brand and business model, especially as it expands across India’s tier-2 and tier-3 cities.
IPO details: Fresh issue + OFS combo
The IPO includes a fresh issue worth ₹2,150 crore and an Offer for Sale (OFS) of 12.75 crore shares by promoters and early investors.
Founders Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi are among those offloading partial stakes, alongside major investors like SoftBank (SVF II Lightbulb Cayman), Schroders Capital, PI Opportunities Fund-II, Macritchie Investments, Kedaara Capital, and Alpha Wave Ventures.
Lenskart also raised ₹3,268 crore from anchor investors by allotting 8.13 crore shares at ₹402 each, signaling strong institutional faith even before public bidding began.
Where the funds will go
Lenskart plans to deploy the IPO proceeds to:
- Expand its CoCo (company-owned, company-operated) stores across India.
- Cover lease, rent, and license costs.
- Invest in technology and cloud infrastructure.
- Boost brand marketing and customer engagement.
- Explore potential acquisitions and new international markets.
Founded in 2008, the company began as an online platform and opened its first offline store in New Delhi in 2013. It now operates in India, Southeast Asia, and the Middle East, serving a mix of digital and in-store customers.
Brokerages bullish on long-term growth
Brokerages are optimistic about the IPO, calling it a strong long-term bet.
SBICAP Securities noted:
“Lenskart has consistently improved its EBITDA margin from 7% in FY23 to 14.7% in FY25. We recommend investors to Subscribe for long term at the cut-off price.”
SMIFS echoed similar confidence, highlighting India’s massive 65% vision correction market potential and Lenskart’s 10-month store payback model.
“It’s a high-risk, high-reward opportunity with clear profitability visibility and strong brand value,” the brokerage said.
Bottom line: Should you subscribe?
With a rising GMP, solid early demand, and positive brokerage reviews, the Lenskart IPO appears well-positioned for a premium listing.
Long-term investors looking for exposure to India’s fast-growing organized eyewear sector could find this a compelling bet. Short-term traders may also see listing gains if grey market trends hold steady
