Lenskart Solutions Ltd is set to debut on the Indian stock market today, November 10, 2025, but market indicators suggest a muted listing despite strong initial investor interest. The ₹7,278 crore IPO, which saw robust subscription rates, is listing on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Grey Market Premium Signals Caution

The grey market premium (GMP), an unofficial indicator of expected listing gains, has plummeted, signaling a cautious outlook. Once as high as ₹108, the GMP has crashed to ₹0-45 per share, indicating a potential listing premium of only 0-11% over the issue price of ₹402. This sharp decline raises concerns about substantial listing gains for investors.

Subscription Details

The Lenskart IPO was open for subscription from October 31 to November 4, 2025. The IPO was subscribed 28.26 times overall. Qualified Institutional Buyers (QIBs) showed significant interest, with their portion oversubscribed 40.35 to 45 times. Non-Institutional Investors (NIIs) subscribed 18.23 times, while Retail Individual Investors (RIIs) participated at a rate of 7.54 times. The IPO includes a fresh issue of shares worth ₹2,150 crore and an offer for sale (OFS) of 12.75 crore equity shares by promoters and investors.

Factors Influencing Muted Expectations

Several factors contribute to the subdued listing expectations. Market observers suggest that concerns over valuations and subdued secondary market conditions have led to a decrease in GMP. Analysts, while acknowledging Lenskart's robust business model and growth potential, caution about its high valuation metrics.

SBI Securities analysts noted that the upper price band reflects a valuation of 10.1x FY25 EV/Sales and 68.7x EV/EBITDA, suggesting limited scope for immediate price appreciation. "Valuation of Lenskart seems stretched and hence listing gain is likely to be muted. However, looking at the robust business model, the company is well placed to encash on the fast-growing domestic organized eyeglasses market," the brokerage said.

Company Overview

Lenskart is a tech-driven eyewear company and India's largest seller of prescription eyeglasses by volume in FY25. It operates through a direct-to-consumer model with 2,723 stores across India and international markets. The company reported ₹6,652 crore revenue in FY25, up 22.6% year-over-year. Lenskart's operational efficiency shows promise for future growth, with EBITDA margins improving from 7% in FY23 to 14.7% in FY25.

Expert Opinions and Outlook

Market experts anticipate a moderate listing for Lenskart, with the stock potentially opening in a narrow premium range. The actual listing performance will depend on institutional participation at the open, overall market sentiment, and initial delivery volumes on the first day of trade. While some analysts recommend that long-term investors monitor post-listing performance before investing, others suggest applying only if one believes in the company's long-term growth potential and can tolerate near-term valuation risk.

Listing Information

The shares will be listed on the NSE and BSE at 10:00 AM today. Investors and market participants will be closely watching the listing to gauge the market's response to Lenskart's valuation and future prospects.