Lenskart IPO Makes Weak Market Debut, Stock Lists At 395 Vs Rs 402 Issue Price
Lenskart Solutions Ltd. made a muted debut on the Indian stock market on Monday, November 10, 2025, listing at a discount to its initial public offering (IPO) price. Shares of the eyewear retailer listed at ₹390 on the Bombay Stock Exchange (BSE) and ₹395 on the National Stock Exchange (NSE), a roughly 3% decrease from the issue price of ₹402.
The IPO, which aimed to raise ₹7,278 crore, was subscribed 28 times over. Qualified Institutional Buyers (QIBs) led the charge, subscribing to their portion 45 times over. Non-Institutional Investors (NIIs) and retail investors also showed strong interest, with their portions being booked multiple times.
Despite the strong subscription numbers, the listing fell short of expectations. Soon after listing, the stock even touched a low of ₹362, down 8% from the listing price. Market analysts suggest that stretched valuations, mixed market sentiment, and recent negative buzz surrounding the issue may have contributed to the weak debut.
Prior to the listing, the grey market premium (GMP) for Lenskart shares had fallen from ₹108 to zero, signaling caution among investors. According to sources tracking unofficial markets, unlisted shares of Lenskart were trading at ₹412, commanding a grey market premium (GMP) of ₹10, or 2.5%, against the issue price ahead of the listing.
Lenskart, backed by prominent global investors, operates a large eyewear retail network in India, with a strong presence both online and offline. The company primarily sells prescription eyeglasses, sunglasses, contact lenses, and related accessories through a direct-to-consumer model under its own brands and sub-brands.
Lenskart Founder Peyush Bansal had previously stated that the funds from the IPO would be used for store expansion, technology advancement, and brand building across global markets. The company aims to deepen its reach across cities and towns, invest in supply chain technology (especially with smart glasses), and build its global identity. Lenskart is also increasing its manufacturing capacity to meet future demand.
In fiscal year 2025, Lenskart reported revenue from operations of ₹6,652 crore, compared to ₹5,428 crore in FY24 and ₹3,788 crore in FY23. The company turned profitable in FY25, posting a net profit of ₹297.3 crore.
While the weak debut may be a cause for concern for short-term investors, some analysts suggest that long-term investors can hold their positions, betting on the company's brand strength and expansion strategy.
