Lenskart IPO GMP Cools Sharply Before Market Debut; Will the Listing Still Surprise?

Mumbai | November 9
The grey market premium (GMP) for Lenskart Solutions Ltd has softened notably ahead of the eyewear retailer’s stock market debut on Monday, despite the IPO receiving strong subscription across investor categories. Data from market observers shows the GMP has eased to ₹38–₹45 per share, indicating a listing premium of around 2–11% over the upper issue price of ₹402.

This is a sharp moderation from the 20–24% premium seen on the IPO’s opening day, and even the 7–8% quoted earlier this week.

Demand Strong, Sentiment Softer

The ₹7,278-crore IPO was subscribed 28.26 times across categories, reflecting strong institutional and retail interest.

The strong institutional participation reflected confidence in Lenskart’s omnichannel retail scale, brand positioning, and unit economics, despite a valuation of nearly ₹70,000 crore implied at the upper price band.

However, analysts point out that broader market volatility, profit-taking in the grey market, and valuation sensitivity cumulatively led to the cooling of GMP ahead of listing.

Also Read: Lenskart IPO Allotment Status Released: Step-by-Step Guide to Check Online on NSE, BSE & Registrar Portal

Business Model and Growth Drivers

Lenskart operates through an integrated eyewear platform spanning design, manufacturing, distribution and retail, selling under its own brands through:

• 2,500+ offline stores (company-owned and franchise)
• Online app and website
• Controlled supply chain and lens manufacturing capabilities

This model offers pricing flexibility and cost efficiency, enabling faster scale-up in Tier-II and Tier-III markets.

The fresh issue proceeds are allocated towards store expansion, lease payments, brand marketing and technology infrastructure, indicating continued focus on footprint and brand reinforcement.

Listing Day Outlook

Market expectations indicate that Lenskart may see a moderate listing, with the stock likely to open 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.

Expected Listing Range: Flat to up to 12% premium over the issue price.

The company’s shares will be listed on the NSE and BSE at 10:00 AM on Monday, November 10.

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Disclaimer: The Grey Market Premium (GMP) is an unofficial indicator of investor sentiment and is not regulated by SEBI. It should not be considered the sole basis for investment decisions