Lenskart IPO Makes Soft Market Debut as Shares List Below IPO Price

Mumbai | November 10

Lenskart Solutions Ltd began trading on the Indian stock market on Monday with a subdued listing, despite strong investor interest during its initial public offering. The shares opened below the IPO issue price, reflecting a cautious sentiment among investors toward consumer and new-age retail businesses.

Lenskart shares were listed at ₹390 on the BSE, a 2.99% discount to the issue price of ₹402. On the NSE, the stock opened at ₹395, down 1.74%. This was lower than grey market indicators, which had suggested the possibility of a modest listing gain. The softer debut follows two other recently listed IPOs that also opened below their issue price, signalling selective risk appetite in the broader market.

Strong Demand in the IPO

The ₹7,278-crore IPO received significant participation, with overall subscription reaching 28.26 times. The Qualified Institutional Buyers category was subscribed more than 40 times, while non-institutional and retail investors also showed notable demand. The response reflected investor confidence in Lenskart’s business model, brand presence, and expansion plans.

However, market participants pointed out that valuation expectations may have influenced the listing day reaction. Investors are now weighing strong growth prospects against the timeline for margin expansion and sustainable profitability. Several new-age and lifestyle retail companies have seen similar patterns, where strong subscription did not translate to immediate listing gains.

The IPO consisted of a fresh issue of shares and a sale of shares by existing shareholders and investors. Promoter group members and private equity investors reduced part of their holdings through the offer-for-sale component.

How Lenskart Plans to Use the Fresh Capital

The company has outlined the following deployment priorities for the ₹2,150 crore raised through the fresh issue:

• Expansion of company-owned (CoCo) stores across metro and regional markets
• Lease, rent and store-related operational payments
• Brand marketing and promotional spending to strengthen visibility
• Investment in technology and cloud infrastructure to support retail and supply operations
• Selective acquisitions to enhance product capabilities or expand market reach

Business and Market Position

Founded in 2008, Lenskart has grown into one of India’s largest eyewear retailers, operating through both online platforms and an extensive network of offline stores. The company has expanded its presence in metropolitan, tier-1 and tier-2 cities and has entered international markets including Singapore, the UAE, Thailand and Saudi Arabia.

Lenskart’s direct-to-consumer model integrates design, manufacturing, supply chain and retail. The company has focused on in-house production and the use of technology-led customer personalisation tools. This approach has helped strengthen brand recall and customer engagement, particularly among younger consumers.

Anchor Investor Participation

Before listing, the company raised over ₹3,200 crore from anchor investors including domestic mutual funds, global asset managers, and sovereign institutions. The participation of long-term institutional investors reflected confidence in the company’s strategic direction. However, the listing outcome suggests that market participants are paying close attention to valuation alignment and profitability visibility.

Outlook

At the time of listing, Lenskart’s market capitalisation stood at approximately ₹67,660 crore. The stock traded steadily in early sessions, with investors monitoring broader market trends and company-specific developments.

The company’s stock performance over the coming quarters will depend on the pace of store expansions, same-store sales growth, operating leverage and marketing efficiency. While the listing was softer than expected, Lenskart continues to have a strong presence in India’s expanding eyewear market, and performance data in the next few quarters will be key in shaping investor sentiment.

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