The much-talked-about IPO of Lenskart Solutions Ltd made its stock market debut on 10 November 2025, and while the buzz was enormous, the actual outcome was much more muted. The company, India’s leading eyewear retailer, set a price band of ₹382-₹402 per share and raised around ₹7,278 crore from the market
Despite strong demand—with the issue being subscribed more than 28 times overall—the shares listed at ₹390 on the BSE and ₹395 on the NSE, registering a drop of about 3% from the issue price of ₹402.
Why So Much Hype Before Listing?
Lenskart has built a strong brand in the organised eyewear market. With over 2,000 stores in India and expanding globally, it taps into a segment where growth is expected to be robust.
Early-stage investors too made massive gains. For example, one fund backed by Azim Premji made a 1,565% return ahead of the IPO.Given all this, expectations were high. Many retail investors hoped for a striking debut with premium listing gains.
What Went Wrong at Listing?
Three main issues surfaced that triggered investor caution:
Valuation looked stretched. Lenskart’s price implied very high multiples – far beyond many peers, so the market didn’t leave much margin for error.
Profitability still fragile. While the company reported a profit for FY25, much of it was driven by one-time gains. Recurring margins remain thin despite strong revenue growth.
Grey market sentiment cooled. The unofficial grey market premium (GMP) had collapsed from highs of ₹95+ to single digits on listing-eve, signalling the enthusiasm was waning.
What About the Business Fundamentals?
Lenskart still maintains some strong credentials:
Lenskart has both online and offline stores, which helps it reach more customers across the country. This mix of e-commerce and physical stores gives the company a big advantage and helps it grow faster. (Moneycontrol)
Experts believe that Lenskart’s future growth looks strong, not just in India but also in other countries where many people still don’t use good quality eyewear. That means there’s a lot of room for the company to expand. (Reuters)
The money raised from the IPO will be used to open new stores, improve technology, and expand Lenskart’s presence in international markets. (Reuters)
But the core concern remains how fast free cash flow will improve given capital expenditure demands and how margins will scale up in a competitive market.
Should Investors Buy, Hold or Stay Away?
If you’re an investor looking at the Lenskart IPO scenario, here’s how you might think about it.
For long-term investors (5-8 years), the business opportunity in organised eyewear in India is still sizeable. If Lenskart executes well, the stock could benefit from that growth.
For short-term investors hoping for quick listing gains, the muted start suggests caution. With the listing discount and high valuation, upside may be limited initially.
Analysts suggest setting stop-losses or waiting for consolidation before picking up stock. Some brokerages put earlier target prices below the issue price, hinting at possible downside.
Quick Snapshot (Graph Style)
| Item | Detail |
|---|---|
| IPO Price Band | ₹382-₹402 per share |
| IPO Size | ~₹7,278 crore |
| Listing Price | ₹390 (BSE) / ₹395 (NSE) |
| Listing Gain/Loss | ~-3% from issue price |
| Key Strength | Large, growing eyewear business, omnichannel model |
| Key Risk | High valuation, thin margins, market sentiment |
Disclaimer: Some images in this article are AI-generated for illustrative purposes and do not represent real photographs.