India’s leading eyewear retailer Lenskart began trading on NSE and BSE today, opening modestly below its IPO price. The company raised approximately ₹7,278 crore through its IPO, which included a combination of a fresh issue and an offer-for-sale (OFS).
The IPO was priced at ₹402 per share and saw robust investor participation, with overall subscription reaching 28×. Qualified Institutional Buyers (QIBs) drove subscriptions of around 40×, while Non-Institutional Investors (NIIs) and retail investors contributed roughly 18× and 8×, respectively.
Despite the strong demand, Lenskart’s shares opened at ₹390 on BSE and ₹395 on NSE, representing a slight 3% discount to the issue price. Analysts suggest that this modest listing performance reflects caution among investors regarding valuation and execution risks. Prior to listing, the grey-market premium (GMP) had fallen significantly, signaling tempered expectations for immediate listing gains.
At the upper end of the issue price, Lenskart’s valuation was estimated at around ₹70,000 crore, making it one of the largest consumer retail IPOs this year. The funds raised are expected to support the company’s expansion plans, enhance supply-chain capabilities, and strengthen its technological infrastructure, consolidating its position in the organized eyewear market.
The company’s entry into public markets marks a significant milestone, even as initial market reactions suggest a cautious approach by investors.
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