Written by Anushka Verma | Updated: November 10, 2025
📰 Introduction
Lenskart Solutions Limited, one of India’s leading omnichannel eyewear retailers, witnessed a muted debut on the Indian stock exchanges on Monday, November 10, 2025. Despite strong brand recognition and a robust digital presence, Lenskart’s shares opened at a discount of nearly 3% against its issue price of ₹402 per share.
While the grey market had hinted at a modest listing gain, early morning trades told a different story — as the stock extended its losses, tumbling over 11% on both the BSE and NSE within hours of listing.
The lukewarm response reflects investor caution amid high valuations and broader market volatility. Let’s take a detailed look at how the much-awaited Lenskart IPO listing unfolded and what it means for investors.
📊 Lenskart IPO Listing Summary
| Particulars | Details |
|---|---|
| Company Name | Lenskart Solutions Limited |
| Industry | Eyewear Retail & E-commerce |
| IPO Price Band | ₹382 – ₹402 per share |
| Final Issue Price | ₹402 per share |
| Listing Date | November 10, 2025 |
| BSE Listing Price | ₹390 (↓ 2.98%) |
| NSE Listing Price | ₹395 (↓ 1.74%) |
| Day’s Low (BSE) | ₹356 |
| Day’s Low (NSE) | ₹357 |
| Intraday Fall | Up to 11.52% |
| Market Capitalization (on listing) | Approx. ₹38,000 crore |
| IPO Size | ₹5,200 crore |
| Subscription Status | 6.8x overall |
| Retail Investor Subscription | 4.2x |
| QIB Subscription | 9.1x |
| NII Subscription | 5.7x |
| Lead Managers | Kotak Mahindra Capital, Morgan Stanley, Axis Capital, ICICI Securities |
| Registrar | KFin Technologies Limited |
| Face Value | ₹1 per share |
🧭 Background: Lenskart’s Journey From Startup to Market Leader
Founded in 2010 by Peyush Bansal, Lenskart began as a modest online eyewear store with a mission to revolutionize how Indians purchase glasses. Over the years, it evolved into a household name — combining physical stores, an advanced app-based shopping experience, and AI-driven recommendations for frames and lenses.
With over 2,500 stores across 175 cities, and a significant international footprint in the Middle East and Southeast Asia, Lenskart has become one of the few Indian consumer startups to scale globally.
The company’s major investors include SoftBank Vision Fund, Kedaara Capital, Temasek Holdings, and TPG Growth — signaling strong institutional backing.
💸 IPO Details and Market Expectations
The Lenskart IPO, worth ₹5,200 crore, consisted of a mix of fresh issue and offer for sale (OFS) components. The fresh issue aimed to raise ₹1,000 crore, which will primarily be used for store expansion, technology investment, and debt repayment, while the OFS allowed existing investors to partially exit.
🔹 IPO Breakdown
| Component | Amount (₹ crore) | Purpose |
|---|---|---|
| Fresh Issue | 1,000 | Expansion, CapEx, Debt reduction |
| Offer for Sale (OFS) | 4,200 | Partial exit by early investors |
| Total Issue Size | 5,200 | — |
Analysts expected a premium listing, citing strong brand presence and high customer loyalty. However, concerns over valuation and profitability weighed on investor sentiment.
📈 Subscription Numbers and Investor Response
The IPO received a decent response, with an overall subscription of 6.8 times.
Here’s how each investor category performed:
| Investor Category | Subscription (x) |
|---|---|
| Qualified Institutional Buyers (QIBs) | 9.1x |
| Non-Institutional Investors (NIIs) | 5.7x |
| Retail Individual Investors (RIIs) | 4.2x |
| Employee Quota | 3.5x |
| Overall | 6.8x |
While the response looked healthy on paper, analysts had pointed out that a large portion of QIB interest came from short-term hedge funds rather than long-term institutional players.
📉 Muted Listing and Immediate Market Reaction
When trading began at 10:00 AM on November 10, the stock was listed at ₹390 on BSE and ₹395 on NSE, marking a discount of 2.98% and 1.74%, respectively.
However, within minutes, heavy selling pressure emerged.
By 11:15 AM, the stock had crashed to ₹356, down over 11.5% from its issue price.
Market experts attributed this fall to:
- Overvaluation compared to peers
- Broader market weakness
- Profit booking by institutional investors
- Low grey market premium (GMP) prior to listing
🧮 Peer Comparison
| Company | CMP (₹) | P/E Ratio | Market Cap (₹ crore) | Segment |
|---|---|---|---|---|
| Titan Company | 3,840 | 85x | 3,35,000 | Jewellery & Eyewear |
| Metro Brands | 1,212 | 65x | 32,000 | Footwear & Accessories |
| Nykaa (FSN E-Commerce) | 165 | 77x | 45,000 | Beauty & Retail |
| Lenskart | 356 (listing day) | 110x (approx) | 38,000 | Eyewear Retail |
Despite strong brand equity, Lenskart’s valuation multiples appeared stretched compared to established players like Titan, which limited upside potential for investors.
🧠 Analyst Take: Overpriced or Long-Term Play?
Market analysts have expressed mixed opinions about Lenskart’s debut.
Ajay Bodke, an independent market strategist, noted:
“Lenskart has a brilliant business model with a proven offline-online hybrid strategy. But at ₹402, the IPO was priced aggressively. For sustainable returns, investors need to think beyond short-term listing gains.”
Kotak Institutional Equities in its note said:
“Lenskart’s scale and execution capabilities are unmatched in its segment. However, the valuation leaves little room for error. Investors should monitor its profitability trajectory closely.”
🧾 Financial Performance Snapshot (FY22–FY25)
| Financial Year | Revenue (₹ crore) | EBITDA (₹ crore) | Net Profit/Loss (₹ crore) | EBITDA Margin (%) |
|---|---|---|---|---|
| FY22 | 3,786 | 422 | -93 | 11.1% |
| FY23 | 4,923 | 578 | 64 | 11.7% |
| FY24 | 6,205 | 795 | 118 | 12.8% |
| FY25 (H1) | 3,214 | 426 | 58 | 13.2% |
The company has shown consistent revenue growth, improving margins, and a shift from losses to profitability — but analysts warn that maintaining growth at such valuations will be challenging.
🌐 What Went Wrong With the Listing?
Several factors likely contributed to the underwhelming debut:
- High Valuation:
At ₹402, the IPO was priced at a P/E of around 110x FY25 earnings — significantly higher than comparable retail peers. - Muted Market Sentiment:
Broader equity markets have been volatile in recent weeks due to global interest rate concerns and FII outflows. - Profit Booking:
Institutional investors who received allocations during the IPO may have booked early profits. - Thin Grey Market Premium (GMP):
The GMP before listing hovered around ₹10–₹12, signaling limited upside. - Competition Pressure:
The eyewear segment is witnessing new entrants and aggressive pricing from both online and offline players.
🧩 Lenskart’s Strategic Edge
Despite the weak listing, analysts believe Lenskart retains several long-term advantages:
- Omnichannel Presence: Seamless integration between online and offline sales.
- Tech-Driven Customization: Use of 3D facial scanning, AR try-ons, and AI lens suggestions.
- Brand Recall: Strong millennial and Gen-Z following.
- Vertical Integration: In-house manufacturing and lens processing.
- Global Footprint: Presence in over 10 countries including UAE, Singapore, and Thailand.
These strengths could help Lenskart sustain growth once initial market sentiment stabilizes.
💬 Investor Sentiment on Dalal Street
Retail investors appeared disappointed with the listing. Many who expected a 10–15% premium expressed frustration on social media, calling it a “reality check” after the IPO hype.
However, some long-term investors remain optimistic.
A user on a trading forum wrote:
“This fall is temporary. Lenskart’s brand is powerful and its business model is solid. I’m adding more below ₹360.”
🔍 Expert Recommendation: What Should Investors Do Now?
| Investor Type | Suggested Action | Reason |
|---|---|---|
| Short-term Traders | Avoid / Exit | Volatility and limited listing gains |
| Long-term Investors | Hold / Accumulate below ₹360 | Strong brand and growth story |
| New Investors | Wait and watch | Better entry opportunities possible |
🧭 Future Outlook: What Lies Ahead for Lenskart
Lenskart’s management has outlined a strong roadmap for the next 3 years:
- Targeting 5,000 stores globally by FY28
- Expanding in Tier-2 and Tier-3 Indian cities
- Launching new smart eyewear and lens technology
- Investing in AI and customer analytics
If executed effectively, these initiatives could significantly boost revenue and margin expansion.
📅 Conclusion
The Lenskart IPO listing marks an important milestone not just for the company, but for India’s consumer-tech ecosystem.
While the stock’s debut disappointed short-term traders, long-term investors may find value once valuations cool off.
In the words of a senior fund manager:
“Every great brand has had its bad listing day. But in the long run, fundamentals always win.”
As the dust settles, all eyes will be on how Lenskart navigates post-listing challenges and continues its journey from a startup to a global eyewear powerhouse.
🧾 Quick Summary
| Key Metric | Data |
|---|---|
| IPO Price | ₹402 |
| Listing Price (BSE/NSE) | ₹390 / ₹395 |
| Discount on Listing | 3% |
| Intraday Fall | Up to 11.5% |
| Market Cap on Listing | ₹38,000 crore |
| Analyst Verdict | Valuation heavy, long-term hold recommended |
| Future Focus | Expansion, tech innovation, profitability improvement |
