Lenskart IPO fully subscribed on Day 1
Mumbai: India’s largest eyewear retailer, Lenskart Solutions, opened its ₹7,278 crore initial public offering (IPO) for public subscription on Friday, which was fully booked within hours.
By 3:15 PM, cumulative data from the NSE showed bids for over 10 crore shares against 9.97 crore on offer, translating to a 1.06x subscription.
The IPO, which remains open until November 4, is priced between ₹382 and ₹402 per share. It comprises a fresh issue of ₹2,150 crore and an offer for sale worth ₹5,128 crore by existing investors, including SoftBank, Kedaara Capital, and Temasek.
Among investor categories, Retail Individual Investors subscribed 1.13 times, Qualified Institutional Buyers (QIBs) subscribed 1.42 times, while Non-Institutional Investors (NIIs) subscribed about 30% of their quota.
In the grey market, Lenskart’s IPO carries a premium of ₹19, suggesting a possible listing gain of around 5% over the upper band — modest enthusiasm reflecting its high valuation.
Founded as an online eyewear startup, Lenskart has grown into a major omnichannel retailer with over 2,800 stores in 14 countries, including 2,137 outlets in India.
It owns global eyewear brands such as Owndays (Japan) and Meller (Spain), boosting its presence across Asia and Europe.
For FY25, Lenskart posted ₹6,653 crore in revenue, up 23% year-on-year, and a net profit of ₹296 crore, marking a turnaround from the previous year’s loss.
The company’s EBITDA margin rose to 14.7% on the back of improved efficiency and premium product sales.
At the upper price band, the IPO is valued at a P/E of 235x FY25 earnings and EV/EBITDA of 68x, making it one of the most expensive retail listings recently.
However, analysts remain optimistic about its long-term growth potential, given India’s expanding eyewear market, expected to double to ₹1.48 lakh crore by FY30.
Proceeds from the fresh issue will fund new store expansion (₹272 crore), lease payments (₹591 crore), technology investments (₹213 crore), and marketing initiatives (₹320 crore).
Brokerages including SBI Securities, Ventura Securities, and Nirmal Bang have all recommended a “Subscribe” rating with a long-term view, citing Lenskart’s strong brand, technology-led growth, and scalable business model, according to an Economic Times report.
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