Shares of Lenskart made a muted debut on the NSE on Monday, November 10, listing at Rs 395 per share, a 1.74% discount to its IPO issue price of Rs 402.
The listing comes amid mixed sentiment in the secondary market and a sharp drop in the company’s grey market premium (GMP), which had slipped from over Rs 100 before the issue opened to near zero ahead of the debut.
At the listing price of Rs 395, Lenskart commands a market capitalization of around Rs 68,500 crore and trades at a forward price-to-earnings multiple of approximately 196x, according to early estimates.
The Rs 7,278 crore IPO comprised a fresh issue of Rs 2,150 crore and an offer for sale (OFS) worth Rs 5,128 crore by existing investors and promoters. Post-issue, promoter shareholding has reduced from 19.9% to 17.7%.
Brokerage firm Ambit had earlier assigned a “sell” rating on the yet-to-be-listed stock with a target price of Rs 337, citing high valuations. The firm, however, expects 20% revenue CAGR between FY25 and FY28, driven by domestic and international expansion.
Ahead of the listing, co-founder Peyush Bansal shared an open letter titled “It’s Still Day Zero”, describing the event as the start of a new chapter in Lenskart’s 15-year journey. “We weren’t built to chase valuation but to reach more people and change how the world sees,” Bansal wrote.
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