Mumbai, Monday, Nov 10 (9:40 AM IST) — Shares of Lenskart are set to debut on the stock exchanges today, with indications suggesting a discount listing to the IPO price of Rs 402 per share. The company’s grey market premium (GMP), which once hovered above Rs 100 before the issue opened, has now fallen sharply to between 2% and zero, according to early market trackers.
Potential listing scenario
If Lenskart lists at Rs 350 per share, it would command a market capitalization of Rs 60,720 crore, translating to a one-year forward P/E multiple of 174x. At the IPO price of Rs 402, the company’s market cap would stand at Rs 69,741 crore, implying a P/E multiple of 200x, as per analysts.
About the issue
The eyewear retailer raised Rs 7,278 crore through the IPO, comprising a fresh issue of Rs 2,150 crore and an offer for sale (OFS) worth Rs 5,128 crore from promoters and existing investors. Post-listing, promoter shareholding will fall from 19.9% to 17.7%, with a post-issue market capitalization of Rs 69,741 crore.
Ambit’s view and valuation concern
Brokerage firm Ambit issued a “sell” recommendation on the stock ahead of its debut, setting a price target of Rs 337 per share, implying a potential downside of 16% from the issue price. The brokerage expects 20% revenue CAGR between FY25–FY28, driven by domestic expansion and global growth, while cautioning on valuation risks at over 200x P/E.
Peyush Bansal on the company’s vision
Ahead of the listing, Lenskart Co-founder and CEO Peyush Bansal shared a letter titled “It’s Still Day Zero,” describing the listing as a “new beginning” rather than a culmination. “Lenskart was not built to reach a valuation but to reach people,” Bansal wrote, reflecting on the company’s 15-year journey and its mission to bring clear vision to millions — “from India, to the world.”
He also recalled one of Lenskart’s earliest customers — a schoolteacher who had stopped reading her students’ notebooks due to poor eyesight — underscoring how access to quality eyewear inspired the company’s founding mission.
Strong institutional demand, retail traction moderate
The IPO was subscribed 28 times overall, driven by strong institutional demand. The QIB portion, which comprised 75% of the offer, was subscribed 40 times, while the retail segment, accounting for 10%, saw 7.5x subscription. The non-institutional investor category was subscribed 18 times.
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