Lenskart Solutions’ ₹7,278-crore IPO closed on a strong footing, with overall subscription crossing 9x on the final day. Non-institutional investors led demand, followed by QIBs and retail bidders.
While the grey market premium (GMP) has softened to ~14% over the ₹382–₹402 price band (down from ~21% earlier), interest remains healthy, suggesting cautious optimism toward listing performance.
Key Details
| Metric | Details |
|---|---|
| Issue Size | ₹7,278 crore (Fresh ₹2,150 cr + OFS ₹5,128 cr) |
| Price Band | ₹382–₹402 |
| Lot Size | 37 shares (~₹14,874 minimum investment) |
| Final Day Subscription | 9x+ overall (approx) |
| Allotment Date | Nov 6, 2025 |
| Listing Date | Nov 10, 2025 |
Broker View
SBI Securities: Subscribe for long-term — expects muted listing gains due to stretched valuation, but strong business fundamentals.
Nirmal Bang: Subscribe (long-term) — strong omnichannel model, category leadership & improving profitability justify premium.
Valuation Context
~235x FY25 P/E
EV/EBITDA ~68x
→ Richly priced, but compared with peers (Metro Brands, Trent) still within premium retail bracket.
Investment Argument (in short)
Positives
Category leader in an underpenetrated eyewear market
Strong integrated supply chain
Rapid revenue & EBITDA scaling
Brand equity + tech-led model (AI try-ons, omnichannel)
Risks
High valuation
Import dependence (China JV)
Profitability still early in curve
Bottom Line
Short-term pop may be limited, but long-term compounding potential remains strong if execution continues.
