Lenskart’s Market Debut Falls Flat Despite Strong IPO Subscription
India’s largest eyewear retailer, Lenskart Solutions (LENS.NS), made a muted debut on the stock market on Monday, with its shares opening below expectations amid concerns over high valuations. The stock traded at ₹392.3 as of 10:07 a.m. IST, valuing the company at around ₹676.25 billion ($7.69 billion), compared to rival Titan’s $37.7 billion valuation. Despite the initial enthusiasm around its $828 million IPO, one of India’s biggest this year, investor sentiment appeared cautious on listing day.
Shares of Lenskart, which were issued at ₹402, dropped as much as 11% to ₹356.1 in early trade. Market expert Ambareesh Baliga noted that while the company’s business model remains strong, its current valuation appears stretched. “Lenskart looks good from a business model perspective, but at the right valuation, which is much lower than current levels,” Baliga said, emphasizing that investors should focus on fundamentals rather than rely solely on grey market premiums or oversubscription trends.
The eyewear giant turned profitable in FY2025, recording a 23% rise in revenue to ₹66.53 billion. However, the weak listing has raised concerns that such performance could temper retail investor enthusiasm for upcoming IPOs in India’s buzzing primary market, which also includes forthcoming listings from tech firms like Groww, PhysicsWallah, and Pine Labs. Lenskart’s IPO comprised a fresh issue of ₹21.5 billion and an offer for sale of ₹51.3 billion.
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