Welcome to theustales.com.
Imagine a 15-year journey starting with one simple goal—helping millions see the world clearly. Today, November 10, 2025, that dream steps onto the big stage. Lenskart Solutions lists its shares on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Excitement fills the air, but whispers of worry follow close behind. The grey market premium has crashed nearly 95%. Yet, the IPO sailed through with 28 times subscription. So, what awaits this eyewear giant? Let’s dive in.
The IPO in a Nutshell
Lenskart opened its IPO on October 31 and closed it on November 4. The price band sat between Rs 382 and Rs 402 per share. In total, the company aimed to raise Rs 7,278.76 crore. This included a fresh issue of Rs 2,150 crore through 5.35 crore new shares. Meanwhile, existing shareholders sold 12.76 crore shares worth Rs 5,128 crore under the offer for sale.
Allotment happened on November 6. Now, trading begins at 10 AM today. A strong team managed the show. Kotak Mahindra Capital, Morgan Stanley India, and others led the charge. MUFG Intime India handled refunds and allotments.
You may Also Like:
Subscription Tells a Happy Story
Investors rushed in. The IPO got subscribed 28.27 times overall. Qualified Institutional Buyers led with 40.35 times demand. Non-Institutional Investors followed at 18.23 times. Retail folks bid 7.54 times their quota. Even employees grabbed 4.96 times the reserved portion. Clearly, confidence ran high during bidding.
Grey Market Drama Unfolds
However, the grey market painted a different picture. GMP tracks unofficial trading before listing. It touched Rs 120 on October 26. Then, it started sliding. By November 7, it hit Rs 14.50–15. On November 9, it dropped to Rs 6.50. Now, it hovers around Rs 10. That means just a 2.5% premium over the Rs 402 upper price. In short, the buzz cooled fast.
Remember, GMP is not official. It shows sentiment, but actual listing can surprise. Still, a 95% fall raises eyebrows.
Experts Share Mixed Views
Market gurus weighed in. Vijay Kedia called valuations expensive. “I’m not a buyer at any price,” he said. Ambareesh Baliga agreed. He labeled it overpriced and overhyped. Short-term premium might appear, but sustaining it looks tough.
Deven Choksey wants stability first. “No big premium expected,” he noted. Profits must grow consistently. Lenskart turned profitable only in FY25 with Rs 297 crore. Before that, losses ruled.
Kavita Vempalli predicts a flat to 5–7% gain. Long-term, she stays bullish. The omnichannel model and expansion plans shine. Yet, premium pricing may pressure the stock soon.
Sandip Sabharwal went harsh. He values the stock at 25% of the offer price. Timing remains uncertain, though.
Ambit Capital started coverage with a “Sell” rating. Target: Rs 337. That hints at 16% downside. Revenue grows at 20% CAGR till FY28. But capital needs stay high. Free cash flow lags. RoCE sits at 9%.
Shivani Nyati stays neutral. Fundamentals are solid, but valuations stretch far. Siddharth Maurya likes the omni-channel edge. International growth excites him. However, unit economics and margins need watching.
Harshal Dasani points to 230 times trailing earnings. Even if profits triple, P/E stays at 70. Execution matters more than listing pops.
Peyush Bansal’s Heartfelt Note
CEO Peyush Bansal shared a letter titled “It’s Still Day Zero.” He wrote, “We built Lenskart to reach people—from Delhi to Northeast towns.” Success means customer trust, not just valuation. “Every customer is our IPO,” he added. Eyewear must blend precision, design, and joy.
Bansal defended growth. EBITDA grew 90% CAGR. India’s eyewear market holds huge potential. Valuation? “The market decides,” he said.
Early Investors Cash In Big
Promoters and backers unlock gains. SoftBank’s SVF II Lightbulb sells 2.5 crore shares for Rs 1,005 crore. That’s 5.4X return on $46 million from 2020.
Schroders Capital nets Rs 763.8 crore—9.8X return. PI Opportunities Fund II grabs Rs 349.7 crore, a whopping 16.6X. Temasek’s MacRitchie earns Rs 313.6 crore (4.1X). Kedaara Capital takes Rs 295.9 crore (5.3X). Alpha Wave Ventures pockets Rs 267.7 crore (3.8X).
Peyush Bansal sells 2 crore shares for Rs 823 crore. Neha Bansal gets Rs 40.6 crore. Cofounders Amit Chaudhary and Sumeet Kapahi each earn Rs 115.3 crore.
Ronnie Screwvala backs the pricing. He says Bansal set it 20% below true value. Lenskart expanded the market unlike Titan EyePlus.
ChrysCapital’s Kunal Shroff stays bullish. “Great business, great runway,” he told Moneycontrol.
Business Strength Shines Through
Lenskart blends online and offline sales. It leads India in prescription eyeglasses. In Asia, it ranks among the top two by volume. Technology drives efficiency—AI, automation, supply chain tweaks.
Manufacturing stays in India. This keeps costs low and quality high. Expansion hits Japan, Southeast Asia, Middle East.. Smaller Indian towns get focus too.
FY25 revenue: Rs 6,652.5 crore, up 23%. Profit: Rs 297 crore after years of loss. Q1 FY26 shows Rs 1,894.5 crore revenue (25% growth) and Rs 61.2 crore profit.
Market Mood and Beyond
Seven more IPOs open this week. PhysicsWallah and Emmvee lead mainboard issues. Primary market stays hot.
Netizens mock the 230X P/E. They recall Shark Tank advice from Bansal. Paytm’s 2021 crash haunts memories.
What Lies Ahead?
Lenskart values at Rs 70,000–72,700 crore. That’s USD 7.9–8 billion. Screen time hurts kids’ eyes. Prescription access lags. Global dreams need capital discipline.
Today, bells ring. Tomorrow, execution speaks. Will Lenskart sustain the story? Investors watch closely.
FAQs
1. When do Lenskart shares start trading? Shares list today, November 10, 2025, at 10 AM on BSE and NSE.
2. What was the IPO price band? It ranged from Rs 382 to Rs 402 per share.
3. How much did the IPO raise? Total: Rs 7,278.76 crore. Fresh issue: Rs 2,150 crore. OFS: Rs 5,128 crore.
4. What is the latest GMP? Around Rs 10, suggesting a 2.5% premium over Rs 402.
5. Did the IPO get good response? Yes, subscribed 28.27 times overall. QIBs led at 40.35 times.
6. Is Lenskart profitable? Yes, Rs 297 crore profit in FY25. First profitable year. Q1 FY26: Rs 61.2 crore profit.