Lenskart shares trade near ₹402-IPO price after tepid start

Eyewear retailer Lenskart Solutions Ltd made a subdued debut on the stock exchanges on Monday, listing at discount over its issue price of ₹402 per share.

The stock opened at ₹390 on the BSE, reflecting nearly 3 per cent discount, while on the NSE, it debuted slightly higher at ₹395 (1.7 per cent discount).

The stock then fell nearly 10 per cent to ₹356.10 in early trade, signalling a weak investor sentiment post listing.

At 11 am, the stock traded near its issue price at ₹402.05 on the NSE and at ₹402 on the BSE.

According to Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, the tepid debut indicated muted response despite strong brand visibility and market dominance in the eyewear segment.

Speaking at the listing ceremony, Peyush Bansal, CEO, Lenskart, said, “We believe profit is oxygen, but purpose is breath.” The moment like this has been built over 15 years, the company was started small to solve one human problem – giving sight and making it accessible, Bansal stated.

“Operational excellence became our language. We didn’t build Lenskart to reach a valuation, we built it to reach people,” he added.

He affirmed the commitment that the company will continue to serve its purpose of providing high-quality eyewear accessible to all.

The ₹7,278-crore IPO of Lenskart Solutions comprised a fresh issue of shares worth ₹2,150 crore and an offer for sale (OFS) of 12.75 crore shares by promoters and investors. The price band for the issue was set at ₹382–₹402 per share.

The IPO had received a strong response across all categories of investors, being subscribed 28.26 times overall. Ahead of the IPO, Lenskart raised ₹3,268.36 crore from anchor investors, which included prominent names such as SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential, Kotak Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life, Government Pension Fund Global, Steadview Capital, Goldman Sachs, JPMorgan, and HSBC.

Market analysts attributed the weak listing to valuation concerns and profit-booking by short-term investors, despite Lenskart’s strong brand recall and growth prospects in India’s organised eyewear market.

Ahead of listing, Ambit Capital has initiated coverage on Lenskart with a sell rating, flagging a sharp disconnect between the company’s growth prospects and its return ratios.

Nyati advised Investors allotted with shares may consider holding for the medium to long term, supported by earnings visibility and expanding store footprint, with a stop loss around ₹350. Short-term traders may exit the position and look for better opportunities elsewhere.

Lenskart is one of India’s largest omni-channel eyewear retailers with a strong online presence and over 2,500 retail stores globally, offering prescription glasses, sunglasses, and contact lenses under its private labels. The company’s strengths lie in its vertically integrated model, in-house manufacturing, aggressive store expansion, and data-driven supply chain.

Market experts believe that the premium brand perception, subscription-based revenue stream (Lenskart Gold membership), and rising penetration in Tier-II and Tier-III markets have positioned it as a category leader in India’s fast-growing organised eyewear market.

Published on November 10, 2025