Lenskart IPO GMP rises to ₹85 as bidding enters day 2

The initial public offering (IPO) of eyewear retailer Lenskart Solutions got off to a strong start on Friday, drawing healthy investor interest on the first day of bidding. The issue was subscribed 1.13 times at the end of Day 1.

Among investor categories, the qualified institutional buyers (QIBs) portion led the demand, getting subscribed 1.42 times, followed by the retail investors' quota at 1.31 times. The non-institutional investors (NII) segment saw relatively moderate participation at 0.41 times.

In the unlisted market, Lenskart's shares are commanding a premium

of ₹85. Based on the upper end of the price band at ₹402, the estimated listing price stands around ₹487 per share, indicating a potential listing gain of about 21%.

However, analysts caution that grey market premiums (GMPs) are merely indicative of market sentiment and can fluctuate sharply before the listing.

Lenskart IPO details

Lenskart is offering its shares at a price band of ₹382-₹402 apiece, with 10% of the issue reserved for retail investors. One lot will comprise 37 shares, requiring a minimum investment of ₹14,874 at the upper end of the price band.

At this upper price band, the company could be valued at around ₹69,741 crore on a post-issue basis.

The IPO aims to raise fresh capital to fuel business expansion and provide an exit opportunity for early investors.

The issue consists of a fresh issue of ₹2,150 crore and an offer for sale (OFS) of ₹5,128 crore, taking the total issue size to ₹7,278 crore.

Proceeds from the issue will be used to expand its retail footprint, strengthen its technology infrastructure, and boost marketing efforts.

Company overview

Founded in 2010, Lenskart is one of India's largest omnichannel eyewear retailers, combining a robust digital presence with a growing network of physical stores.

The company operates 2,137 stores in India and 669 internationally, and has introduced innovations such as virtual try-ons and home eye tests, helping it build a strong brand and loyal customer base.

In FY25, Lenskart posted a net profit of ₹297 crore, marking a sharp turnaround from a loss of ₹10 crore in FY24. The company's revenue surged 22% year-on-year to ₹6,625 crore, driven by rising domestic demand and expanding international operations.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services are acting as the book-running lead managers for the Lenskart Solutions IPO.

The allotment for the Lenskart Solutions IPO is expected to be finalised on November 6 and the company will make its debut on the stock exchanges on November 10.